Portugal ends 'Golden Visa' scheme to tackle housing crisis

Left-wing government takes measures to address public outcry against rising property prices

By Senhan Bolelli

MADRID (AA) - In a step to tackle its housing crisis, Portugal's government has ended its "Golden Visa" program, which for over a decade allowed foreigners who bought property or made investments to obtain residency permits.

The left-wing government is also taking measures to address a public outcry against rising property prices, including not issuing new permits for apartments rented out to tourists, except in rural areas.

Prime Minister Antonio Costa said they will continue their fight against speculation in the real estate sector.

Portugal is the second EU country to end the program, after Ireland.

Since October 2012, the program has generated revenue of €6.75 billion ($7.22 billion), and over 11,535 non-EU citizens and their nearly 20,000 family members obtained the visa.

China had the most beneficiaries (over 5,000), while over 530 people from Türkiye benefitted from the scheme.

Kaynak:

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