Portugal has updated its ‘golden visa’ program, stopping residency rights through property purchases. Now, those aiming for this visa can get it by investing in special funds, which are expected to become more popular.
The change comes after Portugal announced in February 2023 its plan to end the golden visa scheme, criticized for worsening a housing crisis. The government wants to shift property investments from big cities to less crowded areas.
The ‘golden visa’ initiative, allowing non-EU nationals to live in Portugal through significant investments, has attracted 7.3 billion euros ($8 billion) since 2012. Most participants are from China, Brazil, and the United States.
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