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Portugal to End Golden Visas for Rich Foreign Investors to Gain Residency with European Union Countries Access by 16th March 2023, Drive Property Prices Up by 75% from 2010 to 2022
18th February 2023 | Hong Kong
Portugal will be ending the Golden Visas for rich foreign investors to gain residency in Portugal with European Union (EU) countries access, having drive Portugal property prices up by 75% from 2010 to 2022. The Portugal Golden Visa policy was introduced in 2012. According to Portugal from 2012 to 2022, 11,600 Portugal residence permits were issued (Invest EUR 500,000 in properties or invest EUR 1 million, or create 10 jobs). Portugal government proposed measure to end Golden Visas is currently in public consultation and has scheduled to be implemented by 16th March 2023. The announcement was made in a press conference by Portuguese Prime Minister António Costa. Existing Portugal Golden Visas holder will only be able to renew their visa if the primary residence is used by the investor or children, or rented out on a long-term lease (i.e. no AirBnB). In 2022 September, the European Commission referred Malta to the European Union (EU) Court of Justice to end Malta Investor Citizenship Program and providing access to EU countries. Cyprus, which also offers similar citizenship programs had suspended the program in July 2021 and Bulgaria has terminated the program in April 2022.
” Portugal to End Golden Visas for Rich Foreign Investors to Gain Residency with European Union Countries Access by 16th March 2023, Drive Property Prices Up by 75% from 2010 to 2022 “
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Portugal to End Golden Visas for Rich Foreign Investors to Gain Residency with European Union Countries Access by 16th March 2023, Drive Property Prices Up by 75% from 2010 to 2022
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