For10 years, the Golden Visa has shaped the real estate market in Portugal.

Portugal has become the last country to end its "golden visa" program, citing rising real estate prices. However, how has the program shaped the country over the past decade, and what will change now that it has concluded?

Portugal has followed Ireland and ended its "golden visa" program, which provided visas to more than 30,000 non-EU citizens since its launch just over a decade ago. When Portugal introduced the investment immigration program in 2012, it was one of the poorest countries in Europe, struggling in the post-crisis period. The program allowed wealthy foreign citizens who invested at least 350,000 euros in Portuguese real estate or business to obtain residency, which expedited the process of acquiring Portuguese citizenship in just five years. According to data from the Portuguese Immigration and Border Service, the golden visa program issued around 30,600 visas - 11,600 to main applicants and their dependents - and attracted investments totaling 6.8 billion euros.

“The golden visa and other tax solutions have brought Lisbon onto the international stage,” says Miguel Lacerda, director of the residential real estate department at Savills in Lisbon.

However, the program also sparked controversy as it provided wealthy individuals with globally recognized passports and quick access to limitless Europe. Ireland canceled its own program last week under pressure from the EU, while the UK scrapped investor visas last year, citing concerns over fraud and corruption, particularly from Russian applicants.

Moreover, it was associated with a significant increase in housing prices. Over the past decade, the housing price index in Portugal has doubled, while average wages have only increased by 9 percent. Last week, Prime Minister Antonio Costa announced the termination of Portugal's golden visa program as part of a package of measures that includes a ban on issuing new Airbnb licenses. He stated that the country is abandoning the program to "combat speculation in the real estate market."

But to what extent can the housing crisis be linked to this program, and will anything change after its cancellation?