GENERAL

Portugal Golden Visa Changes

Portugal Golden Visa, which has provided residency to more than 10,000 investors, has undergone some changes. The details about the changes finalized in February 2021. 

According to this, two main amendments will be in effect as of Jan. 1, 2022:

  • The location you can buy a property in Portugal to qualify for a Golden Visa, and 
  • How much money you need to invest to qualify for a Golden Visa.

Find more details about the changes in investment types and amounts below.

Changes in the Real Estate Options 

There have been restrictions on the locations where you can buy a residential property in Portugal. Accordingly, you can only buy property in the interior mainland of Portugal. Alternatively, you can buy property in the autonomous regions of Madeira and Azores. 

So, it’ll no longer be possible to buy residential property in Lisbon, Porto, or on the coast of the mainland. These include Cascais, Sintra, the Algarve, and the Silver Coast.

Note that the restrictions will apply only to residential properties in Portugal. So, you can still buy other types of properties to qualify for a Golden Visa.

On the other hand, the minimum investment amounts will not be subject to change after 2022. So, the new arrangement only applies to the residential properties in Lisbon, Porto, and the coastal area of the mainland. 

Fund Subscription Investment Amount Will Increase from €350,000 to €500,000 

The minimum required investment amount for investment funds was €350,000. However, it’ll be €500,000 as of Jan. 1, 2022. You can find many funds to invest under this option.

Increases in the Amounts of Certain Other Investment Options

The following investment options will also undergo certain changes:

  • Minimum capital transfer requirement: Will increase from €1 million to €1,5 million
  • The minimum R&D investment amount: Will increase from €350,000 to €500,000

What Will Not Change As Of 2022?

The following options will not undergo changes as of 2022:

  • A donation of €250,000 to Arts and Culture in Portugal, and
  • Creating 10 new jobs through a company

What Else To Know About the Portugal Golden Visa Changes 

If you’re a current or an old applicant, you’ll not be subject to these aforementioned changes. So, existing investments will not be affected.

If you’re a current applicant, you need to get at least pre-approval for your Golden Visa application until Dec. 31, 2021. 

What To Do Before The Portugal Golden Visa Changes?

If your intention was to buy a property on the coast or in Lisbon or Porto, you need to hurry. Otherwise, you’ll be subject to the new restriction in locations. 

You also need to be quick if you’re planning to invest in a Portuguese fund. 

Note that both options take a considerable amount of time to complete the process. 

In the meantime, you can collect the necessary documents while you still research your options. 

How To Be Eligible To Apply For Portugal Golden Visa

You need to :

  • Be over 18 years of age,
  • Be a non-EU/EEA/Swiss citizen, and 
  • Make a qualifying investment in Portugal. 

How To Apply For Golden Visa to Portugal

  • Decide on your investment
  • Collect the necessary documents to be able to apply
  • Complete your investment
  • Submit your application online to the immigration office (SEF)
  • Receive pre-approval within around two to three months
  • Attend your SEF appointment

What Are the Benefits of Having a Portugal Golden Visa?

The advantages of holding a Golden Visa to Portugal are manifold. For example:

  • You can live and work in Portugal. Also, you don’t need to be a tax resident to get this right
  • You can travel freely within the Schengen area without any visa requirements. So, your Golden Visa works like a Schengen visa
  • Family reunification is available: You can include your spouse, dependent children, and dependent parents under the program. They can simultaneously get their Golden Visa cards as you do. The benefits of the program are available for them as well
  • Portugal Golden Visa offers a very low stay requirement. Staying in Portugal for seven days on average is sufficient to maintain your residence permit
  • Portuguese citizenship is available at the end of five years of residency. Portuguese citizenship automatically means EU citizenship. This allows you to access visa-free travel to 188 countries. 
  • The NHR (Non-Habitual Resident) program exempts you from many income taxes for 10 years. This applies when you become a tax resident in Portugal. Apart from NHR, your international income is not subject to taxation in Portugal. 

TIME BUSINESS NEWS

TBN Editor

Time Business News Editor Team