A law that threatens the Brazilian dream of living in Portugal.

After the emigration wave to Miami in the 1990s, Portugal became an Eldorado for many Brazilians seeking an escape from problems such as violence and unemployment.

The main impetus for this phenomenon was the creation of the Golden Visa, a residence permit for investment activities. It came into force at the end of 2012 to attract capital and foreign investors to the country. The Golden Visa was granted to individuals and their immediate family members who purchased real estate for 500,000 euros or had at least 1.5 million euros to invest in Portugal. However, from the looks of it, that party has come to an end. In February, the Portuguese government decided to close its borders to Golden Visa. As a result, buying a house or apartment in the country for the purpose of citizenship has become much more difficult. Bypassing the international real estate market is no longer a shortcut for those who want to live in the fado country.

The main advantages for Brazilians and foreigners eligible for this program

The main advantages for Brazilians and foreigners eligible for this program are the possibility of living and working in Portugal, free movement in the Schengen area, which includes 27 European countries, and the extension of these benefits to the whole family and the subsequent possibility of obtaining permanent residence and even Portuguese citizenship. Brazilians were the second most popular group of program participants after the Chinese. In the 10 years after the rule was implemented, they were issued nearly 12,000 visas, and only 9 percent of those were issued through capital transfers.

Golden Visa has been a real success and caused a real estate boom in Portugal

>changing the face of cities such as Lisbon and Porto, with many foreign residents and tailoring services to the requirements of more demanding audiences such as Germans, French and even Orientals. Even luxury apartment complexes with spacious living quarters for wealthy immigrants have been created for Brazilians. However, many used the Golden Visa to invest in real estate, leaving many vacant properties unrented and unoccupied by the owners themselves. It was a kind of overseas investment, a kind of deferred action. As Portugal is now facing a real estate problem due to high prices and preference for short-term rentals, the government has decided to cancel the Golden Visa. It is a policy aimed at curbing price increases and providing more housing opportunities for the public. Golden Visa's already issued related to real estate investments will only be renewed if the buyer proves that they will use the property for their own residence or for the residence of someone in their family. As a last option, he can also show that the property will be rented out, which will generate income and will not be vacant. It remains to be seen how many Brazilians will be able to comply with the new rules. On our side of the Atlantic, it is already clear that the bridge to the Portuguese Eldorado has become much narrower.