Portugal is considering enhancing its Golden Visa program and making its special tax regime for expatriates more appealing, just two months after Spain discontinued its similar program due to housing market concerns. Minister of the Presidency Antonio Leitao Amaro highlighted the government's focus on boosting foreign investment and attracting global talent to Portugal's economy.
While specifics remain under wraps, the initiative aims to solidify Portugal's reputation as a prime investment destination. The country's Golden Visa program, one of Europe's most sought-after, offers non-Europeans a quick residency route through options like a minimum €500,000 investment in eligible funds. Additionally, new residents might benefit from a 20% flat tax on local income and a ten-year exemption on most foreign income.
Amaro emphasized the government's intention to streamline these programs for greater efficiency and fairness, contrasting with other European nations that have either terminated or tightened their Golden Visa schemes. Portugal's Golden Visa approvals surged by 72% last year, reaching a record 4,987, with Americans, Chinese, and Brazilians leading the application numbers.
The current administration, securing a second term recently, has no plans to abolish the Golden Visa, marking a shift from the previous government's stance which had removed real estate investments from eligibility criteria to curb housing market speculation. AIMA is currently addressing a backlog of 45,000 applications, with expectations to resolve the majority by year's end.
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