CURRENT AFFAIRS
CURRENT AFFAIRS
Description
Portugal plans to revamp its "golden visa" system by introducing a new "solidarity visa." This is a flexible strategy to channel foreign investment into areas that benefit society, such as providing inexpensive housing for residents and a place for migrants to stay. The Minister of Cabinet Affairs adds that these adjustments are intended to strengthen the current program, which has brought more than €7.3 billion into the country since its inception in 2012.
About Golden Visa Scheme
The golden visa program was designed to encourage people from outside the EU to invest in Portugal by granting them the right to dwell there. Buying real estate, putting money into specific funds, and contributing to cultural or research programs that create jobs in the area have all been traditional methods to invest. However, subsequent complaints about how the strategy affected the housing market resulted in significant revisions, most notably making it more difficult to purchase properties.
About Solidarity Visa
The new idea for a solidarity visa aims to help solve social problems by creating two new economic opportunities. The first encourages investment in initiatives that provide affordable housing for local residents. The second stream focuses on providing accommodation for migrants or funding projects that assist them integrate into Portuguese society. In a country where the number of migrants has increased dramatically, this action is intended to benefit the underprivileged and assist them assimilate into society.
Investment Requirements And Impact
For the regular golden visa, you must spend between €250,000 and €500,000. The specific investment conditions for the solidarity visa are still being discussed. The government believes that the cost of obtaining a solidarity visa may be cheaper than that of alternative options. This would increase its appeal to potential investors. The purpose of this pricing strategy is to encourage investors to focus on companies that provide more good for society.
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