Portugal ends its popular golden visa program
SchengenVisaInfo.com reports, “So far, the Portugal Golden Visa is a residence visa issued to third-country nationals who have made a significant investment in Portugal, such as the purchase of real estate, a capital investment or the establishment of job opportunities.”
The Golden Visa program, one of the most sought-after programs by wealthy foreigners in the country, is currently undergoing intense re-evaluation.
The regime has also been heavily criticized, according to Forbes, for being involved in several illegal business. He is also said to have been accused of driving up house prices and rents in Lisbon and other expatriate access points in the country.
Recent efforts to adjust the nature of the Golden Visa program have seen the government increase the minimum investment in properties to €500,000 and limit the areas of the country where such investments are permitted. It seems that the country is taking a new approach to curb the influx of foreigners wishing to apply by potentially ending it.