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Em outubro de 2012, o governo português introduziu o programa Golden Visa,
{{In October 2012, the Portuguese government introduced the Golden Visa program,}}
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de forma a aumentar o investimento estrangeiro no país.
{{in order to increase foreign investment in the country.}}
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Os chamados “vistos gold” seriam concedidos a cidadãos não pertencentes à União Europeia
{{The so-called “golden visas” would be granted to non-European Union citizens}}
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que investissem no país uma certa quantia definida por lei.
{{who invest in the country a certain amount defined by law.}}
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Esse investimento poderia ser realizado na ciência,
{{That investment could be made in science,}}
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nas artes e cultura, imobiliário ou na criação de empregos.
{{in the arts and culture, real estate, or in job creation.}}
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Em troca, os investidores receberiam uma autorização de residência
{{In return, investors would receive a residence permit}}
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e potencial cidadania portuguesa ao fim de 5 anos,
{{and potential Portuguese citizenship after 5 years,}}
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mas também benefícios fiscais e a possibilidade de livre circulação no espaço Schengen.
{{but also tax benefits and the possibility of free movement within the Schengen area.}}
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Inicialmente, e segundo o governo,
{{Initially, and according to the government,}}
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o programa gerou efeitos positivos na economia,
{{the program generated positive effects on the economy,}}
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com centenas de milhões de euros a serem investidos todos os meses,
{{with hundreds of millions of euros being invested every month,}}
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sobretudo por cidadãos chineses.
{{especially by Chinese citizens.}}
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Este investimento foi feito, na sua grande maioria, no mercado imobiliário.
{{The vast majority of this investment was made in the real estate market.}}
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O setor da construção foi o que mais beneficiou, com o turismo em segundo lugar.
{{The construction sector benefited the most, with tourism in second place.}}
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Este aparente sucesso teve no entanto efeitos nefastos no mercado imobiliário.
{{This apparent success has, however, had detrimental effects on the real estate market.}}
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Esta procura de imóveis, levou a um aumento dos preços das casas em Lisboa e no Porto,
{{This demand for real estate led to an increase in home prices in Lisbon and Porto,}}
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tornando mais difícil a vida para quem já lá vivia e viu a sua renda aumentar.
{{making life more difficult for those who already lived there and saw their rent increase.}}
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Também os jovens à procura de comprar a sua primeira casa viram a sua situação mais complicada.
{{Young people looking to buy their first home also found their situation more complicated.}}
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Desde o início que o programa foi alvo de críticas e não foi preciso esperar muito tempo
{{The program was criticized from the start and it didn’t take long}}
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até surgirem as primeiras suspeitas de corrupção e de lavagem de dinheiro.
{{before the first suspicions of corruption and money laundering arose.}}
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Houve até detenções de investidores e de membros do Estado,
{{There were even arrests of investors and members of the state,}}
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que acabaram com algumas condenações.
{{which ended with some convictions.}}
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O governo português introduziu reformas no programa ao longo dos anos,
{{The Portuguese government introduced reforms to the program over the years,}}
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a fim de encontrar um equilíbrio entre atrair investimento estrangeiro e enfrentar os desafios associados.
{{in order to find a balance between attracting foreign investment and addressing the associated challenges.}}
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Em 2023, o governo fez mudanças significativas no programa.
{{In 2023, the government made significant changes to the program.}}
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A principal alteração foi a exclusão dos investimentos em imóveis como opção para obter o visto.
{{The main change was the exclusion of investments in real estate as an option for obtaining the visa.}}
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A participação em fundos de capital de risco tornou-se, então,
{{Participation in venture capital funds then became}}
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na opção mais popular entre quem procura o visto português,
{{the most popular option among those seeking the Portuguese visa,}}
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com os anteriores investidores a não serem afetados por estas mudanças.
{{with previous investors not being affected by these changes.}}
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Comments
Hi, Can I download the pdf file of the script?
Olá! Of course. You only need to ask for permission if you’re planning on redistributing it. On the app, just under the name of the Shorty, you’ll see an arrow pointing down. You can tap on it and then download the PDF. On the browser, this icon is on the top right.
Thanks! It’s clear now. I like highlighting certain phrases on a physical copy – no plans of redistributing:)
One more thing – unless my memory is incorrect (which is certainly possible!- ha) residential real estate was already banned by mid 2022 in Lisboa, Porto , Algarve and other areas, not 2023. Just to be accurate. 🙂
While I disapprove of golden visa programs, I find it hard to believe that the program (which accounted for around 0.6% of all property purchases) drove up purchase and rental prices. Even without the program, there is still a lot of foreign investment in Portugal. I was also surprised to read that Portuguese buyers account for 72% of house purchases of 1 million euros or more. And then, of course, there is the impact of alojamento local on rental availability and prices. Succession inheritance laws also play a role in tying up real estate. I just think it’s so much more complex than this.
Olá! You’re right that there were other reasons (like tourism, the influx of digital nomads, bureaucracy, lack of public investment, and the ones you mentioned) that have had a significantly larger impact on housing availability and prices than GV investors (and continue to do so). We could have provided more context about the multiple factors contributing to housing challenges, but we also had to keep this short. When writing these types of Shorties, there’s always going to be information that’s going to be left out. I must also point out, however, that despite not being the main cause, the Golden Visa did have an impact on the housing prices as sellers adjusted their expectations for wealthy foreign buyers. Here’s an article about a Portuguese study (it’s in Portuguese).