Portugal’s Association of Residential Tourism and Resorts has urged the government to reconsider the decision to end the golden visa programme, claiming it has ‘removed the possibility of investing in urban centres.’

A representative of the Association, Pedro Fontainhas, said these units have a positive effect on lowering demand for temporary housing. “In 2022, the year in which it was already impossible to invest in ARI [Residence Permits for Investment activities, or golden visas] for housing in urban centres, €534 million of investment, that is, a potential of more than €3 billion over five years,” he said.

He went on to add that the measure impacts Portugal’s diversity, stating the country is not just about Lisbon and Porto, and all regions are being equally punished, adding that certain regions are heavily reliant on tourism.

As Fontainhas stated, the Association of Residential Tourism and Resorts is currently working on a draft to be submitted, including looking into the advantages and disadvantages of the measure and reviewing the minimum allocation value of residence permits for investment activities, Schengen Visa Info reports. 

Fontainhas has urged the government to drop the use of the ‘golden visa’ term, claiming it has become ‘toxic.’

Furthermore, the autonomous region of Madeira wants to keep the golden visa programme, as the decision to scrap it has a negative effect on the region’s economy, the president stated.

“It is bad for the national economy. Nothing justifies Madeira being covered by this set of measures that are fundamentally aimed at Lisbon and Porto,” the President of the Government of Madeira, Miguel Albuquerque, said.

Americans have filed the highest number of applications for ARI, followed by those from China and Russia, according to data from Henley and Partners. They agreed to invest a minimum €250,000 in Portugal, granting them a visa and free travel to the country and Schengen Area.

Since the golden visa scheme was unveiled in 2012, more than €6 billion has been invested, according to the Portuguese Service for Foreigners (SEF).