Portugal is scrapping its sought-after “Golden Visa” program.
The program provides none nationals with Portuguese residence in exchange for buying real estate and other investments. The country’s prime minister announced the decision on Thursday saying it aimed at “fighting against price speculation in real estate,” adding that the crisis was now affecting all families, not just the most vulnerable. The “Golden Visa” program had attracted 6.8 billion euros in investment since its launch in 2012, with the bulk of the money reportedly going into real estate.
To get Portuguese residency one had to invest over 280 thousand Euros in real estate or at least 250 thousand Euros in the arts. Once a person obtained residence, they were then required to spend only seven days a year in the country to maintain their right to free movement across the whole bloc.