Golden visas will end in Lisbon and Porto starting from July

The Portuguese government approved in the Council of Ministers the revision of the golden visa regime, in an attempt to channel more foreign investment to low-density territories, such as the country’s interior. The revision will halt investment in real estate through golden visas in the most attractive regions, namely Lisbon and Porto.

“A decree of law was passed – under the terms of a legislative authorization that was included in the State Budget for 2020 – that changes the legal regime of residence permits for investment with the objective of promoting investment by foreigners in low-density regions,” announced the Minister of State and of the Presidency, Mariana Vieira da Silva, at the press conference that followed the Council of Ministers.

The new revised regime will enter into force on July 1 2021, with a transitional period until 2022. The revision of residence permits already granted is excluded.

However, this investment is highly concentrated in the metropolitan areas of Lisbon and Porto. The government hopes that foreign investment will be channelled into the country’s interior with this revision, supporting “urban requalification, cultural heritage, activities of high environmental or social value, productive investment and job creation,” according to the minister.