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  • Writer's pictureYoshi from Comply

Portugal to cancel Golden Visas

Portugal abandoned the practice of issuing "golden visas", which gave the right to long-term residence in the country to buyers of expensive real estate.

It is noted that previously issued "golden visas" will be renewed only if "they are used for own and permanent residence of the owner and his relatives or if real estate is leased for a long term."

"Out of about 11,000 golden visas issued so far, over 9,000 were used exclusively for investing in real estate," Prime Minister of Portugal Antonio Costa said on this occasion.

Portugal has also announced other steps to lower property prices, including lower taxes, easier building permits and caps on rent increases.

We remind you: according to this program, citizens of non-EU countries had to make significant investments in Portugal. After that, they received the right of residence and visa-free entry to the Schengen zone.

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