Golden Visa Portugal
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Since October 2012, foreign citizens wishing to enter and reside in Portugal have been able to do so under the Golden Visa scheme, a fast track for foreign investors from non-EU countries to obtain a fully valid residency permit in Portugal.
Since then more than 10,000 applicants have received their Golden Visas, generating over €6 billion for the government.
In January 2022, after nearly 10 years of a successful programme, the government, under political pressure, decided to increase the minimum threshold of certain eligible investment activities and limit the areas where real estate investment can be executed.
The minimum investment amount for real estate has not changed - €350,000 for a rehabilitation project and €500,000 for any other property. This price is reduced by 20% if the property is located in an area of low population density.
Residential property in urban areas such as Lisbon, Porto and the Algarve will no longer qualify although there are some exceptions. Investors can buy residential and commercial real estate anywhere in Portugal’s autonomous islands of Madeira and the Azores, worth at least €500,000 or €350,000 if investing in a rehabilitation project.
Investors can also purchase commercial real estate intended for services, commerce, tourism, aparthotels etc anywhere in the country worth at least €500,000 or €350,000 if investing in a commercial rehabilitation project and if the commercial property is located in a designated low-density area, then a 20% discount applies.
Real estate investment funds are an alternative to the real estate sector, given that this type of investment allows foreign investors to remain eligible to obtain the Golden Visa, as a way of continuing to invest in assets located on the coastline and metropolitan areas of Portugal, without resorting to direct investment in residential real estate assets.
The Portuguese government has explained that these changes are necessary to evenly spread foreign investment to other parts of the country as the government is focused on relieving pressure from metropolitan locations and encouraging foreign investment into other areas of Portugal.
The Golden Visa is still a very appealing regime, renowned as being one of the most popular in the world, it allows investors to live, work and study freely throughout the Schengen area and after five years they can apply for a Portuguese passport. For high-net-worth individuals, this is a gateway to freedom. It’s not about relocating – but about creating future opportunities for family, either for an improved quality of life, access to better education, or a safe haven from political instability.
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