Portugal has revealed that the country is set to scrap its popular Golden Visa scheme. In recent statements, Prime Minister Antonio Costa explained that it has fulfilled its function and is no longer needed.

SchengenVisaInfo.com reports, “Until now, Portugal Golden Visa is a residence visa issued to non-European Union nationals who have made a significant investment in Portugal, such as purchasing real estate, making a capital investment, or creating employment opportunities.”

The Golden Visa scheme, one of the most sought-after schemes by wealthy foreigners in the country, is currently under intense reevaluation.

The scheme has also been heavily criticized, according to Forbes, for being involved in several unlawful affairs. Allegedly, it has also been accused of causing rising home prices and rent in Lisbon and other expat hotspot locations in the country.

Recent efforts to adjust the nature of the Golden Visa scheme saw the government raise to €500,000 the minimum investment in properties and limit the areas of the country where such investments are permitted. It seems the country is taking a new approach to curbing the influx of foreigners wanting to apply by potentially ending it altogether.

The decision also comes as the country offers its new Digital Nomad Visa, which allows remote workers with regular and specified monthly salaries to live and work in Portugal. This aligns with further intentions to shrink and regulate the multi-billion-euro visa and citizenship industries, according to Forbes.

“There are programs that we are currently re-evaluating and one of them is the gold visa which, probably, has already fulfilled the function it had to fulfill and which, at this moment, it is no longer justified to maintain,” the Prime Minister said.

The decision is in line with other decisions made in Europe. Malta, Cyprus, and Bulgaria, which also run Golden Visa schemes, are set on ending them.