The fast track for non-EU investors to obtain a fully valid residency permit in Portugal the ‘Golden Visa’ has generated €6,609,272,282 for the Portuguese government since its introduction in October 2012. 11,263 investors together with 18,479 family members have received their Golden Visas in Portugal.
The Golden Visa is a very appealing regime. It allows investors to live, work and study freely throughout the Schengen area and after five years they can apply for a Portuguese passport.
Investors can add family members to their applications as dependents and there is no need for full relocation, as long as they comply with the minimum stay requirements of just seven days in the first year and fourteen days in each subsequent period of two years.
At the start of the year, the government decided to modify the scheme. 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.
Although generally, residential property in areas such as Lisbon, Porto and the Algarve no longer qualify, 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.
Commercial real estate also qualifies - 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 the 20% discount applies.
Real estate investment funds are an alternative to real estate, 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.
Our experienced, multi-lingual team will happily guide any client through the buying process and lead them towards gaining Portuguese residency. Email: firstname.lastname@example.org or call us: +351 308 800 878 or 0800 014 8201 free from the UK.
Download our magazine ‘At Home’ Berkshire Hathaway HomeServices Portugal Property.