Portugal's Golden Visa Program Gets a Revamp to Boost Affordable Housing
Portugal's Golden Visa program has undergone significant changes to address concerns over its impact on the housing market, making it more challenging for foreigners to buy homes.
Golden VisaPortugalAffordable HousingReal EstateInvestmentReal Estate NewsJun 06, 2024
The most notable modification is the restriction on buying homes in popular areas such as Lisbon and Porto. This move is aimed at curbing the influx of foreign investment in these regions, which has led to a surge in property prices and made it difficult for locals to afford housing. The new rules will redirect investment towards lower-density areas and support the development of affordable housing.
The revised program also prioritizes investment in research and development, startups, and innovation, which is expected to drive economic growth and create jobs. Additionally, the minimum investment required for the Golden Visa has been increased to €500,000 for real estate investments and €1 million for capital transfers.
The Portuguese government has acknowledged that the previous program had unintended consequences, such as driving up housing prices and disrupting local communities. By reforming the program, the government aims to strike a balance between attracting foreign investment and supporting the needs of its citizens.
Portugal's Golden Visa program was established in 2012 to attract foreign investment and stimulate economic growth. The program offers residency permits to non-EU citizens who invest in the country. Since its inception, the program has generated significant revenue and created jobs.
The Portuguese government has been working to revamp its Golden Visa program to address concerns over its impact on the housing market.
Frequently Asked Questions
What is Portugal's Golden Visa program?
Portugal's Golden Visa program is a residency-by-investment program that offers non-EU citizens a residency permit in exchange for investing in the country.
What changes have been made to the Golden Visa program?
The revised program restricts buying homes in popular areas, increases the minimum investment required, and prioritizes investment in research and development, startups, and innovation.
Why were changes made to the Golden Visa program?
The changes were made to address concerns over the program's impact on the housing market, particularly in popular areas like Lisbon and Porto.
How much investment is required for the Golden Visa program?
The minimum investment required for the Golden Visa program is €500,000 for real estate investments and €1 million for capital transfers.
What are the benefits of the Golden Visa program?
The program offers residency permits to non-EU citizens, stimulating economic growth, and creating jobs.
Related News Articles
Indian Real Estate Market Sees Quarterly Slump, NCR Defies Trend
Real estate sales in India's top seven cities dip 8% in Q2 2024, but NCR bucks the trend with a 6% increase
Union Budget 2024-25: Real Estate Sector Expectations
The real estate sector is brimming with expectations for policies that will propel growth and stability in the upcoming Union Budget 2024-25.
India's First Retail REIT: A New Era in Real Estate Investment
India is expected to get its first Real Estate Investment Trust (REIT) of retail assets soon, as institutional investors and developers look to monetize their rent-yielding space in shopping malls.
Gurugram's New Realty Hotspots: Dwarka Expressway and Sohna Road
The Dwarka Expressway and Sohna Road have emerged as top realty hotspots in Gurugram, attracting huge interest from home buyers and investors alike.
Blue World City’s Revised Bid for Pakistan Airlines: One-eighth of Original Offer
Blue World City, a real-estate development company, has submitted a revised bid for the acquisition of Pakistan Airlines, offering only one-eighth of their initial offer. The company, one of the six pre-qualified contenders, claims this is their best pric
China's Property Market Shows Signs of Recovery Amid Policy Interventions
A recent survey reveals that new home prices in China have increased, indicating potential stabilization in the property market despite ongoing challenges.