20.1 C
Delhi
Saturday, October 25, 2025

Portugal cancels ‘Golden Visa’ program for investors – Reports

Date:

Share post:

Donate-GC-Razorpay

Lisban: Portugal will no longer be trading residence permits for investments under a program known as “Golden Visas,” Spanish media reported on Friday.

The program has granted Portuguese residence permit in return for large investments, acquisition of property or creation of jobs since 2012.

Announcing the move, Portuguese Prime Minister Antonio Costa said that scrapping “Golden Visas” was part of a shock plan to solve the housing crisis and fight real estate speculation, according to the EFE news agency.

As for already issued visas, they will be extended only if investments in property are made for the acquisition of permanent residence for the investor themselves or their heirs, or if the house will be rented out “on a long-term basis,” the media said.

Since the launch of the program in October 2012, more than 11,500 foreigners have received a residence permit in Portugal. The country reportedly received over 6.7 billion euros ($7.1 billion) of investments under the program.

Portugal has reportedly stopped processing Russian investors’ applications for “Golden Visas” since late February 2022, after the launch of the special military operation in Ukraine.

Related articles

Pakistan’s Next Target Could Be India’s Economy – and the US Won’t Mind

Strategic BackgroundIn my earlier analysis published in Goa Chronicle, I had argued that Operation Sindoor was more than...

From Italy with Love (and Wine): Vinitaly Finds a New Home in Mumbai and Goa

When I first heard that Vinitaly, the world’s most celebrated wine festival, is coming to Mumbai and Goa,...

Analysing Allegations of Indian Army’s Responsibility in Rajiv Gandhi Government’s Sri Lanka Policy Failure 1987-90

‘There are two skills in which the Indian Army can never hope to win against adept political camp...

Amit Shah: The Silent Executioner of India’s Viksit Bharat Mission

There are politicians who talk. There are politicians who promise. And then there is Amit Shah - the...