Vistos gold accounted for 3% of home purchase investments in Portugal - André Ventura

André Ventura called the idea that golden visas are to blame for the difficulty of accessing housing in Portugal "pseudo-communist". Was investment really as low as Ventura claims? "What is the share of golden visas in real estate investment? It's 3%. We're talking about 3%. So, the share of golden visas in real estate investment is zero, it has no impact. That's a lie. It's a pseudo-communist or Venezuelan idea" - Andre Ventura, president of the Chega party, debate with Mariana Mortaga on February 13, 2024.

During a debate with blockbuster Mariana Mortaga, Ventura said that the share of golden visas in real estate purchase investments was 3% while the programs were in effect. Was this really the case?

On the other hand, between the end of 2021 and 2022, the total value of "residential transactions", according to INE data, amounted to about 184 billion euros. To this is added 20.833 billion euros of residential investment from the first to the third quarters of 2023, which coincides with the final date of the SEF data (September 2023). The total investment for the comparable period thus approaches €205 billion.

"Acquisition of real estate worth 500 thousand euros or more" was a sufficient condition for obtaining a visa, and more than 90% of golden visas were granted on the basis of this criterion, with a small proportion obtaining them through capital transfer or investment in entrepreneurship with job creation. In 2021, the program was changed to no longer apply to housing in city centers, citing that it exacerbates the disequilibrium between supply and demand for real estate. Despite this major change, home prices continued to rise in these neighborhoods in the following years, even with tighter monetary policy and higher interest rates. In 2023, Antonio Costa announced the end of the program, which is in line with the actions of other European countries that are also ending similar programs that allow entry without a residence visa, free movement within the Schengen area and the possibility of citizenship (in this case Portugal).

Conclusion: The data confirms that the total investment made with golden visas, until September 2023, amounted to about 3.14% of the total investment in real estate (residential). This is in line with the figure mentioned by André Ventura of 3%.