The End of Portugal Golden Visa Program is Near

For many years, the Golden Visa program has been instrumental in attracting foreign investment to Portugal. The program’s popularity led to a surge in demand for real estate and other assets. However, the program has also faced criticism for its potential to create a real estate bubble and wealth inequality. Therefore, read this article presented by the Best Immigration Firm in Lahore, 7 Sky Immigration to know more.

Reason Portugal Is Ending Its Golden Visa Program

Overall, Portugal’s Golden Visa Program become a massive success. It managed to drive the Portuguese Economy on the path towards success. But there is a general rule that excess of everything is very bad. Even if something offers immense advantages and benefits to others against anything, somehow it will also result in a bit.

The same is the case with Portugal’s Golden Visa Program. It seems that after many years of success, the Portugal Golden Visa Program is about to meet its end. Portuguese Prime Minister Antonio Costa a few month ago disclosed that the government will no longer issue the Golden Visas.

Why? Because Portugal has begun to suffer from inadequate housing facilities at affordable rates. The real estate market of Portugal is already booming. Therefore, prices have exponentially soared up exponentially everywhere, especially in Lisbon. Thus, making it quite difficult for locals to buy property for themselves.   

Those people who already submitted their Golden Visa applications and waiting for approval won’t be affected by this decision. However, if international real estate investors’ Golden Visas expired, they can easily get their Visas renewed. Only on condition of using their properties as their own home or maintaining the property in a long term.

Background of Portugal Golden Visa Program

The Golden Visa Program in Portugal originated in 2012 with the aim of attracting foreign investment into the country. The program offers residency and citizenship to non-European Union (EU) citizens who invest in Portugal. The program has been highly successful in attracting foreign investment. And since its inception, it has brought in over €5 billion in investment.

The program grants residency permits to non-EU citizens who invest in Portugal, buy property or create jobs in the country. The investment can take the form of real estate, capital transfer, or job creation and retention for five years.

The program allows investors to obtain residency permits for themselves and their families. And after five years of residency, they are eligible for Portuguese citizenship. The program has attracted investors from a wide range of countries, including China, Brazil, Russia, South Africa, and especially Pakistan.

Due to this reason, many people reached out to 7 Sky Immigration, Best Portugal Golden Visa Consultants in Lahore. Our experts helped them to accomplish their goal towards a better life.

The program has been widely popular, and Portugal has been one of the top destinations for investors seeking residency through investment. The program has also helped to boost the country’s real estate market, as many investors choose to buy property in Portugal to qualify for the program.

However, the program has also faced criticism from some who believe it has led to the gentrification of certain neighborhoods in Portugal, driving up property prices and displacing local residents. Despite this, the Golden Visa Program remains a popular option for foreign investors seeking residency and citizenship in Portugal.

Why was Portugal’s Golden Visa Program Introduced?

Portugal’s Golden Visa Program originated back in October 2012 via the Portuguese Government. The purpose was to tackle the economic crisis that occurred in 2008. The economic crisis 2008 was a result of a combination of factors that affected the country’s economy. Such as the global financial crisis, the European debt , and the high levels of public debt and budget deficits.

Before the crisis, Portugal had experienced a period of sustained economic growth. But in 2008 the economy began to slow down, and in 2009 the country officially entered into a recession. This was accompanied by rising unemployment, falling exports, and declining investment. Therefore, it was important to tackle these problems that were becoming lethal day by day for Portugal.

This is the reason that Portugal chose to introduce Portugal Golden Visa Program. This way the national economy could be recovered easily. Under the Portugal Golden Visa Program, you only need to make a certain investment. And in the end, you will have a chance to become a Portuguese citizen. And you can enjoy various facilities just as other European citizens.

Many people proceeded through real estate investment since it is the easiest way and already Portugal’s real estate is progressive. This is why international investors are heavily investing in the Portuguese Real Estate Market and obtaining Portugal Citizenship for themselves.

Though many immigration firms offer Portugal Citizenship by Investment. But 7 Sky Immigration is the most Reliable Portugal Immigration Expert in Lahore. It provides solid support to its clients throughout the process and ensures to proceed transparently and fairly.

Outcome After the Launch of the Portugal Golden Visa Program

After Portugal managed to pass through the bailout phase from European Union and International Monetary Fund (IMF), the Portuguese Government began to issue Golden Visas for Portugal.

After 2011, Portugal witnessed an influx of 7.3 billion dollars due to the real estate sector. About 11,628 residency permits were issued to Chinese Nationals. Thus, they secured their position as the topmost nationals to invest in Portugal’s Golden Visa.

