Portugal is considering abandoning golden visa scheme

Portugal is considering abandoning the golden visa scheme aimed at attracting wealthy investors, Prime Minister Antonio Costa noted, according to the news agency Lusa.

Under the scheme, launched in 2012, non-EU investors can obtain a residence permit in Portugal if they invest more than 280,000 euros in real estate or at least 250,000 euros in art. This is a popular scheme among investors from countries such as the U.S., China and Australia, who with residency get access to EU visas and can buy income houses and apartments.

Portugal has already temporarily suspended the scheme for Russians after the war in Ukraine.

Lisbon also came under heavy criticism when it emerged that Russian businessman Roman Abramovich obtained Portuguese citizenship last year by claiming to be a descendant of Sephardic Jews. The rabbi who helped the billionaire obtain Portuguese citizenship is under investigation.

Portugal does not grant citizenship for investment, but once a person receives a residence permit, he is free to travel within the EU if he spends at least seven days a year in the country.

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