The Portuguese government, on February 16th, 2023, announced a slew of changes intended as a response to tackling the dire housing crisis facing the Portuguese economy. One such change has brought about a barrage of discussions and disparate opinions; the end of the Portugal Golden Visa.The news follows on the heels of Ireland being the first EU country to shut down its Golden Visa program and rumours that the Golden Visa Spain could be next.
Did Ireland signal the end of Europe’s Golden Visa era?
On February 14th, 2023, just two days prior to the Portuguese government’s announcement, the country of Ireland announced the end of its Golden Visa program also known as the Immigrant Investor Program (IIP). The Minister of Justice, Simon Harris, wasn’t specific about the reasons that led to Portugal’s decision, choosing instead to say that the program had been pending review from both internal and external stakeholders. The recommendations put forth in those reviews were taken into account and the decision was made to close the curtains on Ireland’s Golden Visa program.
2 days later the Portuguese government announced the same for its Golden Visa.
About the Portugal Golden Visa
The Portugal Golden Visa is a residency by investment program. Investing through real estate, making capital contributions and investing in research are some of the options available to those looking to apply. As an EU country, the eligibility for second citizenship after 5 years of residency has always made the program a popular option.
Other factors that have contributed to the Portugal Golden Visa’s popularity are its favourable tax regime, its high standard of living for those relocating and visa free travel across the Schengen states for those open to exploring business opportunities.
Is this the last chance to apply for the Portugal Golden Visa?
The announcement to end the Portugal Golden Visa program has stirred much debate and confusion in the immigration market. Some immigration companies are claiming this is the last chance to apply for this program and are urging people to apply while there is still time. The fact that the Portuguese government, in their announcement to end their Golden Visa program, have omitted to communicate the date whence this is effective leads credibility to this stance. It is considered that the government will announce a date prior to when they will stop accepting applications and they have as yet just announced their ‘intention’ to close the Portugal Golden Visa.
Other immigration companies are already hailing the close of the Portugal Golden Visa and suggesting other solutions for prospective clients. This has further spurred confusion amongst investors about the safety of their investment and the assurance of success.
The truth of the matter
Premier Consultancy Group has a strict policy of maintaining official government communications and discouraging any misleading behaviour in its own communications or those of its team members.
In the name of transparency with our clients, Premier Consultancy Group would like to communicate that, indeed, currently the market is rife with confusion and speculation.
The Portuguese government has yet only announced its ‘intention’ to terminate the Portugal Golden Visa. There has been no further formal communication as to when this officially comes into effect. Nor has there been any intimation of whether any applications are being accepted currently. We advise our clients to proceed with caution and to connect with a professional team of immigration consultants before coming to a decision.
If you are interested in the Portugal Golden Visa and are one of those caught amidst this confusion, please do your due diligence before applying.
There are other residency by investment programs, and solutions, available in the market. These include seeking residency in the United Kingdom through investment opportunities and the Greece Golden Visa.
Talk to one of our top immigration consultants for your reasons of interest in the Portugal Golden Visa and receive options for a bespoke solution tailored to your needs!
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