Throughout the year 2022, Portugal issued a total of 1281 residence permits, and investment raised to 654.2 million Euros. Portugal’s Golden Visa Program is quite booming as it witnessed 42% growth in investments in 2022 as compared to 2021.

Where Portugal’s Golden Visa Program witnessed significant growth, it also resulted in increased property prices. Due to this reason, the majority of people are finding strong difficulty in having a home for themselves. Since 2015, property prices rises at a quite higher pace to 3805 Euros per square meter.

Besides this, the minimum wage isn’t satisfactory enough in the tourism-dependent economy whose policies highly benefit only foreign investors. The inflation rose to 8.3% in Portugal and the crisis has strongly affected everyone, even families. European Officials were also critical of the program since it involved high risks of money laundering and tax evasion.

What to Expect?

Where Portugal’s Golden Visa Program met with severe criticism, it also secured strong support on the other side. Paulo Silva, Portuguese Real Estate Consultant Savills’s Head, believes blaming Golden Visa is a big mistake. No one should blame it for high prices as the root cause of the problem is quite different.

According to the Head of Real Estate Consultant Savills, the huge imbalance between Supply and Demand is the real problem. Therefore, prohibiting Golden Visa Program will discourage investors and they will ultimately find another destination for making investments. 

With the program’s termination looming, investors and applicants are racing to complete their applications. They are taking advantage of the program’s benefits before it is too late. The end of the Golden Visa program marks a significant shift in Portugal’s immigration policies. This could have significant implications for the country’s economy and real estate market.

The Portuguese Prime Minister and Finance Minister also indicated that foreign investors eligible for Golden Visa through other routes. Then their Golden Visa might get converted to other Visa types. 

What Should You Do?

Right now, the situation is quite uncertain in Pakistan. The Islamic Republic country is facing the worst-ever economic crisis in the history of 75 years. Inflation has risen quite high and many different major sectors such as the job market, education, etc. People are suffering a lot mainly due to incompetence and lack of proper attention by the Government towards these areas.

The situation may be quite bit complicated in Portugal but that doesn’t mean that you shouldn’t visit Portugal. Why? Because the other various benefits such as high-quality education, improved standard of living, favorable retirement life, etc., will remain intact.

Therefore, you can still apply for Portugal Golden Visa Program since there is a lot you can have. Besides this, you will enjoy a great time exploring different heritage sites. You can try local and authentic wines along with mouth-watering seafood as well.

Portugal Golden Visa hasn’t ended yet. The package that Portuguese Prime Minister, Antonio Costa proposed will get discussed in the upcoming days.

There is still time, you can apply for Portugal Golden Visa Program. And the Best Portugal Golden Visa Experts in Lahore, 7 Sky Immigration will help you out with this. If you are not sure where and how to proceed, then read this article for more information.

Importance of Portugal and Attractive Opportunities Regarding It.

Moving to Portugal offers many benefits to those looking for a new place to call home. The country has a stunning natural landscape, a warm climate, and a high quality of life. Portugal also offers excellent healthcare, a wide array of cultural events, and a vibrant nightlife. Additionally, Portugal is a great country for retirees, due to the lowest taxes in Europe and a relaxed atmosphere.

Portugal also has several unique benefits for those looking to move there. For example, Portugal has a Golden Visa program that allows investors to gain residency in the country. This is an attractive option for people looking to invest in Portugal and benefit from the country’s business and investment opportunities.

Additionally, Portugal is the only country in Europe that offers tax-free pension income for retirees. This makes it an attractive option for those looking to retire in the country.

Finally, Portugal has a vibrant cultural scene that attracts people from all over the world. From music festivals to outdoor activities, there is something for everyone. Additionally, Portugal is home to some of the best surf spots in Europe. This makes it a great place for water sports enthusiasts.

In short, Portugal has a lot to offer to those looking to move there. From an excellent quality of life to unique investment opportunities, Portugal is an attractive option.

Final Verdict

By obtaining Portugal’s Second Passport, you can enjoy all rights and facilities. Because you have not only become a Portuguese Citizen but also a European Citizen as well. Therefore, you can freely move within the Schengen Area without worrying about applying for Visa each time. You can have a trip to Paris, a major city in France, and witness the historic Eiffel Tower.

In short, moving to Portugal opens up broad opportunities for ex-pats. However, what you are looking to achieve depends upon your preferences and requirements. Our Portugal Second Passport Experts in Lahore will help you turn your dream into reality.