Introduction to the Portugal Golden Visa Scheme
Portugal plans to adapt its golden visa scheme to help migrants and build affordable homes. Wealthy foreigners seeking residency rights can now invest in affordable housing for locals or accommodation for migrants. Antonio Leitao Amaro, the cabinet affairs minister, revealed this in an interview with Reuters on Tuesday.
Background of the Portugal Golden Visa Scheme
The Portugal golden visa scheme, known as a “solidarity visa,” will complement the existing program. Since 2012, this program has offered non-EU nationals residency rights in Portugal in exchange for investments. The scheme has attracted over 7.3 billion euros ($7.94 billion) since its launch. However, critics argue that it has worsened the housing crisis, leading to several changes in recent years.
Changes to the Golden Visa Scheme
To secure a visa, buying real estate is no longer an option for foreigners. Instead, they can invest in funds, donate to cultural or research projects, or generate jobs. “We have not changed the existing scheme, but we have created these two types of solidarity visa,” Leitao Amaro said in a phone interview. This statement came a day after the Portuguese government announced its new plan to toughen some immigration rules.
New Modalities of the Portugal Golden Visa Scheme
The new Portugal golden visa modalities encourage foreigners seeking residency rights to invest in affordable homes for locals or build accommodation for migrants. One modality focuses on affordable homes that locals can buy or rent. The other modality aims to build accommodation for migrants in need or finance projects promoting integration.
The Migrant Situation in Portugal
Around 800,000 migrants live in Portugal, nearly double the number from a decade ago. Even though they contribute significantly to the economy, they are more likely to have precarious jobs and lower salaries. According to the Migration Observatory, many migrants struggle to find homes and end up living on the streets or in overcrowded flats. High rents and sale prices, fuelled partly by a tourism boom in cities such as Lisbon and Porto, exacerbate this issue.
Investment Requirements
To be eligible for the existing Portugal golden visa scheme, applicants must transfer between 250,000 to 500,000 euros. The amount depends on the type of investment they choose. Leitao Amaro stated that the government has yet to set the investment amount for the new solidarity visa. However, it would have to be lower than other modalities to encourage investors to opt for it.
Government’s Vision
The government envisions that the adapted Portugal golden visa scheme will address both housing and immigration challenges. By directing investments towards affordable housing and migrant accommodation, Portugal aims to create a more inclusive society. This initiative will also help alleviate the housing crisis that has plagued the country for years.
Conclusion
The new adaptations to the Portugal golden visa scheme represent a significant shift in immigration and housing policy. By encouraging investments in affordable housing and migrant accommodation, Portugal aims to tackle pressing social issues. As these changes unfold, the effectiveness of the solidarity visa in addressing the housing crisis and supporting migrants will be closely monitored.