Portugal is planning to adapt its golden visa program to enable affluent foreigners seeking residency rights to invest in affordable housing for locals or accommodation for migrants, according to Antonio Leitao Amaro, the cabinet affairs minister. Referred to as a solidarity visa, this new initiative will complement the existing program, which has granted non-EU nationals the right to reside in Portugal since 2012 in exchange for investment. The golden visa program has attracted over 7.3 billion euros ($7.94 billion) in funds since its inception. However, critics argue that it has exacerbated housing issues and has undergone multiple revisions in recent years. To obtain a visa, purchasing real estate, previously a favoured route for foreigners is no longer an option. Instead, they can invest in funds, contribute to cultural or research initiatives, or create jobs. We haven't altered the current scheme but have introduced these two forms of solidarity visa, Leitao Amaro stated in a telephone interview following the Portuguese government's announcement of its new plan, which includes tightening certain immigration regulations. One form will encourage foreigners seeking residency to invest in affordable homes for local purchase or rental, while the other will focus on constructing accommodation for migrants in need or funding integration projects. Portugal is home to approximately 800,000 migrants, nearly double the figure from a decade ago. Despite their significant economic contributions, migrants often face precarious employment and lower wages. Many struggle to secure housing, leading to homelessness or overcrowded living conditions, exacerbated by soaring rents and property prices, partly due to a tourism boom in cities like Lisbon and Porto. To qualify for the existing golden visa program, applicants must transfer between 250,000 to 500,000 euros, depending on their chosen investment. Leitao Amaro mentioned that the government has yet to determine the investment threshold for the new solidarity visa but stressed it would need to be lower than other options to incentivise investor participation. (Source: ET)