New Portugal Golden Visa Programme 2023
The Portugal Golden Visa programme was launched in October 2012, for non-EU citizens to acquire Portuguese residency by investing in the country. Portugal's affordable prices, excellent health and education systems, along with its well-built infrastructure makes it an excellent place to invest in for residency. However, the past few years have brought a housing crisis upon Portugal, to deal with which, a set of measures were introduced. One of these included the "More Housing" bill which, after much consideration, was finally approved by the President a few days ago.
Changes In The Portugal Golden Visa Programme
The "More Housing" bill that was approved by the Portuguese President Marcelo Rebelo de Sousa recently contains new provisions that are expected to change the Golden Visa Programme significantly. Part of this legislation was to take the option of acquiring Portuguese residence permit by real estate investment off the table. While it will still be possible to renew such residence permits, Portuguese funds with any kind of relation to real estate investments won't be eligible for Golden Visa applications anymore. Additionally, the option of transferring at least €1.5 million into a Portuguese bank account to obtain a residence permit will be no longer available.
Benefits of The Portugal Golden Visa
The New Portugal Golden Visa offers the same benefits as the original one. Firstly, the programme only requires you to stay in Portugal for 7 days a year to keep your residence permit. Plus, after just five years you will be eligible to apply for Portuguese citizenship. You will not only be able to work, live and study anywhere in Europe but also get visa-free access to 188 countries as a Portuguese citizen. You can also involve your direct family members in your application for the Golden Visa and enjoy a favourable tax regime.
Requirements of The Portugal Golden Visa
Any non-EU/EEA/Swiss national aged 18 years or above can apply for the Portuguese Golden Visa. You will be required to submit a set of documents including a copy of your passport, proof of completing the qualifying investment and intending to maintain it for at least five years, proof of valid health insurance, your clean criminal record, and a payment receipt for the visa fee. You can apply for the New Portugal Golden Visa Programme through the following options:
- Creation of at least 10 new jobs.
- Contributing at least €500,000 to scientific or technological research.
- Investing €250,000 or more in support of art and maintenance of national cultural heritage.
- Transferring €500,000 or greater to acquire shares in collective investment entities and specific types of funds under the Portuguese law.
- Contributing €500,000 or more for establishment of a commercial company in Portugal with creation of five permanent jobs or for improving the share capital of an existing such company with the creation of five permanent jobs or maintenance of 10 permanent jobs, for at least three years.
Timeline of The Portugal Golden Visa
The first step to applying for the Portugal Golden Visa is to decide which investment route you want to take, gathering all necessary documents for it, opening a bank account in Portugal and obtaining a NIF (tax identification) number. After making the necessary payments and finalising your investment in Portugal, you can submit your pre-application online to Portuguese Immigration and Border Service (SEF) six months following which you will be required to personally show up for a biometrics appointment to submit your fingerprints. In another four months, you will receive your Golden Visa residence cards which will be valid for 2 years, during which you are required to spend at least 14 days in Portugal. 30-90 days before the expiration date of your card you need to have another SEF appointment to renew your residency. After five years you can either apply for permanent residence or a citizenship in Portugal.
Costs of The Portugal Golden Visa
When applying for the Portugal Golden Visa, you have to pay for additional costs aside from the investment money. The visa fees for each person is €5,325. The processing fee is €533 for the main applicant and €83 for each family member. The renewal costs are €2,663 for each person. There will be several other costs to cover including translations, lawyers, consultants, and legalisation of documents which will vary between Law Firms and investment types.
Real Estate Option Excluded from The Portugal Golden Visa Programme
Ever since the Portugal Golden Visa Programme has been introduced, the real estate investment option has always been the most preferred one. Consequently the changes made to the scheme are expected to have a major impact on the applications and their flow. With the real estate option excluded from the eligible investment routes, Portugal will need to provide investors with more opportunities that qualify for the remaining investment areas such as the environment, technology, culture, and education.
Feel free to contact us to learn more about the new regulations of the Portugal Golden Visa Programme.