Portugal confirms the end of its Golden Visa scheme
Portugal confirms the end of its Golden visa scheme and it discloses though report. Golden visa scheme duration was ten years and after ten years successful period Portugal terminated it according to the latest reports.
Key highlights
1. Portugal closes the golden visa scheme because of housing disaster that Portugal is facing currently among other causes.
2. But, golden visa scheme is valid for the entrepreneurship who is interested in this visa, it permits international entrepreneurs to establish or develop a task in this field in Portugal.
3. Now Portugal strategy is to develop their Digital nomad visa that is designed for the all individuals earning a specific amount of money as a distant worker, to apply for nationality in Portugal.
The native media reported that the application filed for the golden visas after 16th February no longer valid, but residence permits for investment will be valid according to SchengenVisaInfo.com.
The plan is working on the format those international investors who are willing to invest in this country will secure residency permits of Portugal against their financial investment. However, according to the report 89% of the residence permit for allocated for the buyer of the real estate, but just 22 among them generated jobs for native people.
Even though the golden visa scheme adds billions of dollars in national economy. However, the termination of this program is because of existing housing emergency in Portugal, it is one along other factors. Portuguese Prime Minister, Antonio Costa, stated “Nothing justifies a special regime for golden visas”.
About the new changes
Antonio Costa stated that all are equal in the country law. The residence permits are being issued under the Golden visa scheme, but now it will be altered into the regular residence permits.
But, interested candidates of the golden visas can get it through entrepreneurship. The overseas entrepreneurs who want to set up a venture in this region of Portugal to do so under this scheme.
The importance of the financial investment will be checked on the basis of wealth, society, science, technology, or traditions considered when assess these new visa applications.
Golden visa by the numbers
According to the Foreigners and Border Service stamen and report the real estate investment through golden visa enhanced Portugal’s GDP by €5.9 billion from last ten years. According to the El Pais report Portugal’s government released total 11,758 Golden Visas during the period of October 2019 and February 2023.
About 31,000 foreigners with their families from other than the European Union countries have been awarded a Portuguese residency permit.
According to the report Chinese are the prime receiver of this scheme and about 45% awarded golden visas, and after this Brazilians took advantages of this plan with 10% securing this visa. Similarly, considerable numbers of Americans, South Africans, Turks, and Nigerians also benefited from this scheme.
What the termination could cause
Portugal risks losing digital travelers as it stops its Golden Residence Visa by Investment scheme as these people will be worried about their future in Portugal.
Portugal will now stay in hard competition for digital nomads with countries just as Dubai, Singapore, Turkey, Germany, and Hong Kong which a lot of are considering.
Portugal, on the other hand, is firmed to draw more digital nomads to avoid the opportunity that the end of the golden visa program could also affect their status.
What this means for Nigerians
Nigerians have keen interest to secure the residency of Portugal through Portugal Digital Nomad route. This kind of visa is designed for the employees who are earning $2,750 per month or less than this in an isolated job from any country.
This will permit the employees to apply for the digital nomad visa and reside regions like Lisbon, Porto, or Madeira. It is the best and economical substitute of Portugal Golden visa scheme that concerned an investment in real estate or other forms of ventures