About  the canceled Portugal Golden Visa

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St Kitts and Nevis nationality adjustments

• Changing the Chairman and Committee of the Citizenship Program

The Portuguese government, through its Prime Minister Antonio Costa, announced on February 16, 2023 during a press conference, the abolition of the Golden Visa programme. As one of the other package of decisions to solve the deteriorating housing situation. And high real estate prices in the country.
The Golden Visa program is closely linked to the real estate market in Portugal. Investors are allowed to obtain residency and passport in Portugal through investment, especially real estate investment. This program, in turn, led to a rise in housing prices and rents in the country, according to analysts.
First, Ireland canceled the Golden Visa program due to the housing crisis and introduced it to stimulate investment at a time when the country was going through economic hardship. Then Portugal closed the curtain on this program 10 years after its introduction.
In the same week, the Spanish left-wing political leader of the Mas País party introduced a bill to the Spanish Congress to cancel the Spanish Golden Visa program on the grounds of high housing prices. But things are still the same until now.

• Reasons for canceling the golden visa for Portugal

Most people think is that Portugal canceled this program because of the high housing prices, which is not true. The main reason for its cancellation is real estate speculation. And
The other reason is the fear of the risks of tax evasion and money laundering.
As the percentage of real estate in Portugal increased by 37% just in 2022. The Portuguese President explained that the housing problem affects all people of all classes, not just the needy class.

Where the abolition of the Portugal Golden Visa did not happen suddenly. But after several adjustments over the past three years. And in 2021, Portugal canceled real estate permits and excluded the purchase of real estate in the capital, Lisbon, and other major cities.
The Portuguese Golden Visa Program was designed to restore the economic situation and address the housing crisis in the country after the economic crisis in Europe in general and Portugal in particular in 2011. After the bailout plan issued by the European Union and the International Monetary Fund.
In the years since the establishment of the Portuguese Visa Program, Portugal has collected revenues estimated at around €6.5 billion from this programme.

Any exceptions to the canceled Portugal Golden Visa Program?

As of now, it is not clear if the revocation will only be for the real estate investment option, or if it will include all options. And final decision not has been taken in this regard yet. Where the Portuguese Prime Minister submitted the abolition file to Parliament. For approval in mid-March.
The President stated that people who already have a golden visa can renew their residency without any problem. Provided that the property is for personal ownership or a long-term lease.
In addition to canceling the golden visa, Portugal introduced a package of other decisions to overcome the obstacles that limit this problem. The most important of which is to expedite and facilitate the granting of real estate licenses. and encourage long-term rentals by lowering their taxes. Restrictions on increasing rents in new contracts. Encouraging homeowners to sell the property they do not need to the state, and in return, waive the capital tax for them.

• Best alternatives to the canceled Portugal Golden Visa

• Spain

If there is a program like Portugal Golden Visa, it is the Spain Visa Program. Which has an integrated program similar to the Portuguese Golden Visa.
The biggest advantage that makes a person hurry and choose Spain as a destination for the Golden Visa program is that Spain is also subject to possible cancellation after a possible period, this is the best alternatives to the canceled Portugal Golden Visa right now.
Because the leftist political leader of the party, Mas País, submitted signatures to cancel the golden visa for Spain. Which can be applied months from now. This means that now is the best time to apply for a unique and comprehensive, Portuguese visa program alternative.
We also mentioned that when the file is submitted and the initial approval is obtained from the government, the Spanish government does not have the right to cancel any previously submitted file. As with the similar program in Portugal, the program was canceled but investors who had already received approval were retained.