The Prime Minister of Portugal, António Costa, announced a few days ago that his Government would stop issuing new golden visas to "fight price speculation in the real estate sector", a concern over the surge in housing prices, which makes it difficult for many Portuguese to find adequate housing, especially in Lisbon and Porto.
The measure, which is part of a package of Government initiatives, would have direct repercussions on foreign investment, which since the start of the program in 2012 has granted visas mainly to Chinese citizens (more than 5,000), Brazilians (1,000) and those from Turkey, South Africa and the United Arab Emirates, with 500 visas each.
Regarding this new provision of the Portuguese government, the Chile-Portugal Chamber of Commerce anticipates that the measures will reduce future investments. "We view this situation with caution, insofar as it is not a final decision; it is part of a package of measures, but without a doubt, if implemented, it will slow down local investment", comments Andrea Rojas Van Dyck, General Manager of the Chile-Portugal Chamber of Commerce.
Matías Apparcel, of Apparcel Uriarte Abogados (https://apparcel.cl/), the only Chilean law firm in the European country, agrees. "There is a lot of interest in this matter, investors are expectant and it is news we had been watching for weeks until it was announced. However, the public consultation, which will last until March 10, is still pending, and then comes the legislative discussion. There are public and private institutions that do not agree with the measure, since it would hold back investments, especially in the interior of the country, but they should give a reasonable period for the implementation of the measures", adds Apparcel.
"The call is to stay informed. As a Chamber of Commerce we are closely following the public consultation and we will communicate all new information as it appears on our site https://chileportugal.cl/ and on social media, so we invite you to become part of the network", says Rojas Van Dyck.
The Golden Visa means obtaining a residence permit through a real estate investment (or investment in selected funds) of 280,000 euros or more and spending only 7 days a year in Portugal. After 5 years of maintaining the investment, one applies for Portuguese citizenship and the Portuguese passport for the family group.
In recent years, housing prices in Portugal have soared due to foreigners buying second homes or apartments to rent to tourists through platforms such as Airbnb, leaving many local residents struggling to find housing, particularly in Lisbon and Porto. Although quantitatively it contributes little to raising housing prices, it is viewed negatively by part of public opinion.
The "Mais Habitação" program has as its main objectives "to increase the supply of residential properties, simplify licensing processes, ensure an increase in the number of homes in the rental market, combat speculation and protect families". Regarding visas already granted, the Portuguese government explained that they will only be renewed if the real estate investments are dedicated to permanent housing for the investor or their descendants, or if the house is placed on the rental market "in a lasting manner".
Learn more: https://apparcel.cl/ and at www.chileportugal.cl
