Portugal's Golden Visa program was initiated in 2012 as a strategic response to the country's economic challenges during the global financial crisis. It aimed to attract foreign investors, stimulate the real estate market, and create job opportunities while offering a pathway to residency in Portugal. The program has been known for its real estate investment option, allowing foreign investors to acquire Portuguese residency by purchasing properties meeting a minimum value threshold.As economic conditions and priorities evolved over the years, so did the Golden Visa program. Concerns over potential real estate bubbles and the need for diversified investments led to a reassessment of the program's structure. The most recent transformation came with the approval of the "More Housing" bill, signaling a shift away from real estate-centric investments to options that encourage job creation, research, cultural support, and capital investment, aligning with Portugal's broader economic objectives.
The "More Housing" bill, which has received approval from the Parliament and the President of Portugal, Marcelo Rebelo de Sousa, brings about significant changes to the Golden Visa program. The most notable change is the discontinuation of the real estate investment pathway, which allowed investors to gain residency through a minimum €280,000 real estate investment. This change marks a pivotal moment in the program's evolution, and foreign investors interested in Portuguese residency should be aware of these alterations.
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