Mert Büyük

The Portuguese government has recently announced its decision to close Golden Visa program, which has been in operation since 2012 and has been highly successful in attracting foreign investment. This move comes in response to increasing pressure from the European Union (EU) and growing concerns about rising housing prices in the country.

The Golden Visa program allows non-EU citizens to obtain residency and eventual citizenship in Portugal in exchange for investing in the country. It has been a popular option for wealthy individuals seeking to establish a foothold in Europe and has generated significant revenue for Portugal’s economy.

However, the program has also faced criticism for its perceived role in driving up housing prices in Lisbon and other major cities. Critics argue that the influx of wealthy foreign investors has made it difficult for locals to find affordable housing contributing to a growing sense of inequality in the country.

In addition, the EU has raised concerns about the program’s potential for abuse, particularly in relation to money laundering and corruption. The EU has been pressuring Portugal to reform the program for several years threatening legal action if changes were not made.

Portugal to Close Golden Visa Program

In response, the Portuguese government has decided to close the Golden Visa program altogether. The decision was announced by the country’s Minister of Foreign Affairs. He also emphasized that the government remained committed to attracting foreign investment but would do so through other means.

The move has been met with mixed reactions. Supporters of the program argue that it has been a crucial source of investment for Portugal and that its closure will have a negative impact on the country’s economy. However, critics maintain that the program has contributed to rising housing prices and has not provided significant benefits to the majority of Portuguese citizens.

Other countries with similar programs, such as Spain and Turkey, are also expected to make changes in the near future. In Spain, the government has already announced plans to reform its Golden Visa program, with the aim of preventing abuse and ensuring that it benefits the broader economy. In Turkey, the program’s future is uncertain, with some predicting that it will be discontinued if President Recep Tayyip Erdogan fails to win re-election in 2023.

In conclusion, the closure of Portugal’s Golden Visa program represents a significant development in the world of investment immigration. It highlights the growing concerns about the potential negative effects of such programs and the pressure governments face to reform or discontinue them. It remains to be seen what impact these changes will have on the wider investment immigration industry, and how other countries will respond to the evolving landscape.