New Golden Visa Approved by Portugal 2023 – Apply Now

The Socialist Party (Partido Socialista), the left-leaning Bloque de izquierda, and the Portuguese Communist Party all voted in favor of the Portuguese government’s proposal to revoke new residence permits for housing investment in the Assembly of the Portuguese Republic.

The More Housing Program, previously proposed by the government to address housing concerns and also manage the real estate market, featured the suspension of resident permits in exchange for investment, commonly known as the golden visa, according to SchengenVisaInfo.com.

Due to the new law’s implementation, no new requests for residence authorizations for business purposes will be allowed; however, authorizations that have previously been granted may still be renewed.

In addition to those that are undergoing prior control procedures in Municipal Councils, requests for granting and renewing residence permits for investment operations are still valid as of the law’s implementation date.

The accepted restriction has reportedly not been applied to the issuance or renewal of residence permits for family reunification, according to a Portugal News report.

In its first proposal, Portugal’s government approved fresh requests for resident permits in exchange for investments; however, the Socialist Party suggested eliminating this provision.

Portugal ended its Golden Visa program on February 16 of this year in an effort to address the housing crisis. However, the choice generated debates in this nation.

It was believed that the elimination of this program, which permitted affluent foreigners to obtain residency by contributing money to Portugal and fulfilling certain criteria, would have a minor effect on the housing market.

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In the study of the financial services business DBRS, such estimates were published.

“With the cessation of fresh golden visa issuance, a program that was created during a trying time for the nation comes to an end. The decision shouldn’t have a significant influence on the home market because it wasn’t a major factor in the volume or value of transactions for the entire nation, according to the report.

However, a previous article in the Portugal News reported that the discontinuation of Portugal’s Golden Visa program resulted in the loss of an 800-million-euro residential tourist project that would have brought Portugal €4.8 billion.

Several European nations currently provide rich foreigners with the chance to become citizens of their nations through their Golden Visa schemes.

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