According to the Prime Minister, António Costa, Portugal is cancelling the Golden Visa for foreigners to “put an end to real estate speculation”.

“As for the visas already granted, there will only be room for renewal if real estate investments are made in the owner’s own permanent home or for descendants, or if the property is guaranteed to be put on the long-term rental market,” Costa pointed out when referring to the renewal of the Golden visas already granted.

Even though the real estate sector has highlighted that the Golden Visa program has contributed to boost the country’s economy and the real estate sector in the last decade, the Government has decided to cancel the residence permit regime for foreigners (ARI).

If you want information about the Golden visa in Spain, you can contact us. In Duguech&Dip we have more than ten years of experience in the management of different types of visas for residence and work in Spain. Call us.

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