Amendments to the Golden Visa Portugal program have taken effect on January 1, 2022.
Limitations on the locations of investment properties, as well as a greater investment requirement for specific investment routes, are among the modifications.
The cost of applying for a golden visa through a property transaction will not change, which means that the 350k and 500k choices will remain in their existing structure, with the 20% savings applicable in low-density regions.
There are no changes to the areas and territories where you can invest in commercial, office, or tourism developments; all of Portugal and its autonomous regions are still available and qualify for the Golden Visa Portugal program.
With some exceptions, the main cities and coastal regions have been restricted for apartment investment. Residential properties in Lisbon, Porto, and the Algarve will be excluded from the program, but areas such as Alcácer do Sal, Grândola, Santiago do Cacém, the Douro Valley, Aljezur, and Peneda-Gerês still offer attractive investment potential and will likely be key areas to experience growth, particularly in early 2022. All of Portugal’s inland regions, as well as the autonomous regions of Madeira and the Azores, will still qualify.
Real estate investment:
- the €500,000 minimum investment, which necessitates the purchase of a property
- the €350,000 minimum investment, which necessitates the purchase of a property that is at least 30 years old or is in a rehabilitation zone and will also require rehabilitation.
Given that housing investment will be confined to low-density locations like those mentioned above, the minimum investment will be cut by 20%, bringing the minimum investment from €500,000 to €400,000 and the €350,000 to €280,000.
Commercial and service properties, like hotels, are exempt from the limitations, and clients may still purchase properties in Lisbon and Porto.
Alternative sources of investment, on the other hand, have seen price hikes. Investing through a fund now requires a minimum investment amount of €500,000, up from the previous minimum of €350,000. Equity investments now have a new threshold of €1.5 million from the earlier €1 million. The application requirements remain the same.
Science and Research investments must now amount to €500,000, up from the preceding €350,000. There are no changes to the requirements other than the amount. Anyone wishing to generate employment in Portugal will now be required to invest €500,000 euros and create at least five new jobs, up from the past requirement of €350,000.
Tavira, Monchique, Castro Marim, Evora, Vila Do Bispo, Alte, Coimbra, Silves, Guimaraes, Douro, Serra Da Estrela, and various Porto metropolitan regions are among the important places where the government has permitted real estate investment to continue.
The most significant takeaway from this is that there is still time to invest in Portugal’s capital, which will provide you with a secure and profitable investment for the next five to six years.
What is the Golden Visa?
Non-European investors who invest a minimum amount in Portuguese real estate, as defined by law, can receive a residence permit in the country, as well as other attractive tax benefits. The Golden Visa program in Portugal has been in place since 2012, and it allows non-EU citizens to obtain a residence permit in exchange for a 6-year real estate investment. The Golden Visa program has benefited not just those who live and work in the region, but also the local economy. Since the initiative began, it is estimated that over €6 billion have been invested in Portugal.
Due to comparatively low property costs, the Portuguese Golden Visa is one of the most popular citizenship by investment schemes in both Europe and the globe. Portugal is a safe nation to live in, with adequate healthcare and a high quality of life.
Why choose Portugal?
Lisbon is one of the greenest cities in the world, with an outstanding transit system and globally famous colleges, as well as one of the greatest temperatures in continental Europe and the best flag beaches, making it a particularly appealing alternative for visitors and investors.
A temporary residency permit in Portugal is granted to holders of a Portuguese Golden Visa card for two years, extendable for another two years. If all other legal conditions are completed, Golden Visa holders may apply for permanent residency or Portuguese citizenship at the conclusion of year 5.
Those who get Portuguese citizenship via investment must spend a minimum of 14 days in the nation, either consecutively or intermittently, throughout each 2-year visa period in order to keep all of the privileges that come with being a resident of the European Union, including the visa.
If you are given the golden visa, you will be able to stay in Portugal for the period of your visa; work, study, and live in Portugal; travel freely within the 26 Schengen nations of the European Union without a visa; get Portuguese citizenship after five years, with the same rights as any other citizen of Portugal or the European Union; and exercise the right to reunion of families in Portugal and the European Union.
Golden Visa Portugal applications will now be digital, according to the Portuguese government. All documentation, including the issuing of the Portuguese Individual Tax Identification Number, will be supplied digitally. This will help cut through the red tape and expedite your application.