The parliament of Portugal approved a law that will end the real estate and € 1.5 million bank transfer golden visa regulations.
This change will enter into effect as soon as the President has approved the new legislation and this is expected to occur next week.
Portugal’s golden visa was created to attract non-EU citizen and it has resulted in millions in investments especially in real estate.
These investments has resulted in increased housing prices and rent and consequently in a lack of affordable houses in Portugal.
With the amended regulations the Portuguese government attempts to address this issue.
We expected that the new rules shall also have a negative impact on the numbers of expatriates and global mobility industry in Portugal.
Other golden visa regulations shall remain in force, such as investments which create at least 10 jobs and investment of a sufficient amount
into research activities, company share capital or investment funds.