COVID-19’s Impact on Portugal’s Travel and Golden Visa Program
A global pandemic took the reign of the world in 2020. It caused most of the world to shut down for months-on-end, with many countries still experiencing this turmoil. Riddled with social uncertainty and economic volatility, it is a year that will be remembered for decades to come.
Early on Portugal implemented procedures to keep its people safe and mitigate spread. However, as with many countries around the globe, the new strains are wreaking havoc in densely populated areas.
Though much of the economy of Portugal has been open for some time now, there are new strict travel restrictions in place due to overwhelming cases emerging after the holidays and the discovery of a new strain. These stringent regulations are in place to alleviate the wave of cases.
Portugal is currently under a state of emergency, with a stay at home order and curfew, but travel is still allowed under certain circumstances.
Travel to and from Portugal between a handful of European Union countries does not require a negative COVID-19 test result to fly/land unless traveling to the archipelagos of Madeira or the Azores. The following countries allowed are Schengen Associated countries: Liechtenstein, Norway, Iceland, and Switzerland, and Australia, China, South Korea, Japan, New Zealand, Rwanda, Singapore, Thailand, and Uruguay.
As of January 24, flights to and from the UK have now been banned from entering Portugal.
Portugal is emphasizing the importance of adhering to the stay at home order and highly recommending travel only occur for essential reasons. In some cases, the country is prohibiting travel unless it is essential.
Effect on the Portugal Golden Visa Program
With soaring cases and no end in sight, it might not seem like an ideal time to invest in the Portugal Golden Visa program. However, it is quite the contrary. This program not only aids in building (and rebuilding) the economy, but it provides an escape when the pandemic finally subsides. It was recently reported that Portugal saw income of nearly EUR 700M in 2020 from the Golden Visa program, showcasing the desire for this sought-after program, even in a time of unprecedented challenges.
If you are considering applying for the Portugal Golden Visa program, now is the time. Changes to this program begin in January 1st 2022, restricting real estate investments in a handful of locations across the country. It is a great time to capitalize on this highly desirable investment before the travel-boom begins.