On July 19th, the Portuguese Parliament approved the new terms for obtaining the Golden Visa in Portugal. The modifications proposed by the Government resulted from social and political pressure to answer the housing crisis in Portugal.
The amendments to the Golden Visa program are linked to Real Estate Investment which is no longer included in the list of criteria to access this type of residence permit.
Since 2012 that Real Estate investments of over 500 thousand euros or acquisition of properties with at least 30 years old have granted the residence permit to foreign investors through the Golden Visa program.
They are now no longer eligible which concerns the approximately 8,000 Portuguese Golden Visa applications awaiting approval (more than 21,300 in the pre-analysis phase).
Equity holdings higher than €500 thousand euros in venture capital funds are also excluded as well as the capital transfers equal to or higher than €1.5 million.
The goal is to prevent any type of investment in the Real Estate sector, direct or indirect, as well as millionaire transfers.
Eligibility criteria to obtain the Portuguese Golden Visa
The program remains valid and beneficial only to those who
- Invest more than 500 thousand euros in a Portuguese company that generates at least 5 jobs or ensures the maintenance of 10.
- Invest at least €250 thousand euros in Portuguese cultural and artistic heritage, either through restoration or maintenance of existing cultural sites (investment is reassessed every two years)
With such measures, the Government aims to facilitate and promote the allocation of resources in the Portuguese business sector, human resources and cultural heritage.
It is possible to check all the amendments and the final Golden Visa eligibility criteria list by consulting the Mais Habitação website.
If you have any questions or would like to proceed with your Golden Visa request under these new criteria, feel free to contact us so we can assist you with the whole process.
