Portugal looks to end Gold Visa opportunity for investors

Posted by Olerato Ramafsi on 22 February 2023

Portugal’s popular Golden Visa investment programme looks set to be ending after 15 years in operation.

Beautiful Porto. Image by Francisco Oliveira

Portuguese Prime Minister, António Costa indicated in November 2022 that the programme would be re-evaluated, raising flags that the scheme’s days were numbered.

The Portuguese parliament had previously voted for the programme to continue while directing the investment of funds towards more rural areas in the country.

Costa presented reforms this past week, proposing changes to immigration law and ending the Golden Visa investment scheme.

According to Andrew Rissik, Group International Director at Sable International, the proposal doesn’t mean an immediate end to the scheme, with a long process still ahead. However, the outcome could have implications for wealthy South Africans looking for dual-citizenship or a European retirement option.

‘This is a preliminary proposal, and the next step will be a public consultation process with all relevant stakeholders being asked for feedback,’ Rissik said. ‘This will happen over the next month, after which a final proposal will be drafted and presented to Parliament, upon which it will be voted.’

Any further amendments will be considered before it returns to Parliament for general approval. If approved, it will then be sent to the President of the Republic for ratification or reconsideration.

For those who are already invested in the programme, Rissik said it is important to understand that no changes have yet been legislated or approved.

‘In addition to this, there is a bigger underlying question, which will have to be debated, as to if the Portuguese parliament can change the terms of the Golden Visa for those already invested in the programme,’ he said.

The Golden Visa Programme was initially introduced to help the Portuguese economy recover from the 2008 financial crisis, and has been widely successful.

The curb of the Visa in Portugal seems to have started a trend with warnings that other schemes for Malta, Cyprus and Bulgaria are on their way out as well.

According to Rissik, to date, the Golden Visa has generated over EUR 6.5 billion for the Portuguese economy and over 10,000 residency permits have been granted.

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