Portugal’s ‘golden visa’ programme, which has in the past attracted several affluent foreigners like Madonna, may soon come to an end. The policy’s discontinuation was just announced, sparking a rush of interest. According to figures from SEF, the Portuguese immigration and border office, investments increased by 40% in November. Antonio Costa, the nation’s Prime Minister, has stated that the nation is thinking about ending its well-liked but criticised Residency Investment Program (RIP).
Since the initiative ‘has likely already completed the job it had to serve,’ he claims that it ‘no longer merits continuing’. In order to be eligible for a fast-track visa for non-EU citizens, an investment of at least €500,000 (4.35 crore INR or $527,222 USD) must be made in real estate, a capital investment, or the development of work possibilities.
According to Forbes, the most popular candidates are Chinese and American citizens. Rumor has said that wealthy Americans will finally triumph against Chinese candidates. Indians, South Africans, and Brazilians are likewise affluent. Since January 2021, more than 50 Indians with extremely high net worths reportedly have lavishly spent between 350,000 and 600,000 euros on homes in Lisbon, the capital of Portugal, and other areas in an effort to obtain the coveted ‘golden flat’.
In July 2022, the program’s investments increased from the USD 3.7 million reported in July 2021 to the USD 8.2 million declared by the Portuguese Foreigners and Border Service (SEF). The total initiative has received $6.8 billion in funding from foreign investors. The initiative has been flagged by the European Union as a possible source of money laundering. Locals’ exclusion from the property market has been blamed on the strategy as well.
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