Portugal has scrapped its Golden Visa. What does that mean for your property plans?

Portugal has scrapped its Golden Visa. We detail what other visas you can get to live there. Plus, we look at the countries that have chosen to keep their Golden Visa, so that you could possibly move your overseas property plans there.

The history of the Golden Visa

Portugal has officially shut down its Golden Visa. The Golden Visa scheme was launched in 2012, in an effort to revitalise the economy after the financial crash. Portugal’s Golden Visa required that you make an investment into the country, of at least €350,000 in a property in certain circumstances, though it was generally set at €500,000. A Golden Visa granted you residency in Portugal, with the option of applying for citizenship after five years. In the decade that the Golden Visa was operable, over 30,000 people received one.

In the beginning, the Golden Visa helped to put Portugal on the map internationally and to draw investment into the country.

Why has Portugal ended the Golden Visa?

Portugal have ended their hugely popular Golden Visa.

However, the Golden Visa has been scrapped because it is thought that it has contributed to the steep costs of real estate in Portugal. The argument goes that property in Portugal has become unaffordable for the average local, and so, by ending the Golden Visa, the price of a home will stop rising so high, and locals will be able to join the property ladder.

The European Union has criticised Golden Visas before for not having sufficient checks on where finances of applicants came from.

Additionally, Portugal have chosen to ban new Airbnb licences. They are encouraging those that rent out property to holidaymakers to consider renting them to locals instead. This is all in a bid to make the housing market more affordable.

I was thinking of getting a Portugal Golden Visa. What do I do now?

The Digital Nomad Visa could be your way into Portugal.

Portugal’s decision to scrap the Golden Visa doesn’t mean that they don’t want foreigners to grace their shores at all! There are other visas that might suit you:

The D7 also called the Retirement Visa or the Passive Income Visa enables those who have a passive income, such as money from a rented property or a pension, to live in Portugal. The idea is that you will be financially self-sufficient while you are there. It is valid for two years and can be then renewed for three. You must make just €7,200 a year to qualify.
Digital Nomad Visa means that you can work remotely for a foreign company from Portugal. You are eligible if you make at least x4 the national minimum wage, which comes to €2,800 a month.

Look into Golden Visas elsewhere

It may be that the Golden Visa really appealed, perhaps you liked the idea of making a property investment that also gained you residency. There is, of course, the attractive prospective of visa-free travel in the Schengen Area. Although Ireland has also recently shut down their Golden Visa, there are still countries that have them as an option. So, maybe it is worth shifting your dreams of moving overseas to one of these countries.

Greece:

Minimum spend: €250,000. Although in the areas of the central and south sectors of Athens in the Attica Region, the islands of Mykonos and Santorini and the municipality of Thessaloniki it is set at €500,000.
No requirement to reside in Greece.
Citizenship eligibility after seven years.