Portugal makes a big move to extend its controversial “Golden Visa Scheme” till January 2022. This makes investors happier and the country will also be able to enjoy more capital from abroad.
In the new law, the Socialist executive has announced to revise the golden visa process to direct it to create jobs in the interior areas as a priority and to invest in civic and heritage requirements.
Established back in 2012, Portugal’s Golden Residence Permit Program (ARI) enables non-EU/EEA citizens to obtain a special residence permit in exchange for a 5-year investment in Portugal.
According to the latest news, the deadline will be extended to six months, ARI (Authorizations of residency for investment), commonly referred to as ‘golden visa’.
According to Hugo Santo Ferreira, vice president of APPII, the Portuguese association of property promoters and investors, this is not the time to “ban the golden visa” that has invested billions in Portugal since early 2012.
In the mid of this February good news raised for the people who were looking to invest in Portugal. Investors and real estate agencies will be happy now from the latest news that ‘ restrictions ‘ to the government’s golden visa regime were being delayed by another 6 months until the end of the year.
Holders of a PPR (Portugal permanent residence) permit have a number of rights as Portugal citizens. The Portugal Golden Visa is a resident visa issued to non-EU citizenship who have made significant investments in Portugal, such as investing capital, creating jobs, and purchasing real estate.
Additionally, now the foreigners purchasing the property from one end of the region to the other will still be able to experience what is essentially a fast track to European residency. Accordingly, ‘interior areas’ are preferred (and Lisbon, Porto, and coastal areas are not excluded). Under the definition of ‘inland areas’ (set out in Government Ordinance 208/2017), most Algarve municipalities and parishes are listed.
This news is important for some real estate agencies that operate in specific areas and are struggling to cope with the effects of the pandemic. There is also good news for selected few developers who have real estate projects in these areas, such as the new Ombreya Resort near Lol, which falls under the exception of the Union of Parish of Quirinia, Tor, and Benafum. Such a Martinhal resort in Algarve Sagres to the west.
“In terms of housing policy, the government strives to promote balance and quality in areas, whether it be metropolitan, urban or rural, to guarantee access to affordable housing for all.” This means that in Lisbon, Porto or the coastal area, as in most parts of Alghero, anyone trying to buy a property in exchange for a golden visa has a golden window at the end of the year. The law clarifies that a gold visa is only allowed for the purchase of property equal to the value of the property or more than € 500,000. According to reports, the new rules will apply to all golden visa applications received after January 1, 2022. However, the government has insisted that the changes “do not discriminate against the possibility of renewing or renewing visas for family reunification.
As for other ‘changes’ to the law, these rising values for investment are eligible for this form of rapid housing: the transfer of capital will now be 1.5 million (over 1 1 million). Investments in scientific research will increase from the previous 350,000 to 500,000.
Eligibility Criteria for Golden Visa
You are eligible for a Portuguese Golden Visa if:
- You have no criminal record
- You are over 18 years of age
- You must have committed to maintaining the investment for at least another five years in Portugal
- You have to arrange money you seek for investment
- You must make a significant investment that is beneficial to the Portuguese economy.
Advantages of the Golden Visa
If you obtain a Golden Visa, you become eligible for citizenship after five years. Unlike other countries, you do not actually have to live in Portugal during this period to obtain citizenship with a Golden Visa. You only need to spend seven to fourteen days in the country. However, you must prove that you reside in Portugal, with a permanent income, as well as knowledge of the Portuguese language at least at the basic level. More benefits are:
- Residence visa waiver for entering Portugal;
- Living and working in Portugal, on condition that they stay in Portugal for a period of 7 or more days, in the first year, and 14 or more days, in the subsequent years;
- Visa exemption for traveling within the Schengen Area;
- Family reunification
- Applying for permanent residence (pursuant to the Aliens Act – Act number 23/2007 of 4 July with the current wording );
- Applying for Portuguese citizenship, by naturalization, provided all other requirements set out by the Nationality Act are fulfilled (Act number 37/81 of 3 October, as amended);
Family Visa
You can also get residence permits for your family members (spouse, children under 26, parents) on the same investment.
Portugal Golden visa investment options
You have different investment options to become a Portuguese Golden visa holder, as mentioned below:
- Arrange a capital transfer of at least €1 million in a Portuguese bank
- Purchase a property worth at least €500,000
- Purchase company shares at least 1 million Euros
- Invest at least one million Euros in a company
- Arrange ten jobs for Portuguese nationals
- Arrange a capital transfer of at least €350,000 for research activities in science or technology by either public or private scientific research institutions
- Make a capital transfer of at least €2,50,000 to support the arts or reconstruction of national heritage
- Invest €350000 in a property in a Portuguese urban regeneration area Before investing, you should make sure that the project is eligible for investment through the Portuguese Immigration and Borders Service – SEF.
Please read complete details of appliyng and requirements here.