Hi all, a quick update here since the government released final wording of their proposal. The retro-active measures are out. Pending applications and future renewals will be converted into the D2 program but the stay requirement of 7 days will remain as per the original GV program .The Portuguese authorities are still accepting applications, and they will continue to do so until the law comes into force. Applications that have been entered into the system are protected by the law. However, time is running out, as the application process takes weeks and it is not clear whether there will be a transition period. The new law may come into force as soon as the end of June.
The problem is that the people pushed to the outside areas are often Portuguese. There is a lot of deep anger brewing that I wasn't aware of - not just about prices, housing, or large developments that block public access to the sea, but also the erosion of the language, where business names and menus are solely in english and essentially no-go zones for the natives. It's an entire economy that excludes the local population - foreign developers, foreign buyers, foreign owned businesses, all catering to each other in these micro economic bubbles. The average portuguese get very little for it after the initial land/house is bought. Anyway, I was told by a few that politicians better react fast if they want to keep their jobs. I'm portuguese and had to 'pay' to live near the coast - most of my neighbours and the real estate companies that cater to them are not Portuguese - these places where bought cheap, 'refurbished' and the natives who can't afford it pushed out. This issue is not isolated to Portugal but the effects are very real on the ground.
@@AlgarveAddicts their comment was uninformed at the very least. To reply to @lamalemon's comment directly - the typical Portuguese is just poorer, with less access to capital and limited financial literacy. Throw in favourable tax rates for foreign owned businesses compared to the normal national rate for citizens, and the scales are tipped against them further. The initial infusion of revenue felt good but the negative ground conditions created by these policies are now being felt by the average citizen and need to be acknowledged. Drinking too much 'vinho' feels good the night before, but you then wake up with a hangover. Btw, I personally want Portugal to be an inclusive and diverse community, I'm only giving voice to the rapid economic changes that have occurred in the past few years. I'm also not trying to assign blame - I share some of it - but do keep these issues in mind and burst out of the bubble if you are in one - everyone will be 'richer' as a result.
@@pedrocanuck9626 , e a nacionalidade portuguesa era dada/ vendida facilmente. E o país já é mais estrangeiro que português, muito triste. Para eles e para os promotores imobiliários é uma péssima notícia
Our salary is so low compared to yours (us Portuguese) you guys coming to Portugal just makes it harder for us to go out of our parents house. Why? Because you make the price of houses sky rocket, and makes it impossible for the average Portuguese to get some independence, everything gone up, and the salary stays basically the same. i’m 22year old, studying and working in Lisbon and my salary can’t even pay my study’s. I’m sorry if I sound hostile but this is a big problem for us Portuguese
It was a big problem for me when I was young in South Africa too. I couldn't own a house or move in anywhere else unless I shared with a few friends. At one stage in London we lived in a three bedroomed house with 18 people because we couldn't afford it on the daily wage I was making. That's not just life in Portugal, it's life all over the world. It's tough when we're young but hard work and positive thinking goes a long way. Good luck Tiago.
Thank God the Golden Visa has ended now. SEF says no new visas are being processed unless they are for charitable or cultural investments such as cash gifts. The Golden Visas already issued will only be renewed if the owners live in their residences full-time or rent then on long term rental contracts to locals. Soon many will give up. High time... rejoice that the government is finally paying attention to the mood in the country. Otherwise increased risk of... MUTINY. (The French know how to do mutiny well... the portuguese are taking notes...)
So many ways to move to Portugal. We are moving 3/31/2023 to Porto and starting in an Apartment. No GV for us to start. Will be looking for a house late 2023 or early 2024. Hoping the local Portuguese people benefit somehow through all of these changes. JP
Besides the EU, the people upset with the Golden Visa seem to be reacting to misinformation. Anyway, I was a bit interested in it for the future, but not immediately. I don’t say this lightly, but the price of the GV is the price of one of the small condos in my building. I liked the flexibility it would give me, in the amount of time I had to spend in Portugal. Also, to have an interesting investment opportunity that made sense. Portugal is an old country with, new country growing pains. The centers of all desirable capitals are expensive. And, there should be housing available at all levels, nearby. If not, there will be no one to work in customer service, and the community will not be in harmony.
