Portugal Ends 2 Golden Visa Routes in a Final Approval of More Housing Program
However, the new changes still need to be approved by the President, and he needs a total of 20 days to make his decision, AtoZSerwisPlus.com reports.
The proposal was unfolded earlier this month by Portugal’s government, and it was supported in the Assembly of the Portuguese Republic, with votes in favor by Socialist Party (Partido Socialista), Bloque de Izquierda- a left-wing political party- and the Portuguese Communist Party.
In spite of the fact that the country decided to end the real state investment as a pathway to residency in this country, other golden visa pathways, such as those where applicants can create at least ten jobs, and donate to cultural institutions, continue to remain valid.
The current changes mean that foreign nationals are eligible to invest a total of €500,000 or more in qualifying funds, also taking into account venture capital funds. They can also invest up to €500,000 into a company that creates five jobs or maintains ten jobs.
In addition, other options, including transferring €500,000 to public or private scientific research institutions or transferring €250,000 to projects supporting artistic production, are effective.
Besides, the renewal of such residence permits continues to remain effective, according to local media reports.
The proposal to end new residence permits for investment in housing was included in the More Housing Program, which was previously announced by the country’s government in order to tackle the housing crisis and also regulate the real estate market.
But the new changes applied to the Golden Visa Program were opposed and considered counterproductive by the President of the Autonomous Region of Madeira, Miguel Albuquerque.
He considered that the project makes Local Accommodation a meaningless scapegoat for housing problems, emphasizing that it defrauds investors’ confidence.
Portugal’s decision to terminate new residence permits for investment in housing was condemned and considered unilateral by the President of the Government of the Azores, Jose Manuel Bolieiro.
“What I can say is the position of the Government of the Azores, which was favorable to the continuity of the golden visas and, taking into account their purpose, to express our disagreement and protest for the unilaterality of the decision,” Bolieiro pointed out in this regard.
In spite of such changes announced by authorities in Portugal, investments through the Residency by Investment Schemes increased significantly in the first half of this year, based on the figures from the Portuguese Immigration and Border Service (SEF).
The same noted that a total of 27.5 per cent year-on-year increase was marked during the same period, thus amounting to a total of €403 million.
For the Employer
Are you looking to Hire? Let us help you find the perfect candidates!
Step 1: Fill out the employer's questionnaire. Please provide us with the necessary details about your job requirements and company. We'll use this information to customise our services for you. Fill in the form.
Step 2: Choose the best offer. Once we receive your completed questionnaire, we'll prepare a tailored proposal for recruitment, employee leasing, or outsourcing services.
Step 3: Welcome your new employee. We'll utilise our extensive network and resources to find the ideal candidate for your business. Please don't worry; we'll ensure favourable conditions for you and the employee.
Take advantage of exceptional talent for your company. Complete the employer's questionnaire today, and let us handle your hiring needs.
For Job Seeker Registration
If you are looking for Truck Drivers, such as our guest today, we would like you to fill out the application form on our website. After reviewing the details of the completed offer, a representative of AtoZ Serwis Plus will contact you and tell you about all the details. Fill in the form.
Would you like some advice? So that you know, the information I've included here is for you to review. You'll always need to consult with your legal and tax advisor(s) and follow their guidance. AtoZ Serwis Plus cannot assist with legal or tax matters. The information presented is not specific to any particular company or workforce nor reflects how AtoZ Serwis Plus products are distributed in any jurisdiction. Instead, it is general. AtoZ Serwis Plus makes no representations or warranties regarding this information's accuracy, completeness, or timeliness. It shall not be liable for any losses from using or relying on it. It is your responsibility to exercise caution when using this information.
