Portugal abolishes golden visas for Brazilians as it fights rising real estate prices.
to be offered for lease "long-term," according to the prime minister's statement. "In the last 10 years, rents have risen much faster than inflation," Costa said. "Current prices are too high for the Portuguese market," he added. A similar rule exists in other European countries such as Spain and has already been revised in Portugal. In the last modification of the program, investments in Lisbon and Porto were excluded from it in order to reduce the pressure on prices in the real estate sector.
Restriction of tourist apartmentsThe cessation of "golden visas" approved by the Cabinet on Thursday was not an isolated measure.
The cessation of "golden visas" approved by the Cabinet on Thursday was not an isolated measure.
The licenses already issued will be reviewed in 2030 and will be subject to periodic evaluation every five years after that. Owners of these apartments will have to pay an additional tax that will be used to finance housing policy, and tax incentives will be given to those who convert their tourist apartment to the residential rental market before 2024. Costa recognized that tourist apartments have' 's strong impact on urban revitalization and job creation, but downplayed the importance it could have on the tourism industry, one of the country's main economic sectors.
"We cannot destroy the chicken that lays the golden eggs," he said, arguing that tourism should not turn cities into a "Disneyland kind of place" but should offer "unique experiences".
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We will find property in Portugal for you
- 🔸 Reliable new buildings and ready-made apartments
- 🔸 Without commissions and intermediaries
- 🔸 Online display and remote transaction
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Liliya
International Real Estate Consultant
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