Portugal changed its golden visa rules, no longer allowing residency through property purchases. Now, people can get a golden visa by investing in funds, which is expected to bring in more money.
The government made this change to address concerns about the program affecting the housing crisis. Initially, there were talks of ending the golden visa, but the focus shifted to guiding property investments away from big cities.
The golden visa, letting wealthy non-EU individuals live in Portugal, has gathered 7.3 billion euros ($8 billion) since 2012. Popular among people from China, Brazil, and the United States, the program faced criticism for raising property prices in a less wealthy European nation.
About 90% of the funds went into real estate, raising worries about housing costs. The European Commission also expressed concerns, suggesting the end of such programs due to security risks.
Portugal Golden Visa, Investment Funds, Residency Program, Real Estate Investment, Economic Immigration