Portugal and Ireland End Their Golden Visas

Last week, two European Union member states ended their Residency by investment programs. A third might follow.

The first EU country to abolish its Golden Visa program in 2023 was Ireland on February 14. Portugal followed the lead just a day later on February 16, according to SchengenVisaInfo.com.

The leader of Mas Pais, a political party, presented a bill to Congress to end the Spanish Golden Visa through the purchase of real property. Spain could soon be the third country to have its Golden Visa revoked, although only partially.

Ireland claims it ended the program because of its "appropriateness" and "suitability of the programme for cultural, economic and social use", but the housing crisis is behind two other countries.

Simon Harris, the Minister of Justice in Ireland, announced the end to the Golden Visa in Ireland. He stated that the program was originally created to encourage investment in Ireland at a time of economic hardship.

Although he didn't give any specific reasons for the program's end, he said that a number of reports and conclusions by the EU Commission, Council of Europe, and Organisation for Economic Co-operation and Development about similar investment programs had been considered before deciding to eliminate Golden Visas.

He said, "However it is important to keep all programmes under consideration including any implications for larger public policy such as the continued appropriateness and suitability for this programme for cultural and social use."

The decision to terminate the Golden Visa Program was made in Portugal as part of a larger package of measures that were taken to address the housing crisis.

The Portuguese Council mentioned that it had decided to put an end to new Golden Visas, while allowing "the existing ones to be renewed, if they are real estate investments, only for own and permanent housing or if it is placed on the rental market for a long time."

However, the government clarified that it was aware that the program wasn't among the main causes of rising housing costs in Portugal. It claimed that the decision was made to stop real estate speculation.

According to Spain, Inigo Errejon (leader of the left-wing political party Mas Pais) has filed a bill to Congress. He wants to end the possibility of obtaining a Golden Visa by purchasing a property or other types in Spain.

Although the bill is not yet being discussed by Congress, it will be modified in Articles 63 and 64 of Law 14/2013. This will eliminate the need to purchase real estate to become a Spanish resident.

Source: schengenvisainfo.com