According to Dinheiro Vivo, the president of the association, Pedro Fontainhas, accuses the Government of making a “blind decision” and calls for “common sense” to avoid a “catastrophe” in the sector, warning that investors are “trading Portugal for Greece”.

According to figures disclosed to Dinheiro Vivo based on the 27 members of the APR, since the announcement of the end of the gold visas, between February 16 and the end of April, residential tourism projects worth 800 million euros that lead to the loss of 500 million euros in taxes that would have been collected by the State. 2,090 jobs involved in canceled projects have also no longer been created.

Among the regions of the country that saw projects canceled are Alcácer do Sal, Amarante, Beja, Castro Marim, Évora, Faro, Grândola, Lagos, Óbidos, Portimão, Reguengos de Monsaraz, Sagres, Salir, Santiago do Cacém, Sines, Tavira, Troia, Vila Real de Santo António and Vila Viçosa.