In an announcement made on February 16th, the Portuguese government announced a comprehensive set of measures designed to tackle the pressing housing challenges facing the nation, including the potential termination of the Golden Visa Program.
In a surprising turn of events on June 20th, 2023, the Portuguese Parliament introduced a significant amendment that could have far-reaching effects on the esteemed Golden Visa program. According to said amendment, although the program itself will not come to an end, certain investment options will be concluded.
Navigating the Transition
Here are some crucial details to consider regarding the forthcoming changes:
- The new law will not have retroactive effects on existing applications and renewals.
- Current rules will remain applicable for applications and renewals until the new law is officially published.
- Portugal remains open to receiving fresh applications for residency permits associated with investments in job creation, nurturing artistic production, and the restoration and conservation of cultural heritage.
- The Golden Visa program will undergo transformation once the law successfully passes through parliamentary discussions, receives validation from the President of the Republic, and is ultimately published.
Golden Visa Changes: Findings Thus Far
Available investment options:
- Venture Capital Fund Investment: Transfers of €500,000 or more for participation units in venture capital funds.
- Job Creation: Generating a minimum of 10 employment opportunities.
- Research Funding: Investing €500,000 or more in research activities conducted by public or private scientific research institutions.
- Cultural Heritage Support: Investing €250,000 or more in supporting artistic production, recovery, or maintenance of national cultural heritage.
- Commercial Company Investment: Capital transfers of €500,000 or more to establish a commercial company or increase the share capital of an existing company, along with the creation of five permanent jobs.
Following investment options are eliminated from the program:
- Capital transfers of €1,500,000 or more
- Real estate purchases valued at €500,000 or higher
- Investment of €350,000 or more in rehabilitating properties at least 30 years old
Final Words
In conclusion, the proposed changes to Portugal’s Golden Visa Program mark a pivotal moment in the country’s immigration landscape. While certain investment options are set to close, alternative pathways emerge, ensuring continued opportunities for investors and remote workers seeking to relocate. Portugal’s commitment to diversifying its residency program reflects a forward-thinking approach aimed at stimulating economic growth and cultural preservation
As the legislation progresses, it remains crucial for stakeholders to stay informed and adapt to the evolving landscape. Through careful navigation and strategic decision-making, individuals can seize the untapped potential and contribute to Portugal’s vibrant future.
While there may be changes coming, we’ll stay on top of them, and we’re here to help you navigate the landscape. Any decisions made can be analyzed and questioned from a political or legal perspective, and we’ll make sure to approach everything with consistency and seriousness. So if you’re interested in investing in Portugal, let us help you make sense of the future of the Golden Visa program and any alternative options that may arise.
Contact Get Golden Visa at [email protected] for assistance with your Portugal Golden Vis application.
Make sure to check out our guide on the details of the program.
Portugal Golden Visa Alternatives
Looking for Alternatives to Portugal Golden Visa?
In Portugal:
- D7 Visa: For individuals who can show regular passive income.
- Digital Nomad Visa: For remote workers who work digitally.
Outside of Portugal:
- Spain and Greece offer similar programs to Portugal’s Golden Visa.
Each program has its own set of rules and regulations, so it’s important to do your research or consult a professional to determine which program best suits your needs.
Questions You May Be Asking:
Q: What if you are already in the process of getting a Portugal Golden Visa?
A: The new measures will only apply to new applications. Any applications that have already been submitted, even if they haven’t been pre-approved, are not affected by the new changes.
Q: What can be done today in terms of your Portugal Golden Visa application?
A: Contact the team at Get Golden Visa to get help with your application process. The team can start gathering the necessary documents needed for obtaining your NIF and opening your bank account in Portugal.
