Portuguese Parliament passes a bill to abolish the golden visa for real estate investments.

The Portuguese parliament has again approved the abolition of the Golden Visa program, which allows you to obtain a residence permit for real estate investments. However, the possibility of renewing permits is outside the impact of these changes, SchengenVisaInfo.com reports.

In July, the Portuguese government approved new changes to the program, including the elimination of new residence permits for real estate investments and the possibility of transferring at least €1.5 million to a Portuguese bank account. However, the changes to the law required the consent of Portuguese President Marcelo Rebelo de Sousa, who was given 20 days to make a decision. Last month, the president rejected the proposal, which required amendments in parliament before it could be passed. However, the bill passed without amendment.

At the same time, requests for residence permits and renewals for investment activities remain in force, taking into account those who have such requests pending before municipal control boards.

According to a Portugal News report, opposition parties submitted more than 320 amendment proposals for a vote, but all were rejected by Socialist MPs and other parliamentary groups.

Portugal's Golden Visa program allows foreign investors to obtain a residence permit if they meet the necessary conditions and make a financial investment in the country. Despite the new changes the country is trying to make to the program, Portugal continues to issue a significant number of these visas. In August, Portuguese authorities issued a total of 64 golden visas, of which 42 were issued for the purchase of real estate. Last month, more than €32.8 million was attracted to Portugal through the Residence by Investment program, known as Golden Visa.

The figures are 12.5 percent below the same month in 2022. In addition, the program attracted €493 million to Portugal between January and August this year, 24 percent more than in the same period last year.

The More Housing program was previously introduced by the government as part of efforts to combat the housing crisis and regulate the real estate market.