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Are Golden Visa in Portugal About to End?
It is well known that Portugal has one of the most attractive Golden Visa programs in Europe. Quite simply, 500 thousand euros are enough to invest in a property in Portugal and guarantee the residence permit in the country.
This program, launched in 2012 and in the midst of an economic crisis, was not only one of the main levers to help Portugal get out of the crisis it was in, as resulted in huge foreign investment in the real estate market, but also helped in many other sectors of the national economy, which also benefited from the exponential increase in tourism and the visibility of Portugal abroad.
However, this week's news about a possible change in the Golden Visa program in Portugal, which quickly spread around the world, changes the paradigm of the Golden Visa program in Portugal.
An amendment proposed by the current government to the Golden Visa program is currently on the table for discussion, which, most importantly, excludes Lisbon and Porto from this program. In other words, with the approval of this legislative change, it will no longer be possible to grant Golden Visa to anyone who wants to invest in real estate in the two main cities in Portugal, restricting this program only to the interior towns, Azores and Madeira.
This proposed amendment, apparently, will have support from the other parliamentary groups, so it will most likely be approved.
However, what may initially seem like bad news, in the end may not even be.
Taking into account all the investments already made in the real estate market in Lisbon and Porto, and the considerable inflation of house prices, a change in investment direction towards the interior and islands serves as a unique opportunity to invest in areas that are now beginning to awaken for tourism and which still have very competitive prices.
Investing in the Alentejo - considered a new Provence - in Algarve and its eternal sun and sea - in the center and north of Portugal - and its stunning landscapes and endless history - or in the wonderful Portuguese islands, constantly elected as one of the most beautiful in the world - cannot be considered as something negative or worse than investing in Lisbon or Porto.
Investing in Portugal, whether in the capital or in the countryside, remains, and will continue to be, a safe and recommended investment. Therefore, Golden Visa program in Portugal will not end. Just gained a new and interesting breath.