Portugal to Soon Introduce Changes to the Golden Visa Program

Portugal will be introducing new changes to its Golden Visa program. To be effective January 1, 2022. The Government of Portugal has confirmed that the changes to the Golden Visa for Portugal will be implemented in the beginning of 2022. Launched on October 8, 2012, the Residence Permit for Investment (ARI / Golden Visa) enables third-country nationals to secure a temporary residence permit for conducting business activities in Portugal.

The beneficiary of a Portugal Golden Visa is entitled to – [1] a residence visa waiver for entering Portugal, [2] living and working in Portugal, provided they fulfil the residency requirements, [3] family reunification, [4] visa exemption for travelling with the Schengen Area, [5] applying for permanent residence in Portugal, and [6] applying for Portuguese citizenship by naturalization, provided all other eligibility requirements are duly fulfilled.

Since its introduction in 2012, the Golden Visa program of Portugal has been among the most popular Golden Visas programs in Europe.

What are the changes in the Portugal Golden Visa program?  [with effect from January 1, 2022]

·         Residential properties in Algarve (coastal areas), Lisbon, and Porto to be excluded and no longer accepted. Hospitality and commercial projects within these regions to be unaffected by the change. ·         Investment funds required to increase to €500,000 from €350,000. ·         Promotion of international investment in low-density territories. ·         Capital transfer to be increased to €1.5 million from €1 million. ·         Capital transfer for research activities will also increase to €500,000 from the existing €350,000. As per a clarification by the government, the minimum investment value for real estate – presently at €500,000 – will not be changed. The changes are not to be applied retroactively. Hence, applications submitted before January 1, 2022 will be subject to the investment threshold and regulatory framework in place at the time of their application submission.

It was in January 2021 that authorities in Portugal announced that the residency-by-investment program, commonly referred to as the Golden Visa, would be updated for attracting more international investors to low residency regions in Portugal.

What is the Portugal Golden Visa program?

Through the Portugal government’s Citizenship by Investment program, foreign nationals that invest a specific amount of money in Portugal become eligible for taking up permanent residence in Portugal. Individuals that make an investment in Portugal are also eligible to include their – ·         Partners, ·         Dependent partners, ·         Dependent children below 18 years, and ·         Children above 18 years that are unmarried and enrolled in full-time education during that period. An individual granted a Portugal Golden Visa might be eligible to apply for the citizenship of Portugal after five years. No requirement of living in Portugal throughout the period. Only required to stay in Portugal for seven or more days in the first year, followed by fourteen or more days in the subsequent years. However, to be able to apply for Portuguese citizenship after five years, they must be able to show – ·         Accommodation in Portugal, ·         A steady income, and ·         Basic knowledge of the Portuguese language. Since the launch of the Portugal Golden Visa in 2012, altogether 16,910 family members have been included on the Golden Visa applications.

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