Synopsis: Portugal is introducing a significant change to its popular golden visa program. In a bid to tackle the nation’s housing affordability crisis, the scheme will now offer residency rights to wealthy foreigners who invest in affordable housing projects or migrant accommodation.
Portugal’s golden visa program, known for attracting foreign investment, is undergoing a major transformation. The government announced plans to adapt the scheme to address the country’s growing issue of housing affordability. Under the revised program, wealthy foreigners seeking residency through investment will have the option to contribute to the development of affordable housing for locals or migrant workers.
This reform comes in response to criticisms that the existing golden visa program, which allows non-EU citizens to obtain residency through property purchases or investments, has contributed to rising property prices and a shortage of affordable housing, particularly in major cities like Lisbon and Porto.
The new program introduces two “solidarity visa” options. One will allow investors to channel their funds into the construction or renovation of affordable housing units that locals can buy or rent. The other option focuses on financing migrant accommodation or projects promoting migrant integration. Portugal currently has a significant migrant population, and ensuring access to proper housing for them is a key concern.
“We need regulated immigration,” stated Portugal’s Cabinet Affairs Minister Antonio Leitao Amaro, highlighting the need for a balanced approach. “The golden visa scheme has generated over 7.3 billion euros, but it has also contributed to the housing crisis.”
The revised program aims to strike a balance between attracting foreign investment and ensuring its positive impact on Portuguese society. It’s expected to incentivize wealthy foreigners to contribute to solving the housing crisis while still providing them with a pathway to residency.
The details regarding the minimum investment amount and specific requirements for the “solidarity visa” options are yet to be announced. However, this reform marks a significant shift in Portugal’s golden visa program, prioritizing the needs of its citizens and residents over simply attracting foreign capital.
