Portugal is likely to scrap its "golden visa" program that gives wealthy foreigners residence rights, Prime Minister Antonio Costa said on Wednesday, noting that the 10-year-old scheme had already fulfilled its role.
The golden visa is one of the visa schemes being re-evaluated by the government, Costa said at Web Summit, Europe's largest technology conference underway in Lisbon, Euronews reported.
"We are evaluating whether the program makes sense," he told reporters, adding, "[It] has probably already fulfilled its function, and there is no justification for maintaining it."
He gave no further information on when a final decision on the Golden Visa will be made.
Known as "Golden Visa," the Authorization of Residence for Investment Activity for people from non-EU countries have been heavily criticized at home for driving up real estate prices and rents.
The European Commission, the executive of the European Union, has called for the end of such national schemes, calling it a security risk.
In February, just before Russia invaded Ukraine, Britain scrapped golden visas for wealthy investors out of concern over the inflow of illicit Russian money.
The Portuguese government has granted 11,180 residence permits to wealthy foreigners in return for investments worth around €6.5 billion over the past ten years. Around 92% of the money - mainly from China, Brazil, and South Africa - went into real estate.
According to the Portuguese prime minister, the government plans to attract foreign professionals to the country through the new digital nomad visa.
Portugal wants to be an "open country where everyone is welcome and can develop their life projects", he added.
Applications for Portugal's digital nomad visa started on October 30. It allows successful applicants to live in and work from the country for up to 12 months.
Applicants who meet the following requirements are eligible to apply for the visa:
- Are from a country outside the EU or EEA
- Are self-employed or employed by a company based outside Portugal
- Earn at least four times the Portuguese minimum wage a month (around €2,800)
You can read more about Portugal's new visa scheme aimed at digital nomads here.
