Portugal's Prime Minister, Antonio Costa, has officially announced the Portugal Golden Visa scheme will be permanently closing in the coming weeks. The exact end date of this popular Golden Visa scheme has not been announced, a statement made by the government on April 16 has confirmed that all applications submitted before the closing of the programme will be considered and processed. It is expected that the proposed bill will become law within 45 days (mid-June), on which date the Portugal Golden Visa programme will officially end and applications will no longer be accepted.

For the past 10 years, the much-praised Portugal Golden Visa has been offering residency permits and access to the EU's borderless travel zone in exchange for investment in Portugal. The Portugal Golden Visa programme specifically, is also one of the most efficient and easiest paths to a European passport which has bolstered its popularity above other available European Golden Visa programmes. Approximately 12,000 foreign investors have taken advantage of this scheme to date, effectively purchasing an entry ticket to the European Union for themselves and their families.

The Portugal Residency by Investment programme, also known as the Portugal Golden Visa scheme, allows foreigners to acquire residency in Portugal under various investment options. However, the most popular has been through purchase of a real estate property, provided they invest in properties worth at least €280,000 (approximately Dh1,130,000) which also meet out Golden Visa requirements. Many have seen this freehold ownership of a property in Portugal, a chance to buy a second home or an investment property which they may rent out for returns. In addition to ownership of a real estate property with prospects of high returns and capital gains, holders gain the right to live and work legally in Portugal. With a Portugal Golden Visa, individuals also obtain visa-free travel throughout Europe and the Schengen countries.

However, the most appealing part of the Portugal Golden Visa programme, is that with a minimum physical residency requirement of an average of seven days a year over the five-year duration of the Golden Visa, holders may apply for Portugal permanent residency and/or a European passport. Holding a European passport allows the individual to live and work freely in any European country, travel visa-free to over 180 countries worldwide, and obtain healthcare and social security.

Credit: Independent News Pakistan-INP