Portugal Golden Visa: Madeira Refuses to Comply, President Says Govt is Considering Alternative Proposals

The regional government of Madeira has announced its refusal to comply with the Portuguese government’s decision to phase out the Golden Visa program in the region. This program provides foreign investors with residency permits and eventual citizenship in exchange for investment in the Portuguese economy.

The decision was made by Miguel Albuquerque, the president of the Madeira Regional Government, who stated that the program has been vital to the region’s economic development and that it would be harmful to remove it. Albuquerque argued that the Golden Visa program has been responsible for attracting significant foreign investment to Madeira, particularly in the real estate and tourism sectors.

However, the Portuguese government announced in December 2020 that it would be phasing out the Golden Visa program by the end of 2021. The decision was made following criticism that the program was fueling real estate speculation and driving up housing prices, particularly in Lisbon and Porto.

Despite the government’s decision, the president of the Madeira Regional Government has stated that he will not comply with the phase-out of the program in the region. Instead, he has proposed alternative solutions that would allow the Golden Visa program to continue in Madeira while addressing concerns about housing prices.

The Portuguese government has yet to respond to these proposals, but President Marcelo Rebelo de Sousa has stated that the government is considering alternative solutions to the issue. He emphasized that the government is committed to finding a solution that balances the economic benefits of the program with the need to address concerns about housing prices.

The decision by the Madeira Regional Government to refuse to comply with the phase-out of the Golden Visa program highlights the complex issues at play in Portugal’s real estate market. While the program has been successful in attracting foreign investment to the country, it has also been criticized for driving up housing prices and exacerbating inequality.

As the Portuguese government considers alternative solutions, it will need to balance these competing interests and find a way to address the concerns of both investors and local residents. Ultimately, the fate of the Golden Visa program in Madeira and Portugal as a whole will depend on finding a solution that is economically viable and socially responsible.

Copyright ©2023 All rights reserved.