There are many migratory benefits and little bureaucracy for those who want to undertake and invest in the country. The Golden Visa Portugal (Visa Gold Portugal) is a citizenship or residency program for a very interesting investment, called ARI (Residence Permit for Investment Activity).
The Portugal Golden Visa program is still active, but the investment methods and thresholds will soon change. The law abolishing the real estate route to the Golden Visa has now been approved by the Portuguese parliament. Once this is enacted into law (likely early October 2023) it will no longer be able to apply for the Portuguese Golden Visa using the €280,000 or €350,000 real estate route. Then, fund investments, which must total at least €500,000, will be the primary route to the Golden Visa.
Applicants have until this point to benefit from the lower investment cap. The More House Bill, which authorized investments starting at € 280000 and above, including the Golden Visa program’s end, which reapproved by Portugal’s parliament.
Portugal authorities authorized further modifications to this scheme in July, including the elimination of new residency licenses for house investment and the choice to move Euro 1500000 into a Portuguese bank account.
However, Marcelo Rebelo de Sousa, the president of Portugal, has 20 days to determine whether or not to sign the bill. The idea was rejected by the President in August, necessitating adjustments in Parliament before it could be approved; nonetheless, the law was today approved without any amendments.
But even after the law takes effect, applications for residence permits for investment activities to be granted or renewed are still valid, taking into consideration those that are still subject to prior control processes in a couple of councils.
Additionally, the adoption restriction does not apply to the issuance or renewal of residence permits for family reunification. The socialist deputies and other Parliamentary groupings all refused the over 300 change suggestions that the opponents submitted for voting in the plenary, according to the Portugal News article.
Portugal’s Golden Visa program enables international investors who fulfill the requirements and produce financial investments in the nation to get residency. The nation is regularly granting a sizable number of these types of visas notwithstanding the additional modifications it makes to this program.
The Portuguese government provided a total of 64 golden visas last month, 42 of which were for the purchase of real estate. Via the Golden Visa Program, also known as the Residency by Investment scheme, more than €32.8 million was imported to Portugal in August.
The statistics, however, were 12.5% lower than those reported for the same month in 2022. Additionally, the program contributed €493 million to Portugal from January through August of this year, which is a 24% increase over the same period in 2022 data. Authorities earlier launched the More Housing Program as a part of invitations to address the housing crisis and support market regulation.
Portugal Golden Visa holders have a minimum stay requirement. They need to stay in Portugal for 14 days, consecutive or non-consecutive, for each period of 2 years. The investment can be in funds, cultural heritage, or financial assets such as deposits and bonds.
The lowest limits are 250 thousand euros for cultural heritage and 500 thousand euros for funds. Applicants must be non-EU/EEA/Swiss citizens who have a regular passive income that provides the means to subsist in Portugal. The first residence card will be issued for 2 years. The second residence card will be issued for 3 years. After 5 years you can apply for permanent residence or citizenship.
Investing in real estate in Portugal can be an advantageous option in relation to traditional investments such as the stock market, even more so in the current situation in which, with inflation, assets can be melted. Portugal has a dynamic and rising real estate market, which makes it a strategic point for investment. Furthermore, it is considered one of the safest countries in the world with excellent quality of life for those who wish to live in the country.