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Golden Visa: Portugal announces cut off date for awarding visa

07:33 PM | 15 Mar, 2023
Golden Visa: Portugal announces cut off date for awarding visa
Source: Image by Norbert from Pixabay

LISBON - The authorities in Portugal have announced that applications for its much sought after Golden Visa scheme made after February 16 will be frozen.

The deadline sent a thunderbolt through the investment world as wealthy foreigners used the Golden Visa scheme as a quick route to settle in the country. 

Commenting on the suspension of the visa scheme, Portuguese Association of Residental Tourism and Resorts (APR) said that the move could could lead to the suspension of investments of over €600 million.

Although rumours swirled around regarding the visa scheme but Ministry of Housing of Portugal also confirmed that requests after February 16 would not be considered valid.

Portugal’s Golden Visa scheme, also branded as Residence Permit for Investment (ARI), allowed wealthy foreigners to secure residency in the country if they made a significant financial contribution; however, when it opened the doors to unlawful affairs, authorities decided to scrap the scheme altogether. 

Portugal becomes second country after Ireland to do away with the Golden Visa scheme despite the fact that Portugal saw a total of 41.9 per cent increase in investments through this programme last year.

The Golden Visa scheme attracted 6.8 billion euros in investment since its launch in 2012 but the domestic market seems to have changed the minds of decision makers.

Some say that the scheme was ended due to surge in the prices of real estate and housing rents which made it difficult for locals to secure any place. Portugal is now envisioning a mechanism to regulate rent increases and will offer tax incentives to landlords who convert tourism properties into houses for locals to rent.

Meanwhile, authorities in EU countries have repeatedly pressed all European countries that offer Golden Visas to suspend the programme.

Daily Pakistan Global Web Desk

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PKR exchange rate to US Dollar, Euro, Pound, Dirham, and Riyal - 22 April 2024

Pakistani currency remains largely same against US Dollar and other currencies on April 22, 2024 Monday.

USD to PKR rate today

US dollar was being quoted at 277.5 for buying and 280.5 for selling.

Euro stands at 293 for buying and 296 for selling while British Pound hovers at 342.25 for buying, and 345.65 for selling.

UAE Dirham AED was at 75.20 and Saudi Riyal's new rate was at 73.30. 

Today’s currency exchange rates in Pakistan - 22 April 2024

Currency Symbol Buying Selling
US Dollar USD 277.5 280.5
Euro EUR 293 296
UK Pound Sterling GBP 342.5 346
U.A.E Dirham AED 75.2 75.9
Saudi Riyal SAR 73.3 74.05
Australian Dollar AUD 181 182.8
Bahrain Dinar BHD 740.55 748.55
Canadian Dollar CAD 201 203
China Yuan CNY 38.47 38.87
Danish Krone DKK 39.78 40.18
Hong Kong Dollar HKD 35.53 35.88
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.86 1.94
Kuwaiti Dinar KWD 903.11 912.11
Malaysian Ringgit MYR 58.08 58.68
New Zealand Dollar NZD 164.22 166.22
Norwegians Krone NOK 25.61 25.91
Omani Riyal OMR 723.2 731.2
Qatari Riyal QAR 76.45 77.15
Singapore Dollar SGD 204.5 206.5
Swedish Korona SEK 25.31 25.61
Swiss Franc CHF 305.47 307.97
Thai Bhat THB 7.56 7.71

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