Portugal ends "golden visas" to lower real estate prices

The Portuguese government announced on Thursday the end of "golden visas," which granted residency to those who purchased high-end properties in the country, Xinhua reports.

The measure aims to combat real estate speculation and lower market prices, said Prime Minister Antonio Costa in a statement.

The Portuguese head of government also said that the "golden visas" already granted will only be renewed if "they are used for the owner's own and permanent housing and his descendant, or if the property is placed on the rental market for a long time."

The prime minister justified the decision by stating that "of the approximately 11,000 gold visas granted so far, more than 9,000 were solely and exclusively dedicated to real estate investments."

In addition to this measure, other decisions were announced to lower property prices in Portugal, including lowering taxes, simplifying housing permits, and limiting rent increases.

According to the project presented, the government's strategy foresees "intervening to increase the supply of properties that can be used for housing purposes," and ensuring that more houses are available on the market.