Last Chance to Apply for Portugal's Golden Visa Program
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New measures to tackle the housing crisis have been announced by the government on Thursday, including the announcement that Portugal will end the controversial Golden Visa scheme. In a month, these measures will be sent to parliament and do not yet have an official start date.
New Golden Visas will not be given out. However, those that already have one might be eligible for renewal. Prime Minister Antonio Costa said that “there will only be space for renewal if it’s a primary and permanent hope of the owner or if the property is put up for rental long term.”
It was also announced that Portugal will ban new licenses for short-term holiday rentals and Airbnbs. This measure is true for the whole country, except for rural holiday rentals in municipalities in the interior of Portugal. Current holiday rental licenses will be “subject to reevaluation in 2030” and then every five years.
New rents that were in the rental market for five years prior cannot surpass a 2% rent increase for 2024 in comparison to the year before.
Landlords will receive a decrease in income tax on their rental income. At the moment, landlords can choose to encompass their rental income with other personal income or choose to be taxed 28% on their rental income. This tax will be lowered to 25%.
Landlords that rent out their properties long-term will be offered tax benefits on their yearly income tax payments.
These measures come as Portugal’s rent and house prices have skyrocketed. In Lisbon, rent prices increased by 37% in the last year to 18,3 €/m2. More than half of workers in Portugal make less than €1,000 a month.