The Government of Portugal has given its approval for adjustments to the Golden Visa Program.
These changes involve discontinuing the issuance of new residence permits for investments in housing and instead allowing applicants to transfer a minimum of €1.5 million into a Portuguese bank account, as well as other pathways.
However, before these changes take effect, they must still be ratified by the President, who will take about 20 days to reach a decision, according to reports.
The proposal was introduced earlier this month by Portugal’s government and received support in the Assembly of the Portuguese Republic, with votes in favour of the Socialist Party, the left-wing political party, and the Portuguese Communist Party.
Various residency by investment/ Golden visa pathways
In a document seen by Nairametrics, reports indicate that despite the decision to end real estate investments as a means to obtain residency in the country, other pathways for the golden visa program, such as creating at least ten jobs or contributing to cultural institutions, will remain valid.
Under the current changes, foreign nationals are eligible to invest €500,000 or more in qualifying funds, including venture capital funds. They can also invest up to €500,000 in a company that either creates five jobs or sustains ten jobs.
Additionally, other options, such as transferring €500,000 to public or private scientific research institutions or contributing €250,000 to projects supporting artistic production, will still be effective.
The renewal of existing residence permits will also continue to be in effect.
The proposal to end residence permits for housing investments was due to the More Housing Program, which was previously introduced by the government to address the housing crisis and regulate the real estate market.
Arguments against the new changes
However, Nairametrics reliably gathers that the President of Madeira Islands in Portugal, Miguel Albuquerque, opposed the changes applied to the Golden Visa Program, considering them counterproductive.
He argued that the project wrongly blames housing problems and undermines investors’ confidence.
The decision to terminate new residence permits for housing investments was criticized as unilateral by the President of the Government of the Azores Island in Portugal, Jose Manuel Bolieiro.
He expressed disagreement and protested against the decision, stating that the golden visas should have been allowed to continue considering their purpose.
What this means for Nigerians
Despite these changes, the scheme has seen a significant increase in the first half of the year, with a year-on-year rise of 27.5%, amounting to a total of €403 million in investments according to the Portuguese Immigration and Border Service (SEF).
These new changes also present more options for wealthy Nigerians who may be looking to gain permanent residency through investments.