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Golden Visa Portugal Is Not Over: Follow Updates

9 de October, 2023

Golden Visa Portugal Is Not Over: Follow Updates

The Golden Visa Portugal Isn't Over, but Changes Are Coming: Real Estate and Bank Deposits Acquisition Options to Be Discontinued.
Reading: 5 min

The program Golden Visa Portugal has not ended. It remains active , although it has undergone changes. The changes are part of the “Mais Habitação” bill, which came into force on October 7, 2023. Among the main changes is the closure of the modalities for investing in real estate for housing or services, as well as bank deposits . Other modalities remain valid, as described below.

In this article we’ll explore the main updates to the Golden Visa Portugal Program in 2023. See what has changed and learn how to invest from now on.

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Golden Visa investors will have their rights guaranteed

The Golden Visa Portugal program will continue in force, offering a route to residency and citizenship for investors from outside the European Union.

Despite the changes to the program, the Portuguese government has guaranteed that all applications submitted before the new law comes into force, even those still awaiting a decision from the competent authorities, will be processed in accordance with the previously valid regulations.

Current current investors and their families will also retain their rights to renew their residence visas on the basis of the previous regulatory framework..

Golden Visa Portugal continues: Active investment options

With the new legislation of the “Mais Habitação” program, changes were approved regarding the investment options eligible for Golden Visa Portugal.

The modalities of investment in real estate and bank deposits were excluded from the program. This means that investors will no longer be able to acquire the ARI (residence permit for investment activity) in Portugal through these options.

Golden Visa modalities that should continue

  • Investment Funds Minimum value of €500,000.00 in investment units. They must be intended for the acquisition of shares in non-real estate collective investment schemes, which are set up under Portuguese law, whose maturity at the time of the investment is at least five years and at least 60% of the value of the investments is made in commercial companies based in Portugal;
  • Creation and maintenance of jobs Transfer of capital in the amount of €500,000 or more, intended for the incorporation of a commercial company with its registered office in Portugal, combined with the creation of five permanent jobs, or to increase the share capital of a commercial company with its registered office in Portugal, already incorporated, with the creation of at least five permanent jobs or the maintenance of at least ten jobs, with a minimum of five permanent jobs, and for a minimum period of three years;
  • Investment in scientific research Minimum amount of €500,000.00 in research carried out by public or private scientific research institutions that are part of the national scientific and technological system;
  • Investment in artistic production, preservation or conservation of cultural heritage Minimum amount of €250,000.00 in artistic production and preservation or conservation of national cultural heritage.

Main advantages of the Golden Visa Portugal

  • Residence in Portugal: The Golden Visa allows foreign investors and their families to obtain a residence permit in Portugal, becoming legal residents in the country.
  • Access to the European Union: By obtaining the Golden Visa Portugal, beneficiaries are entitled to free movement within the Schengen Area countries, facilitating travel for business and leisure throughout Europe.
  • Flexibility of Stay: The Golden Visa offers a temporary or permanent residency option, allowing investors to choose the best option for their needs.
  • Reduced Stay Requirements: Golden Visa holders have minimum stay requirements in Portugal (7 days per year), which makes the program attractive to people with international business or interests in other countries.
  • Possibility of Citizenship: After five years of legal residence in Portugal, Golden Visa holders may apply for Portuguese citizenship provided they meet the additional requirements set by the Portuguese authorities.
  • Variety of Investment Options: Investors can choose from different investment options, investments in companies or funds, creating a range of possibilities to suit individual preferences.
  • Possibility to Work and Study: Golden Visa holders have the right to work or study in Portugal, becoming an active part of the local community.
  • Stability and Quality of Life: Portugal is recognized for its political stability, security and quality of life, attracting investors looking for an environment conducive to residence and business.
  • Potential Return on Investment: Investments made through Golden Visa may present potential financial returns as the Portuguese real estate market grows.

Do you want to live in Europe?

Realizing your goal of living in Europe or obtaining European citizenship can be simpler than you think. We offer personalized support to make the immigration process more accessible and uncomplicated.

Demand for Golden Visa increased by 27.5%

As reported by Público newspaper demand for the Golden Visa increased by 27.5% in the first half of 2023 compared to last year, totaling €403 million. Faced with a scenario of uncertainty, and with the possibility of the closure of the program in Portugal, many investors decided to anticipate their application and benefit from the current laws. In June alone, 79.9 million euros were invested through the Golden Visa, with 54.8 million coming from the acquisition of real estate. 861 Residence Permits for Investment (ARI) and 1,191 visas for grouped family members were granted in the first half of the year.

Since the program’s inception in 2012, total investment has exceeded €7 billion, with 12,396 ARIs granted. China leads with 5,366 ARI, followed by Brazil with 1,229, the United States with 713, Turkey with 592 and South Africa with 550. In the same period, 11,181 Golden Visas were granted through the acquisition of real estate.

There are currently more than 21,000 Golden Visa applications under consideration, with 7,802 from foreign investors and 13,562 from family reunification applications, according to data from the Immigration and Borders Service.

Invest while you can!

Over the last 11 years, the Golden Visa Portugal program has undergone several changes. Initially, a foreigner from outside the European Union could buy a property in Portugal for €280,000.00 and start applying for a residence permit, with the possibility of transforming it into citizenship in 5 years.

Over time, the rules have become more restrictive, starting with limiting the location of eligible properties. Currently, the real estate option is no longer available.

If you have the necessary resources to invest in the country, don’t miss this opportunity! The program remains an attractive option for foreign investors seeking residency and citizenship in a European Union country. It is important to note that Portugal respects the rights acquired by investors. Therefore, we advise you to act while conditions are favorable. Contact our consultants and become a global citizen too.

We are on hand to help you with this process!

Apply for the Golden Visa with our support!


Disclaimer: This article is for informational purposes only and does not constitute legal advice.

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Author:

Atlantic Bridge

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