Portuguese Golden Visa Geographic restrictions
The Portuguese Government introduced several changes to Golden Visa. The changes focus on minimum investment thresholds and geographic restrictions.
In particular, for real estate investments, the amendments aim to redirect investors’ interest to Portugal’s mainland’s inland areas and the archipelagos of Azores and Madeira.
List of Golden Visa eligible investments in force in 2022 onwards
The new list of eligible investments promotes investment in inland areas, urban re-qualification, cultural heritage, high environmental or social value activities, productive investment, and job creation.
Real Estate Investments
- Acquisition of real estate worth at least EUR 500,000; or
- The acquisition of real estate for a minimum purchase price of EUR 350,000, if the property is at least 30 years old or is located within an urban regeneration area and the buyer refurbishes it; or
- The acquisition of real estate for a minimum purchase price of EUR 280,000, if the requirements in ii. are met, and the property is located in an eligible zone.
The applicable geographic restrictions
Eligibility will be restricted to the Azores and Madeira Autonomous Regions or inland districts, as per specific ordinances. In the Portuguese mainland, areas eligible for Golden Visa purposes are “inland” and “low density” areas. Therefore, properties in Portugal’s “inland” region qualify for residential and commercial real estate investment (please see map below).
Investment in commercial property is not geographically limited.
Regions classified as low density
Regions classified as low-density are shown in light blue in the map below. Regions classified as high-density are shown in dark navy blue.
Investment in “low-density” areas allows for a 20% discount rate for eligibility purposes. Low-density regions are defined as territorial units (NUTS II) and have less than 100 inhabitants per square km or a GDP per capita lower than 75% of the national average.
List of inland regions
ALENTEJO CENTRAL
Alandroa
Arraiolos
Borba
Estremoz
Évora
Montemor-o-Novo
Mora
Mourão
Portel
Redondo
Reguengos de Monsaraz
Vendas Novas
Viana do Alentejo
Vila Viçosa
ALENTEJO LITORAL
Alcácer do Sal
Grândola
Odemira
Santiago do Cacém
ALGARVE
Alcoutim
Aljezur
Castro Marim
Monchique
Vila do Bispo
Loulé (limited to certain parishes)
Silves (limited to certain parishes)
Tavira (limited to certain parishes)
ALTO ALENTEJO
Alter do Chão
Arronches
Avis
Campo Maior
Castelo de Vide
Crato
Elvas
Fronteira
Gavião
Marvão
Monforte
Nisa
Ponte de Sor
Portalegre
Sousel
ALTO MINHO
Arcos de Valdevez
Caminha (limited to certain parishes)
Melgaço
Monção
Paredes de Coura
Ponte da Barca
Ponte de Lima (limited to certain parishes)
Viana do Castelo (limited to certain parishes)
Vila Nova de Cerveira
Valença (limited to certain parishes)
ALTO TÂMEGA
Boticas
Chaves
Montalegre
Ribeira da Pena
Valpaços
Vila Pouca de Aguiar
Porto Metropolitan Area
Arouca
Vale de Cambra (limited to certain parishes)
AVE
Guimarães (limited to certain parishes)
BAIXO ALENTEJO
Aljustrel
Almodôvar
Alvito
Barrancos
Beja
Castro Verde
Cuba
Ferreira do Alentejo
Mértola
Moura
Ourique
Serpa
Vidigueira
BEIRA BAIXA
Castelo Branco
Idanha -a -Nova
Oleiros
Penamacor
Proença -a -Nova
Vila Velha de Ródão
BEIRAS E SERRA DA ESTRELA
Almeida
Belmonte
Celorico da Beira
Covilhã
Figueira de Castelo Rodrigo
Fornos de Algodres
Fundão
Gouveia
Guarda
Manteigas
Meda
Pinhel
Sabugal
Seia
Trancoso
CÁVADO
Amares (limited to certain parishes)
Terras de Bouro
Vila Verde
DOURO
Alijó
Armamar
Carrazeda de Ansiães
Freixo de Espada à Cinta
Lamego
Mesão Frio
Moimenta da Beira
Murça
Penedono
Peso da Régua
Sabrosa
Santa Marta de Penaguião
São João da Pesqueira
Sernancelhe
Tabuaço
Tarouca
Torre de Moncorvo
Vila Nova de Foz Côa
Vila Real
LEZÍRIA DO TEJO
Chamusca
Coruche
Santarém (limited to certain parishes)
MÉDIO TEJO
Abrantes
Constância
Ferreira do Zêzere
Mação
Ourém (limited to certain parishes)
Sardoal
Sertã
Tomar (limited to certain parishes)
Vila de Rei
Vila Nova da Barquinha
REGIÃO DE AVEIRO
Águeda (limited to certain parishes)
Sever do Vouga
REGIÃO DE COIMBRA
Arganil
Condeixa-a-Nova (limited to certain parishes)
Góis
Lousã
Miranda do Corvo
Mortágua
Oliveira do Hospital
Pampilhosa da Serra
Penacova
Penela
Soure
Tábua
Vila Nova de Poiares
REGIÃO DE LEIRIA
Alvaiázere
Ansião
Castanheira de Pêra
Figueiró dos Vinhos
Pedrógão Grande
Pombal (limited to certain parishes)
Porto de Mós (limited to certain parishes)
REGIÃO DE VISEU DÃO LAFÕES
Aguiar da Beira
Carregal do Sal
Castro Daire
Mangualde
Nelas
Oliveira de Frades
Penalva do Castelo
Santa Comba Dão
São Pedro do Sul
Sátão
Tondela
Vila Nova de Paiva
Viseu (limited to certain parishes)
Vouzela
TÂMEGA E SOUSA
Amarante (limited to certain parishes)
Baião
Castelo de Paiva (limited to certain parishes)
Celorico de Basto
Cinfães
Marco de Canaveses (limited to certain parishes)
Resende
TERRAS DE TRÁS-OS-MONTES
Alfândega da Fé
Bragança
Macedo de Cavaleiros
Miranda do Douro
Mirandela
Mogadouro
Vila Flor
Vimioso
Vinhais
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