The Golden Visa for Portugal is considered one of the most popular and successful residence by investment programmes in Europe.
Known as the Residence Permit for Activity (ARI), the scheme was launched in October 2012 and since then has attracted many foreign investors from Non EU countries, primarily due to its flexibility and benefits. The programme is aimed to all Non EU/EEA/Swiss citizens and since post Brexit, many British people have shown interest in the Golden Visa Programme.
However, and despite it’s success, the Portuguese Government announced that new rules and some restrictions would apply form the 1st of January 2022. These changes will not be retroactive for anyone who has submitted or is in the process to submit a Golden Visa application before December 2021, and for these applicants the existing rules will still apply. Those who have already obtained their Golden Visa will also not be affected by the changes.
So what will change in 2022?
Basically the only changes in the Golden Visa Portugal will be in the minimum investment amounts and a geographical limitation of the locations where you can invest in real estate. The types of investments all remain the same.
The minimum investments amounts:
- The transfer of capital will be increased from €1.000,000,00 to €1.500.000,00;
- The investment fund subscription will be increased from €350.000,00 to €500.000,00;
- The investment for research activities developed by private or public scientific Institutions will be increased from €350.000,00 to €500.000,00;
- The transfer of capital for the incorporation of a Company with creation of 5 jobs, or the transfer of capital to increase the share capital of an existing company with head office in Portugal with the creation of 5 jobs in both cases for a minimum period of 3 years will increase from €350.000,00 to €500.000,00.
Investment in real estate:
There will be no changes in the amounts required for the investment in property which will remain at a minimum of €500.000,00 or minimum €350.000,00 if the property is older than 30 years and in an urban rehabilitation area and renovated. However, you will only be allowed to buy property located inland in low-density areas and in the Autonomous Regions of the Azores and Madeira. This excludes all property in high density areas like Lisbon, Porto and all the costal areas.
What is not changing?
Making the investment in support of the artistic production or heritage recovery is still a lower cost possibility from €250.000,00 or in a Company with the creation of a minimum of 10 permanent jobs is also possible for an investment of minimum €250.000,00.
The general requirements that the investor has to comply with also remain unchanged, namely:
- Keep the Portuguese investment for a minimum period of 5 years.
- Funds for investment should come from outside Portugal.
- Entry into Portugal with a valid Schengen visit visa.
- No negative references in the Portuguese Immigration and Schengen visa services.
- No criminal record.
Despite these changes in force from the 1st of January 2022 the Golden Visa Portugal continues to be a very attractive choice and still the most affordable in comparison with other Golden Visa schemes. One of the most attractive benefits is the hassle-free permission to travel into and within all Schengen countries with the possibility of the applicant to be granted a permanent residency and citizenship after 5 years without having to reside in Portugal and with very minimum stay requirements (14 days in every 2 years). These options are extended to direct family members of the Golden Visa holder thus being able to reside, work or study in Europe. There are no tax obligations for the applicants who choose not to stay in Portugal for over 183 days. But for those who decide to live in the country you become eligible for the Non Habitual Resident programme that offers a period of 10 years with reduced or even tax free benefits. There are also further reasons that may convince you to make this move. Portugal has a wonderful climate, a rich history with an exceptional variation of different landscapes, extensive leisure activities, and a unique cultural heritage. It is considered the 3rd safest country in the world, with a good life style, good infra-structures, beautiful cities, a good health and education system with some universities in the ranking of the 50 best in the world. In terms of real estate market there are many possibilities of investment throughout the country with Portugal being one of the top touristic destinations in the world.
As global conditions remain uncertain, for those who seek a better future; Portugal is unique and is a country with diverse opportunities.
Article written by Fátima Galvão
Advogada – Lawyer
Avenida 5 de Outubro, 105-2º
Apartado 3020, 8135-901, Almancil, Portugal
Tel: +351 289 397 449
Telem: 912230850
