Portugal: Golden Visa Program to be Cancelled; Renewals May Still Be Possible

Despite the program's significant contribution to the economic sector, the government has confirmed that it will close the Golden Visa (though the government has not confirmed the official closure date). Applications pending as of the date of the official closure of the program may still be processed, and applications submitted after this date will likely be rejected (though it may be possible to renew existing Golden Visas under certain conditions, such as Golden Visas based on the purchase of real estate if the real estate is used by the permit holder as their own residence or it is placed on the market for long-term rental, however, the government has not yet confirmed details). This follows a trend of several golden visa program cancellations, including in Ireland and the United Kingdom. We will report on further closures of similar programs in other countries and related clarifications of the renewal process in Portugal, once details are confirmed.