PS Can't Put An End to the Golden Visa Programme

The Socialist Party (PS) rejected the Portuguese Communist Party (PCP) proposal to terminate the Residence Permit through Investment (ARI) programme despite the Prime Minister, António Costa having stated that the government is evaluating the possibility of abolishing the Golden Visa program because it seems to have “fulfilled its function”.

The PCP’s proposal to end Portugal’s Golden Visa was rejected in the State Budget 2023 with the votes against of PS, Social Democratic Party (PSD) and Chega; the abstention of Iniciativa Liberal and the votes in favour of the remaining parties. The Socialists, as well as the other parties, did not justify their vote because in the afternoon sessions there is no debate, only voting.

It is not the first time that the end of the Golden Visa has been voted down in the Portuguese Parliament, however this time it happened only a few weeks after the Prime Minister revealed that his government was reassessing the popular, yet controversial scheme. “There are programs that we are currently re-evaluating and one of them is the golden visa which has probably, already fulfilled its purpose and which, at this moment, we believe to be obsolete,” said the Prime Minister on 2^nd November without giving any further information or timetable for the mentioned reassessment.

The Golden Visa is a residency program through investment, in which holders can obtain a temporary residence permit without requiring a Visa to enter Portugal, the EU or the Schengen Area, enjoying free movement in 26 countries.

Portugal has risen notably in 2012, when the Portuguese Government launched Portugal´s Golden Visa and since then, it is Europe's most successful residency-by-investment programme targeted at non-EU citizens and investment through this captivating programme keeps rising as per the latest data released by the SEF – The Immigration and Border Service.