Golden visas were set up in Portugal about a decade ago
Government held a cabinet meeting on Thursday about housing
Portugal will end its so-called golden visa program for new foreign property buyers as it tries to address the lack of affordable housing in one of Western Europe’s poorest economies.
To fight real estate speculation, Portugal will “eliminate the issuance of new golden visas,” Prime Minister Antonio Costa said at a press conference in Lisbon on Thursday following a cabinet meeting. Foreign real estate buyers who wish to renew their existing golden visas will only be eligible if their properties are used as their own home, or if these units are placed in the long-term rental market, he said.