The President of the Autonomous Region of Madeira, Miguel Albuquerque, has expressed strong opposition to recent changes introduced by Prime Minister Antonio Costa to Portugal’s Golden Visa scheme. These changes have been deemed “counterproductive” by Albuquerque, who contests the new rules imposed by Costa. Particularly, he believes that the changes unfairly blame Local Accommodation for housing problems and undermine investors’ confidence in the program.
Albuquerque’s stance means that Madeira will not adopt the measures proposed by the Portuguese government under the “More Housing” project, which aims to address the housing crisis. He argues that the termination of the Residency by Investment Scheme, also known as the Golden Visa, is primarily meant to curb real estate speculation in Lisbon and Porto. According to Albuquerque, extending these measures to Madeira makes little sense and could adversely affect the local economy.