Azores and Madeira demand continuity of Golden Visas

The governments of the Autonomous Portuguese Regions Azores and Madeira defend the continuity of golden visas even if the Government’s proposal comes into force.

In the Autonomous Regions – Azores and Madeira – regional governments defend the continuity of golden visas, thus defending real estate investment in islands and consequently the attraction of foreign investment.

In statements to the Portuguese agency news Lusa, The President of the Regional Government of Madeira, Miguel Albuquerque, stated that “we want to keep the golden visas here in Madeira, we understand that it is good for the growth of high-income real estate”.

Remember that Madeira was chosen as one of the best places in the world for digital nomads, having even created a “digital village”, the Digital Nomad Village Madeira Islands (Digital Nomads: Madeira among the 8 best places in the world to work)

In the Autonomous Region of the Azores, José Manuel Bolieiro, President of the Government of Azores, quoted by the Lusa agency, considers that “the Regional Government is in favor of the continuity of the golden visas and any change in the sense of their cut must deal specifically with the Azores and Madeira”.

The Social Democratic Party (PSD) took to the Assembly of the Republic a recommendation to the Government to consider a “special regime” for granting Residence Permits for Investment, or Golden Visas, to the autonomous regions of Madeira and the Azores, but the proposal was rejected.

The” Mais Habitação” program, which contemplates the end of golden visas, was approved in general, in parliamentary headquarters by the deputies of the Socialist Party, on the 19th of May. The remaining parties voted against or abstained.

According to the Regional Secretariat for the Economy of Madeira, quoted by the Lusa agency, it is likely that in the last five years, investment in regional real estate (in the two autonomous regions) “could have reached 60 million euros.”

“If we need high-yield investors, why not keep going? By the way, it is necessary to remember that the golden visas do not only have to do with the issue of housing acquisition. They also have to do with a very important component, which is to bring scientific know-how and technological innovation to Madeira”, declared Miguel Albuquerque to the Lusa agency.

The Golden Visa Portugal Program was created in October 2012 with the aim of attracting foreign investment. In a decade, it moved about 7 billion euros and, until January of this year, 11,180 Residence Permits for Investment were issued (until December 2022), according to figures released by the Foreigners and Borders Service.

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