Portugal to end golden visa program

Portugal’s Prime Minister, António Costa, announced that the country will end its golden visa program. This program allowed large investors from outside the EU to fast-track their residence permits, in an effort to combat property speculation.

The program, known as the Permit for Investment Activity (ARI), has attracted €6.9 billion in investments since it was established in 2012. The government will no longer issue new “golden visas,” but current visa holders can renew them only for their own and their descendants’ permanent residence or if the property is placed on the long-term rental market. The decision is part of the government’s “More Housing” package, which aims to curb rent price speculation by setting criteria that limit rent increases.