I think the house prices in the Algarve are so expensive because of the AL accommodation. If they would limit AL accommodation to resort style apartments, those with a reception and facilities, this would solve the housing crisis.
So property values will skyrocket during the next year if they extend the golden visa only until January 2024. There may be a rush! I’m curious to know what has happened when they limited the area in which you could buy a property to qualify for the golden visa.. have you checked the real estate stats to know if it really had any effect on golden visa applicants buying in the interior instead . The purchase price required is also less in the interior? The changes needed are for the rental propery , gov. Needs to give property owners incentives to rent out their properties long term, i,e, one year. I know there’s changes here also in the works, I guess we’ll have to just stay Tuned ! we are two years away from being able to possibly retire to Portugal.
Unfortunately as of now long term rentals without an "AL" (local accommodation or short term rental) license are charged a tax rate of 28%, making long term rentals with a contract less profitable for landlords. If you have an AL license it's 10% tax. Now that they're stopping the AL (or limiting it severely) let's see how they can promote the long term rental market.
The Golden Visa ending does NOT appear to be a negative thing for those who are interested moving to Portugal. It feels like an "ELITE" type of VISA which Portugal does NOT need it now with so many are aware of its attractive way of life. I was pondering to move to PORTUGAL for years at least since 2008. I am interested in TOMAR as it is the birth place for the REAL Christ in his current incarnation. He was born in the Templar building in TOMAR. The way you introduce a place is so effective, save me a lot of time. the virtual travel, and the point of interest is right on point. Who wants to watch all those vids that people film themselves going to the tourists spots over and over again by different people. I like to know where do they get grocery with some of the background and how to get around there from different spot. Keep up the good work, one of a kind.
EVORA is also an interesting place as I am aware of there has been attempt to eliminate "angelic" race resides there in the past. There was web like thingy which is harmful for those beings.
@@AlgarveAddicts that’s not a bad idea. I haven’t seen all your other videos. I guess it’s implied with the tag on the video saying “includes paid promotion” but usually with those tags we see people “switch” topic to the paying sponsor (eg with a product plug). Just makes it more clear to peeps like me. Otherwise love your video and delivery.
It’s so funny I was watching your video my son walks in and says oh you listening to Richard E Grant and I said no then he brings him up and lol you sound just like him hahaha
Hi, yes you can and many do. The Portuguese program is unique in the sense that it requires you to only stay 2 weeks every 2 years. Depending on the date for phasing out the program to be communicated on what is now set for March 30, we advise to start the KYC and opening of a bank account sooner. (the cost for KYC check is now refundable) Most of the delay is caused by the opening of a bank account which can take up to one month now. Happy to link you to a lawyer who can comment further. Anthony
The D7 visas are also under review... Portugal has enough EU citizens wanting to move here under the FREE MOVEMENT rights, we don't need non-EU. Also EU citizens are more willing to integrate into portuguese life and contribute by paying taxes.
@@AlgarveAddicts The government has given several presentations and press conferences lately, hosted by the Prime Minister Antonio Costa, together with the Housing Minister and the Finance Minister. There's a public consultation & debate going on right now. The main problems in need of urgent solutions are the lack of affordable housing for the portuguese population, the increase in housing prices both for portuguese buyers & renters due to the huge influx of foreigners. New laws will be voted as soon as the public debate ends. The Prime Minister mentioned that the Golden Visa & D7 programmes have brought few advantages... and a lot of disadvantages to the country. That's good that they recognize the problem. Some investors were buying several small flats that would otherwise be available for young portuguese workers, and put them on AirBnB. Change is on the way... the government needs to sort this out before social unrest spreads.
