The Portuguese government announced on Thursday the end of
“golden visas,” which granted residency to those who purchased
high-end properties in the country, Trend reports citing Xinhua.
The measure aims to combat real estate speculation and lower
market prices, said Prime Minister Antonio Costa in a
statement.
The Portuguese head of government also said that the “golden
visas” already granted will only be renewed if “they are used for
the owner’s own and permanent housing and his descendant, or if the
property is placed on the rental market for a long time.”
The prime minister justified the decision by stating that “of
the approximately 11,000 gold visas granted so far, more than 9,000
were solely and exclusively dedicated to real estate
investments.”
In addition to this measure, other decisions were announced to
lower property prices in Portugal, including lowering taxes,
simplifying housing permits, and limiting rent increases.
According to the project presented, the government’s strategy
foresees “intervening to increase the supply of properties that can
be used for housing purposes,” and ensuring that more houses are
available on the market.
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