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The Portuguese Association of Residential Tourism and Resorts has asked the Government to rethink its decision of ending golden visassaying it has ‘removed the possibility of investing in urban centres’.
According to the Association’s representative, Pedro Fontainhas, these units have a positive impact of reducing the demand for temporary housing, which proves instability of the government on the legal and fiscal system, SchengenVisaInfo.com reports.
“In 2022, the year in which it was already impossible to invest in ARI [Residence Permits for Investment activities, or golden visas] for housing in urban centres, 534 million euros of investment, that is, a potential of more than three billion euros over five years,” he said.
He further noted that the measure impacts on the country’s heterogeneity, saying Portugal is not just Lisbon and Porto, and that the measure is punishing all regions equally, also indicating that some regions remain heavily dependent on tourism.
As Fontainhas points out, the Association is working on a draft to be proposed, which includes reflecting to carry out studies for the pros and cons of the measure, as well as reviewing the minimum allocation value of the residence permits for investment activities, even in tourist units.
The Association also seeks to create a special tourist surcharge for the acquisition of tourist real estate in exchange for a residence permit, which would finance the construction or lease of affordable housing. In addition, they urge investment in construction of affordable rental properties.
Fontainhas also called to eliminate the use of the golden visa term, saying it has become completely toxic, while the association has already asked the Government for meetings regarding the matter.
Moreover, the autonomous region of Madeira also refuses to follow suit and wants to maintain its golden visa programme, with the President saying such a decision has a negative impact on the region’s economy.
“It is bad for the national economy. Nothing justifies Madeira being covered by this set of measures that are fundamentally aimed at Lisbon and Porto,” the President of the Government of Madeira, Miguel Albuquerque, noted.
Data by Henley and Partners reveal that Americans have filed the most applications for ARI, followed by Chinese and Russians, who agree to invest a minimum amount of €250,000 in Portugal, which enables them to have a visa and freely travel to the country, as well as Schengen Area.
According to data by the Portuguese Service for Foreigners (SEF), since the golden visa programme was launched in 2012, over €6 billion were invested, while a total of 11,535 investors have benefited from it, in addition to 18,809 family members.
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