Despite Portugal's decision, Madeira wishes to maintain its Golden Visa programme

Despite the fact that Portugal formally ended its Golden Visa Program last week, the President of the Government of Madeira, Miguel Albuquerque, has stated that the autonomous territory of Madeira wishes to maintain this programme available to affluent international investors.

As part of its efforts to address the housing problem in Portugal, the country cancelled its well-known Residence by Investment Program, however this move is not seen as a model for Madeira.

The President of the Government of Madeira, Albuquerque, found it foolish to turn everything back at this moment, adding that such a choice also has a detrimental influence on the economy.

“It is bad for the national economy. Nothing justifies Madeira being covered by this set of measures that are fundamentally aimed at Lisbon and Porto,” the President of the Government of Madeira, Albuquerque, said.

He saw no good in the measures put in place from the standpoint of those who believe that the state should interfere in private property, tell entrepreneurs what to do, or condition the market, and he cited the Golden Visa programme in conjunction with the Socialist government, which he said had done nothing about housing in seven years.

According to Albuquerque, the real country is not Lisbon, and that the More Homes programme should listen to zones and towns and develop measures according on their needs.

He reiterated Madeira's desire to preserve the Golden Visa programme, saying it is beneficial to the expansion of high-income real estate.

To counterbalance the strain in this business, the Regional Government has advanced funds from the Recovery and Resilience Plan (PRR) for the development of affordable housing for the middle class and young couples, according to the President of the Government of Madeira.

The Golden Visa system, which allowed foreign citizens to obtain residency in Portugal in exchange for a financial commitment, was phased out last week as part of a package of measures aimed at addressing the housing problem.

Portugal is not the only European country that took such a move this year. The Irish government stated earlier this month that its Immigrant Investment Programme (IIP), which was identical to the Golden Visa scheme, had been discontinued.

Both countries' Residence by Investment schemes contributed greatly to their respective economies; nevertheless, various organisations, including the EU, have called on all European countries that run such schemes to end them following claims that they are linked to numerous illegal activities.

By fLEXI tEAM