Portugal Adapts Golden Visa Scheme to Build Accommodation for Migrants

 The Cabinet Affairs minister said that Portugal is planning to adapt the country’s golden visa scheme so that wealthy foreigners who are seeking residency rights can invest in affordable housing for the locals or accommodation for the migrants.

Antonio Leitao Amaro stated that the scheme called ‘solidarity visa’ will work alongside the existing programme, which offered the non-European people who invest in Portugal the right to live in the country since 2012.

Since its launch, the Golden Visa scheme has gained 7.3 billion euros of funds. But according to the critics, the scheme has led to a housing crisis and has also experienced various changes in recent years.

Brief introduction to the Portugal golden visa

The Portugal Golden Visa Scheme is also known as a residence permit for investment activity. This scheme allows non-European people to become residents of the country by investing money.

The main objective of this scheme was to gain international capital for the country. This scheme is a huge success. Portugal is a beautiful country with a dreamy landscape.

Soothing weather, mouthwatering cuisine, and hospitable people. It provides a high quality of life at an affordable cost; all these factors make Portugal a perfect destination for international investors to invest in the country to get the right to work, live, and study in Portugal.

Surge in migration and deepening housing crisis

The housing crisis refers to a situation when there are no affordable homes for everyone to live in, especially those who are in need. This means that people have to struggle to find affordable places to live in. Portugal is also experiencing a housing crisis. The availability for citizens of affordable housing has been reduced drastically. Many people are unable to find secure housing and are forced to live either on streets or in crowded rooms with high rents. In 2023, the number of migrants increased by 33%. The increase in the number of migrants has made the housing crisis of the country worse.

Portugal tightens migration policy

Luis Montenegro’s government is now planning to address the issue of the housing crisis and migration by framing strict migration policies and enhancing the Golden Visa Scheme for providing better living conditions. The existing system in Portugal allows visitors who have visited the country with tourist visas to find employment and also apply for a residence permit. Now the government is planning to set new rules requiring foreigners seeking jobs in the country to now apply for a work visa before arriving in the country. Also, the government aims to increase border control.

Portugal adapts the golden visa scheme to address the housing crisis for citizens and migrants.

Portugal implemented the Golden Visa Scheme in 2012, which allowed people outside the EU to obtain the residence visa by investing in the country. This initiative of the country generated almost 7.3 billion euros but at the same time led to a housing crisis, which has affected both the residents and the migrants. Now the government is taking various steps to manage the Golden Visa Scheme-induced housing crisis. The government is modifying the scheme and has released the innovative ‘solidarity visa’. The objective is to increase the availability of residential buildings both for residents and migrants, thus alleviating the housing crisis.