Portugal ends 'Golden Visa' scheme to tackle housing crisis

MADRID (Spain): In a step to tackle its housing crisis, Portugal's government has ended its "Golden Visa" programme, which for over a decade allowed foreigners who bought property or made investments to obtain residency permits.

The left-wing government is also taking measures to address a public outcry against rising property prices, including not issuing new permits for apartments rented out to tourists, except in rural areas.

Prime Minister Antonio Costa said they will continue their fight against speculation in the real estate sector, reported Anadolu Agency.

Portugal is the second European Union (EU) country to end the programme, after Ireland.

Since October 2012, the programme has generated revenue of 6.75 billion euro (US$7.22 billion), and over 11,535 non-EU citizens and their nearly 20,000 family members obtained the visa.

China had the most beneficiaries (over 5,000), while over 530 people from Turkiye benefitted from the scheme.

-- BERNAMA