[2021-02-22] Change in Portuguese Golden Visa property rules postponed

Source: Macauhub

The government in Portugal says that until the end of this year buying housing in Lisbon and the northern city of Oporto will still qualify foreigners for residency in the country.

Foreigners other than citizens of EU countries are entitled by the Golden Visa scheme to live in Portugal if they make certain investments there.

The government announced last week that it had adjusted its plan for changes in the scheme, which would have made the purchase of housing in Lisbon and Oporto insufficient from July this year to qualify the buyer for residency.

The purpose of the changes is to direct investment by prospective holders of Golden Visas away from the housing market in big cities, and into undertakings that create jobs in parts of the country subject to depopulation, or that reinvigorate urban areas and rehabilitate the built heritage.

Official data indicate that over half the 9,389 Golden Visas granted since the scheme began in 2012 and until end-2020, have been granted to Chinese.