Portugal will no longer be trading residence permits for investments under a program known as “Golden Visas,” Spanish media reported on Friday.
The program has granted Portuguese residence permit in return for large investments, acquisition of property or creation of jobs since 2012.
Announcing the move, Portuguese Prime Minister Antonio Costa said that scrapping “Golden Visas” was part of a shock plan to solve the housing crisis and fight real estate speculation, according to the EFE news agency.
As for already issued visas, they will be extended only if investments in property are made for the acquisition of permanent residence for the investor themselves or their heirs, or if the house will be rented out “on a long-term basis,” the media said.
Since the launch of the program in October 2012, more than 11,500 foreigners have received a residence permit in Portugal. The country reportedly received over 6.7 billion euros ($7.1 billion) of investments under the program.
Portugal has reportedly stopped processing Russian investors’ applications for “Golden Visas” since late February 2022, after the launch of the special military operation in Ukraine.