Further to all the debate around the Golden Visa program in Portugal, it is time to clarify the Golden Visa eligible investments.
On the 19th of July, the Portuguese Parliament approved the housing package, including changes to the Golden Visa program. Against what was initially proposed, the program does not terminate, and the new legislation only limits the investment categories to apply to Residency by Investment. The final document should soon be available here.
The new law is not yet in force. Ratification from the President of the Republic is required, being uncertain when this will happen. The President of the Republic will analyse the extensive and complex housing package legislation and decide whether it should be ratified, sent back to the Portuguese Parliament for amendments, or even request an evaluation by the Constitutional Court. In any case, if and when the ratification occurs, there will be no grace period.
With this change coming into force, you will no longer be able to apply for a Golden Visa based on the transfer of capital to Portugal or any DIRECT or INDIRECT investment in real estate, through the eligible routes.
It is important to note that ongoing applications will not be affected by the approved changes.
The options that will remain available as Golden Visa Eligible Investments are:
Funds
- Capital transfers of at least € 500,000.00, for the acquisition of units of non-real estate collective investment undertakings, incorporated under Portuguese legislation, the maturity of which, at the time of the investment, is at least five years and at least 60% of the investment is made in commercial companies domiciled in Portugal.
Job creation
- Creation of 10 or more jobs*;
- Capital transfer of € 500,000.00, or more, for the incorporation of a Portuguese company combined with the creation of five permanent jobs; or investment in an existing company combined with the creation of five permanent jobs or maintenance of ten jobs; for a minimum period of three years.
Investment in specific activities
- Transfer of capital equal to or greater than € 500,000.00 for investment in research activities conducted by public or private scientific research institutions involved in the national scientific or technological system*;
- Capital transfer equal to or greater than € 250,000.00 for investment in artistic production or support for the arts, for the reconstruction or renovation of national heritage, through local and central authorities, public institutions, or eligible private organisations*.
* The minimum investment amount is reduced by 20%, for investments in low-density areas.
The Golden Visa program remains unique and irreplaceable, considering it is the only type of residency permit in Portugal allowing short minimum stay requirements. Meaning Golden Visa holders are not required to live in Portugal – although they can – and therefore they may legally hold a residence title without becoming tax residents in Portugal.
- Waiver of a residency visa for entering Portugal to apply for a Residence Permit;
- The opportunity to live and work in Portugal;
- Low minimum stay requirements: 14 days in the first two years and 21 days during the following 3-year periods;
- Visa waiver for travel within the Schengen Area;
- Family reunification;
- The opportunity to obtain permanent residency after 5 years, valid for 5 years;
- To opportunity to apply for Portuguese citizenship, by naturalisation, after 5 years.
Should you have any questions or would like to know more details, please contact our team:
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