9 de October, 2023
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.
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..
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.
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.
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!
Disclaimer: This article is for informational purposes only and does not constitute legal advice.