Taking into account the great increase in property prices in Portugal in recent years and the reactions of the Portuguese, the left government ended the Golden Visa application and took measures not to issue new licenses for apartments used for renting to tourists, except for rural areas.
Making a statement about the decision taken in the Council of Ministers, Prime Minister Antonio Costa said that their struggle against speculation in the real estate sector will continue.
Portugal became the second country among the European Union (EU) countries, after Ireland, to end the Golden Visa application.
According to the records in the country, 6 billion 754 million Euros of income has been obtained in the last 10 years, thanks to the Golden Visa application, which envisages granting residence permits to foreigners who have purchased real estate and invested since October 2012.
According to the data of the Foreigners Office, 11,535 foreign nationals and their nearly 20,000 family members have received the Golden Visa, which is given to those coming from outside the EU.
It was shared that while those from China (more than 5,000) received the Golden Visa the most, over 530 people from Turkey benefited from this right.
The Golden Visa program was subject to some changes on January 1, 2022, limiting it to the purchase of real estate only in the interior of the country or in Madeira and the Azores, with the minimum investment amount being increased from 1 million euros to 1.5 million euros. (AA)