1 in 1 people wait to cross a street on February 17, 2023 in Lisbon, Portugal. — Photo: Patricia de Melo Moreira/ AFP People wait to cross a street on February 17, 2023 in Lisbon, Portugal. — Photo: Patricia by Melo Moreira/ AFP
From now on, finding Airbnb accommodation in Portugal will become more difficult, and buying a property to guarantee a visa in the country will become impossible.
On Thursday (16th), Portuguese Prime Minister António Costa announced that his Government will no longer offer the socalled “golden visa”. or “Golden Visas”, permanent residence permits for any foreigner who has bought a property worth at least 350,000 euros (about R$1.9 million) or has set up a company with at least 10 local employees.
The government will also reduce Airbnb listings.
Just over a decade ago, the countries of southern Europe experienced one of the region’s most severe financial and economic crises of the century. The bursting of the housing bubble in 2008, which followed the failure of US banks such as Lehman Brothers, caused stock markets to collapse worldwide, hitting countries such as Portugal, Spain and Greece in particular.
The governments of these countries had invested heavily in real estate growth in recent years and had to ask for international help.
To mitigate the impact of this crisis and try to take advantage of thousands of newly built and vacant properties, the Portuguese government has created a “golden visa”. The reaction at a time when the euro was depreciating in the Latin American and Asian economies was almost immediate. Chinese and Brazilian
“Only when it is the permanent residence of the owner or descendants, or when the property will be placed on the rental market for a long time, is there room for renovation.”