The new Portuguese Golden Visa regime

Since February, the Portuguese Government has discussed the complete termination of the Golden Visa program. However, there was a sudden change in the agenda, and there will only be some changes to the possibilities of investment suitable for the Golden Visa.

This change of heart was an unexpected event because the Portuguese Government launched an extensive housing program early this year and made it clear that it would end the Golden Visa program since terminating the Golden Visa was part of this package.

Nevertheless, the Golden Visa survived the forecast of its end and will continue to be one of the best ways to invest in Portugal. There will be some changes, such as the impossibility of investing through real estate, but the program will continue, contrary to what was initially thought would happen.

The new law (Affordable House Bill — Mais Habitação) entered into force on October 7th, 2023, making some changes to the Golden Visa regime.

What changes with the new Law?

This new Law excludes from qualifying as an investment the acquisition of all types of real estate, including real estate older than 30 years ago or located in urban rehabilitation areas or specific areas of the country. Furthermore, obtaining a Golden Visa through a capital investment of Euro 1.5 million will no longer be admissible.

Even if the real estate acquisition is no longer suitable to get the Golden Visa, it is the Government’s goal to maintain several other routes to allow investors to get the Golden Visa.

However, requests that are pending approval remain valid, even if they were made based on the old version of the regime — both through real estate and capital investments.

What options of investment are still eligible for Golden Visa purposes?

The scientific research and cultural investment will keep its viability as a Golden Visa-eligible investment at a 500,000 euro threshold. On the other hand, it will also be possible to apply for a Golden Visa by investing 250,000 euro, creating 5 to 10 new jobs.

In summary, the Government has backpedaled on the initial idea of entirely ending the Golden Visa program, merely changing it into an option with fewer ways to obtain it.

Know more about the current Golden Visa regime here.

If you wish to apply for a Golden Visa, please do not hesitate to contact us.

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