Portugal Golden Visa Program is one of the most popular and successful programs around. Understandably, when the government announced that there will be some changes to the program, there have been many speculations in the media. It was even feared that the program will be canceled altogether. However, the fact of the matter is that there will not be any changes until 2021.
What Will Change?
The content of these changes or updates was another topic of discussion among interested parties. Now that the Portuguese Parliament authorized the amendment, the government may take Lisbon and Porto out from the confines of the program, as desired. These cities were the most popular within the program.
So, why exactly does Portugal want to exclude them?
One of the qualities that make Portugal a very desirable investment destination is the stable economy of the country which remains strong thanks to the balanced policies of Portuguese governments. In accordance with this, the program’s overload on Lisbon and Porto jeopardized the overall nature of the country’s policies. To cope with the load, it is decided that Lisbon and Porto will no longer be participating in the program as real estate investment options. Through this update, the government aims to channel the investment into low-density areas, urban revitalization and restoration projects, job creation options, and cultural heritage protection.
The Changes will not Work Retroactively
Portuguese Constitution prevents any judicial updates to work retroactively. Therefore, the applications that have started before the authorization will not be affected whatsoever. New applications, on the other hand, will have to comply with the new regulations. According to the Secretary of State to the Prime Minister of Portugal, none of the changes to the program will take place before 2021. To be able to prevent any confusion and injustice, as said, the new updates will not influence the currently open cases.
Portugal Benefits Greatly from the Golden Visa Program
Looking at all the figures of Portugal’s Golden Visa program, the cancellation of the program does not look sensible anyway. The scheme already generated millions of euros through investments and it has become one of the strongest and most consistent sources of income for Portugal. It simultaneously worked for the restoration of urban areas, revitalization of low-density areas, and creation of many new jobs. Thanks to Portugal Golden Visa Program, the country has improved its infrastructure, its business-friendly policies, its real estate market, and most importantly, its reputation in the international arena.