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Portugal closes golden visa program

According to Publico, Portugal is closing the Golden Visa Portugal program, where foreigners can obtain a residence permit in exchange for investments, buying real estate, or creating new jobs. Prime Minister Antonio Costa announced this.

Existing golden visas can be extended, but only if the investment is directed towards the permanent residence of the investor or his descendants, or if his property is leased out on a long-term basis.

In total, from 2012 to 2023, Portugal issued 11,628 golden visas, of which 10,668 were in exchange for the purchase of housing for a total of more than 6 billion euros. Citizens of China, Brazil, and the United States are leading in terms of the number of visas received.

Earlier, Ireland and Montenegro suspended programs for granting residence permits and citizenship for investment in the country.

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