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The cancellation of the Golden Visa program is a shock to the country’s real estate market.

The Golden Visa program, launched in 2012, allows anyone outside the EU to obtain a residence permit after making significant investments in Portugal.Under this scheme, investors can obtain residence or citizenship by investing in real estate, business and job creation. Obtaining a residence permit through the purchase of real estate was particularly popular.

The decision to end the program was made after several years of criticism. The program, which mainly benefited rich foreign investors, led to an increase in real estate prices, especially in popular cities such as Lisbon and Porto.

In announcing the decision, Portuguese Prime Minister Miguel Costa stressed that the government was committed to putting the interests of the Portuguese people first and addressing public concerns about the Golden Visa program. The suspension of the program is effective immediately and remaining applications will be considered on a case-by-case basis.

The move has drawn mixed reactions. Some argue that the program has played an important role in attracting foreign investment, stimulating growth in the real estate sector and creating jobs. Others argue that ending the program could have a negative impact on the Portuguese economy.

However, it is worth noting that the program has led to price distortions in the housing market, making it increasingly difficult for locals, especially young people, to find affordable housing. Another concern of the Government is the potential for money laundering and tax evasion, which is a threat to national security.

The abolition of the golden visa scheme is not a spontaneous act, as Portugal is under increasing pressure from the EU to reform or abolish the program. Other EU countries, such as Malta and Cyprus, have already seen their citizenship-for-investment schemes overhauled, resulting in tighter rules and increased transparency.

It remains to be seen how the abolition of the golden visa will affect the Portuguese real estate market and the economy as a whole. There may be difficulties in the short term, but eventually the market will adapt, leading to more sustainable growth and more affordable housing for locals. The Portuguese government has said it intends to introduce alternative measures to attract foreign investment and stimulate economic growth, while avoiding the potential drawbacks associated with the golden visa program. Details of the new measures have not been disclosed, but officials emphasize that they will ensure a fair and transparent investment climate.

As Portugal says goodbye to the Golden Visa program, it is at a critical juncture in balancing economic opportunity with protecting the interests of its citizens. The coming months will show the real consequences of this bold decision and determine the future of foreign investment in the country.

The attractiveness of Portugal is growing: almost 800,000 foreigners have chosen the country as their home. All this shows the hospitable atmosphere of Portugal, economic opportunities and high quality of life.

The number of foreigners living in Portugal reached an all-time high of around 797,000 in the latest annual report, according to data from the Immigration and Border Guard Service (SEF). Compared to previous years, the statistics reflect a growing migration trend in the country.

The most attractive factors contributing to Portugal’s attractiveness are its stable political climate, affordable cost of living and vibrant cultural life. The country’s favorable tax regime, coupled with the (recently abolished) Golden Visa program, has also played a significant role in attracting foreigners.

Portugal is a cosmopolitan country, people from different countries choose to settle in different regions of the country. Most foreign residents come from European Union member states, as well as from Brazil, Cape Verde, Angola, Ukraine and China.

The Portuguese government has recognized the value that foreigners bring to the country, both economically and culturally. Foreign residents have made significant contributions to sectors such as tourism, technology, healthcare, and education, contributing to the country’s economic growth and innovation.

The influx of foreign residents has also had a positive impact on the Portuguese real estate market, leading to increased investment in construction and real estate. Regions such as Lisbon, Porto and the Algarve are seeing significant growth in the residential sector, with new developments and renovations catering to both local and international buyers.

And while all this has brought Portugal many advantages, it is also worth noting the problems. The burden on public services, the problems with expanding infrastructure, the burden on the healthcare system is what the government of the country is facing.

However, the government aims to create an inclusive society that values the contributions of both native Portuguese and foreign residents, encouraging harmonious coexistence.

As the number of foreigners living in Portugal continues to grow, the country’s reputation as a welcoming and attractive destination is expected to further strengthen. The government’s commitment to inclusion and the general well-being of all residents will be critical to ensure a prosperous and inclusive future for both local residents and those who have chosen Portugal as their second home.

Portugal was ranked 7th in the Global Peace Index (GPI), making it one of the most peaceful countries in the world. The ranking highlights Portugal’s commitment to social harmony, stability and the well-being of its citizens.

The Global Peace Index, compiled annually by the Institute for Economics and Peace (IEP), ranks countries based on a range of indicators such as levels of violence, crime, political instability, militarization, and social security. Portugal’s high safety record has contributed to its impressive rating.

Portugal, a country that is popular with expats and tourists, has long been a place to return to. The GPI rating strengthens the country’s reputation as a safe and welcoming haven for residents and visitors, where peaceful coexistence is a fundamental value.

The Government of Portugal actively contributes to this by implementing numerous initiatives to ensure the well-being of its citizens and maintain peace in society. Investments in education, health care, social welfare and public safety have played a paramount role in enhancing the sense of security and overall satisfaction of the population.

We should also note the low crime rate. The country has one of the lowest homicide rates in Europe and violent crime is relatively rare. The presence of the police is visible but unobtrusive, helping to maintain public order and security while respecting the rights and freedoms of the individual.

Political stability also played an important role in the peaceful environment in Portugal. The country has a long democratic tradition and has experienced a period of political stability that has fostered social cohesion and a sense of trust in institutions.

Portugal’s peaceful reputation extends beyond its borders, attracting investors, international organizations and individuals looking for a peaceful and safe environment. The rating serves as an important confirmation of a country’s commitment to peace, which in turn enhances its international standing and attractiveness.

The Portuguese government has announced its decision to phase out the Immigration and Border Protection (SEF) by October this year. What to expect next?

The SEF, Portugal’s immigration, border control and asylum agency, has come under fire in recent years over concerns raised about its effectiveness, transparency and alleged misconduct by its officials. Therefore, the government was soon forced to phase out the SEF in order to address these issues and create a more modern, flexible and accountable immigration system.

The liquidation process will include the transfer of responsibility of the SEF to other relevant organizations. Border control and security functions will be transferred to the National Republican Guard (GNR), while tasks related to immigration will be entrusted to the Foreigners and Border Guards Service (SEF) and the Portuguese Immigration and Foreigners Service (SEFIR). It is expected that the division of responsibilities will make the management of immigration matters more efficient.

The government’s decision to dissolve the SEF was met with controversy. Proponents argue that the move represents a much-needed overhaul of the country’s immigration system for greater efficiency and accountability. And through restructuring, will lead to a more transparent and flexible approach that addresses the shortcomings identified in the previous system.

However, some have raised concerns about potential disruptions to the transition and the need for comprehensive planning to ensure a smooth transition.

The Government, on the other hand, reaffirmed its commitment to responsible transition management and maintaining the necessary experience in the relevant organizations. Comprehensive training programs and knowledge transfer initiatives will be implemented to minimize any potential knowledge gaps and ensure service continuity.

The phasing out of the SEF also provides an opportunity to strengthen cooperation and information sharing with international partners, especially in the European Union. Portugal aims to bring its immigration system in line with best practices and ensure smooth cooperation in areas such as border control, asylum procedures and the management of migration flows.

As October approaches, the Portuguese government will work closely with the SEF, GNR, SEFIR and other stakeholders to ensure a smooth transition. Efforts will be made to minimize any potential disruption to ongoing immigration processes, as well as to address the concerns of SEF staff affected by the restructuring.

The phased dissolution of the SEF is a huge step towards a more streamlined and efficient immigration system in Portugal. Increased transparency, accountability and coordination within the immigration system will create a fair and efficient system that addresses the growing challenges of migration and border control in the 21st century.