Golden Visa programme officially shut down

This is possibly the last post Essential Business will write about Portugal’s ARI scheme (Residency through Investment), generally called the Golden Visa.

The programme was officially terminated on Saturday, October 7, when no new applications for the scheme will be accepted by the borders and immigration agency SEF.
That said, Golden Visas “may still be renewed” when “these authorisations have been granted under the legal regime applicable until the date the law comes into force” states the government signalling the termination of the regime that has raised €7Bn and was instrumental in Portugal’s property market recovery after the Great Recession in Portugal from 2007-2014.
At the same time, the end of the Golden Visas was approved in parliament on Friday, the ‘More Housing’ package law which has also been passed by the PS majority in parliament, was made public in the government circular Diário da República on Friday.
The law now published means that the Housing Ministry has 90 days to publish the regulations and terms of conditions governing the €250 million credit line and the interest terms for construction or refurbishment of homes for affordable rents, including the acquisition of properties to this end.