Government ends ‘golden visa’ scheme; no renewal if short-term rental
The programme, officially called Permit for Investment Activity (ARI), has brought in €6.9 billion in investment since it was created in 2012.
Portugal’s prime minister, António Costa, on Thursday announced that the government is to wind up the ‘golden visa’ programme of fast-track residence permits for large investors from outside the European Union, as part of a package of measures to combat property speculation.
The programme, officially called Permit for Investment Activity (ARI), has brought in €6.9 billion in investment since it was created in 2012.
Speaking to journalists at the National Palace of Ajuda, in Lisbon, after a cabinet meeting exclusively dedicated to housing, Costa announced that the government will end the “granting of new ‘golden visas’.
“As for ‘golden visas’ already granted, … there will only be scope for renewal if they are for the owner’s own and permanent residence and that of their descendants, or if the property is placed on the long-term rental market,” he explained.