End of Golden visas in metropolitan and coastal areas approved

By TPN/Lusa, in News · 08-01-2021 01:00:00 · 7 Comments

The Council of Ministers has approved a decree-law that ends golden visas in the coastal regions and metropolitan areas of Lisbon and Porto, which will come into force in July 2021, with a transitional period.

At the end ofthe Council of Ministers, the Minister of State and Presidency, Mariana Vieria da Silva announced the approval of the decree-law that changed the legal regime for residence permits for investment in golden visas, as provided for in a legislative authorisation of the State Budget for 2020.

The diplomaaims to “guarantee the promotion of foreign investment in low-density regions, namely in urban requalification, in cultural heritage, in activities of high environmental or social value, in productive investment and in job creation”, she stressed.

“What is at issue here is precisely what the Assembly of the Republic had approved, that is, the decision that these investments are aimed at inter-municipal communities in the interior and the autonomous regions, ceasing to apply to coastal regions and metropolitan areas”, explained Maria Vieira da Silva.

The minister added that“the possibility of renewing residence permits already granted” is safeguarded.

Mariana Vieira da Silvaalso underlined that “the context in which that legislation had been approved is different from the current one”, with a transitional period foreseen during the year 2021 and 2022.

In the transitional period, the minister continued “the value of the planned investments is successively increased and their possibility of application to the metropolitan areas is reduced”, coming into force on 1 July 2020.



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Comments:

Thank you, William. Being in construction myself, I can appreciate your argument. Being a home owner also, I would prefer rising home prices as well. Typical articles, usually "by advertiser," only spell out the benefits for the foreign investor. Finally a view from the other side.

By William (no relation) from Other on 12-01-2021 10:58

All the purchased properties in my region are either new developments or renovations. So, this benefits the construction companies, laborers, and contractors as well. There have been days where there were over 30 people working on our renovation, for example. These are real jobs that also have a trickle affect on other businesses in the local economy, such as retail shopping, grocery stores, restaurants, medical facilities, ect. Also, think about the infusion of wealth into Portuguese families that have profited off of home sales and then purchased new homes themselves. As far as raising home prices then welcome to the real world. Every capital and important city in the world has high property prices that have forced families to move to less expensive locations outside the city. Why should expensive properties in large and important cities in Portugual be allowed to be sold below market value? Portugal property prices are still far below market averages in Europe and so will only continue to increase.

By William from Lisbon on 10-01-2021 03:11

No foreign investment. Back to 2012 and austerity. There is simply (unfortunately!) not enough generation of money within Portugal to keep up with government spending.

By Chuck Yeager from UK on 08-01-2021 08:13

A sop to the Left to hold the geringonça together.
After all what does Portugal need with foreign investment?

By Peer Kirby-Higgs from Lisbon on 08-01-2021 07:21

A sop to the Left.
After all, what does Portugal need with foreign investment?

By Peter Kirby Higgs from Lisbon on 08-01-2021 07:18

I don't know....I've never read anything about how much golden visas have actually helped Portugal and its people. Investments help the investor....foreigners. They probably send the "dividends" back home. Have the properties been rehabilitated? Have any jobs been created? The only Portuguese that have benefited are real estate agents and real estate lawyers. And the municipalities get a property sales tax. Other than that, how has Portugal really benefited? Rising rents and house prices have instead made it harder for the people...

By William (no relation) from Other on 08-01-2021 03:07

What a bunch of idiots. Apparently, the Portuguese government does not want to enrich families, lower unemployment, encourage investment, and keep people from leaving Portugal. Portugal especially needs investment during this pandemic. The government seems to be out of touch with reality.

By William from Lisbon on 08-01-2021 09:37
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