Madeira is set to benefit in a big way from the upcoming shakeup to Portugal's Golden Visa residency by investment scheme. The Golden Visa scheme gives investors from outside the EU the opportunity to gain residency in Portugal, which can make them eligible for citizenship after five years. As of January 1, 2022, the Portuguese government will introduce major changes to the Golden Visa scheme. One particular change will mean that Portugal's most popular property investment destinations, Lisbon, Porto and much of the Algarve, will no longer be available for Golden Visa purposes beyond December 31, 2021. But most of central Portugal, along with the Azores and Madeira, will stay on the scheme next year. The government’s rationale in doing this is to redirect foreign funds away from areas of the country that are over-saturated by property investment, towards less popular ones.
Madeira has already gained in popularity over the last year, most notably among the new breed of digital nomads and long-term remote workers flocking to the island.
This Golden Visa decision is set to boost Madeira's appeal even further, along with its property prices.
If you're interested in learning more about investing in Madeira for the Golden Visa, Digital Émigré has all the details.