The government’s proposal to stop issuing new residence permits for housing investment was approved this Thursday in the Assembly of the Republic with positive votes from PS, BE and PCP.
Abolishing the investment residence permit rule, known as “golden” visas, was one of the proposals contained in the Mais Habitação program, which was approved in a special capacity and voted against by PSD, CH and IL.
With the entry into force of the new law, new applications for a residence permit for investment activities will not be accepted, which will not affect the possibility of extending already issued permits.
Applications for the issuance and extension of a residence permit for investment activities remain valid, including those that, at the date of entry into force of the law, “are under preliminary control in municipal councils”.
Granting or renewing a residence permit for family reunification is also excluded from the accepted restriction.
The end of golden visas for housing investment has divided parliamentarians left and right, with BE and PCP demanding more from the government, while PSD, CH and IL dispute the measure.
The announcement was made on February 16, at the first presentation of the Mais Habitação program, when Prime Minister António Costa announced the end of golden visas as part of measures to combat real estate speculation.
At the time, the prime minister elaborated that “out of some 11,000 or so golden visas issued (…) more than nine thousand were devoted exclusively to real estate investment.”
He noted that there is “a very low level, not to mention almost zero, for job creation and a very low contribution to other activities.”