Portugal’s plan to exclude Lisbon and Porto from golden visa scheme draws flak from property industry
- Portuguese government has until the end of the year to make amendments to scheme as it looks to bring property prices under control in its top two cities.
- Developers say the move will discourage foreign investors as other cities are not seen as investor friendly
Foreigners looking for a chance to secure residency in Portugal through the golden visa scheme might have to start looking for property outside the capital Lisbon and Porto, as the government moves to check the rapid increase in prices in these cities, putting it beyond the reach of many locals.
But the property industry is fighting against the proposed amendments to the scheme, arguing that foreign investors would be discouraged from investing in Portuguese real estate as other cities are widely perceived as less investor-friendly.
The government has been given authorisation until the end of 2020 to amend the state budget, which could pave the way for the exclusion of Lisbon and Porto in the investment scheme.
“I believe there is a huge probability that the golden visa legal framework would suffer some amendments and I would say there would be fine-tuning,” said Hugo Santos Ferreira, executive vice-president of the Portuguese Association of Real Estate Developers and Investors.
This sentiment was echoed by Antonio Mira, who offers advisory services to foreigners seeking golden visas. “I think they will do it,” he said.