Effective October 7th, 2023, the Portuguese Government has formally concluded the Golden Visa program for real estate investments. This development has sparked curiosity among numerous potential investors, prompting inquiries into their immigration possibilities and available opportunities within Portugal.
The Portuguese Golden Visa Program was introduced in 2012 to encourage foreign investment in the country. However, in February 2023, the government announced that the program would be terminated for new applicants as a measure to tackle the country’s housing crisis. The announcement has caused confusion and uncertainty, with some investors rushing to apply before the program ends. In this article, we’ll provide a comprehensive guide on the termination process and what it means for investors.
What Does the Termination Mean for Investors?
The termination of the Golden Visa Program means that new applicants will no longer be eligible for residency in Portugal through real estate investment. However, the Portuguese government has clarified that the new law will not apply retroactively to current applications and renewals. Applications and renewals will be accepted until the new law is published.
Pending applications and future renewals will transition to the D2 Entrepreneur’s Permit, which will have a reduced residency requirement of 7 days per year. This means that investors who have already applied or are in the process of applying for a Golden Visa will still be able to obtain residency in Portugal.
New applications for residence permits related to investments, support for artistic production, or the recovery and maintenance of cultural heritage in the country will still be accepted. This means that investors who are interested in these areas can still apply for residency in Portugal.
It is important to note that while the government has stated that current Golden Visa holders will still be eligible for renewal, some conditional renewals may apply for applicants who applied through the purchase of a real estate property in Portugal.
Alternative Investment Avenues for Golden Visa Seekers
Although real estate and capital transfer options for Portugal's Golden Visa are no longer available, there are still viable alternatives to explore. Consider the following investment options:
Fund Subscription: Contribute a minimum of €500,000 to a qualified investment fund.
Artistic Production or Reconstruction of National Heritage: Invest a minimum of €250,000 in artistic endeavors or the preservation of national heritage.
Scientific Research Activities: Contribute at least €500,000 to support scientific or technological research.
Job Creation: Generate and sustain ten jobs during the specified period.
Share Capital and Job Creation: Either establish a company or reinforce an existing one's share capital, requiring a €500,000 investment, coupled with the creation of five or the maintenance of ten jobs (with at least five being permanent).
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