The introduction of the Golden Visa programme “put Portugal in the market for investment” and paved the way to the transformation of its cities.
The comments were made during a panel discussion at the five-date inaugural Portugal Investment Forum – a nationwide debate on how to further grow the nation’s economy.
Speaking at the event in Lagos, Duarte Ornelas Monteiro, a lawyer at RFF, one of the country’s oldest and best-established law firms, said it was too easy to overlook the profound impact it has had on the country.
“Back some 15 years ago,” he explained, “downtown Lisbon was basically crashed. It was essentially investment through the Golden Visa programme that created what it is today.
“The Golden Visa had that purpose. It put Portugal in the market for investment.”
Initially, the Golden Visa could be accessed by investing €500,000 in real estate. That option was withdrawn in 2023 amid concerns it was having a negative impact on the local housing market.
However, there is speculation that new upcoming conditions being considered by the Portugal government could help address the shortage in affordable housing.
Meanwhile, the broader economic impact of the residency-by-investment scheme was echoed by Gerry Fagan, chairman of DDM, an Algarve-based property developer.
He added: “The Golden Visa is probably the most underestimated programme in terms of what it achieved for the whole of Portugal.”
The government says the Golden Visa has generated €9 billion of direct investment since its launch in 2012.
Adds Fagan: “That's not a fraction of the benefits that Portugal has had from it.
“People came and they liked what they saw in Portugal.
“Affordable housing is absolutely needed because if you want to maintain the services for your golf courses, the services for your restaurants, for all of the technical people that we need to run our businesses and so on, they have to have housing.”
The panel was hosted by Paul Stannard, founder and chairman of event organisers Portugal Pathways and the Portugal Investment Owners Club.
About Portugal Pathways
Portugal Pathways has supported hundreds of Golden Visa residency-by-investment applications and provides expert guidance through its professional supply chain network on estate planning, wealth management, Golden Visa and tax optimisation, including post-NHR / IFICI tax regime planning, as well as private healthcare, money transfers and bespoke relocation and luxury real estate solutions to enhance life and investment in Portugal
Disclaimer:
The views expressed on this page are those of the author and not of The Portugal News.