Launched in 2012 with the aim of attracting foreign investment to Portugal, the Portuguese Golden Visa program proved to be a real success, becoming one of the most popular in Europe and the world to obtain a temporary residence permit through one of the investment types provided for in Law no. 23/2007, of July 4th.
Who is eligible for the Golden Visa Program?
Any non-EU or EEA citizen of a Third State may apply for a temporary residence permit for investment activity.
What are the advantages and benefits of a Golden Visa?
Golden visa holders benefit from a series of advantages, namely:
or
What is the duration of the Golden Visa?
From April 2020, residence permits for initial investment activity became valid for two years (used to have an initial duration of one year) and subsequent renewals became valid for three years each (used to have a duration two years).
What are the requirements that an investor must fulfill to maintain a Golden Visa?
For the purpose of renewing the Residence Permit for Investment Activity (ARI), the applicant must meet, among others, the following requirements:
- Passport or another valid traveling document
- Proof of legal entry and permanence in the national territory
- Proof of health insurance
- Signed application enabling verification of the Portuguese Criminal Records by SEF
- Criminal Record Certificate from the relevant authority of the applicant's home country or from any other country where he / she resided for over a year, requirements of the investment activity
- Investment activity for a minimum period of five years attested by a bona fide declaration signed by the applicant
Family Regrouping
The holders of this residence permit for investment may apply for family regrouping under the provisions of the General Law.
The process of family regrouping will take three months.
Family regrouping is authorised for the following members:
- spouse
- Underage children (-18)
- Adult children that are single and studying in a Portuguese School.
Other situations are also possible but must be verified beforehand with the Portuguese Authorities and the Portuguese Law.
Expenses to be paid for the Golden Residency Permit
533€ - Reception and analysis of the application for Golden Visa concession or renewal (Investor)
533€ - Reception and analysis of the application for Golden Visa concession or renewal (family reunion)
5.325€ - Golden Visa Approval (Investor and family members)
2.663€ - Golden Visa Renewals (Investor and family members)
What changes to the Golden Visa regime will take effect from January 1, 2022?
Decree-Law No. 14/2021, of 12 February, implemented changes to the golden visa legal regime in Portugal, which will come into force on January 1, 2022, and will apply to all of residence permit for investment activity applications required after that date.
However, the renewals of processes approved under the regime currently in force, as well as subsequent requests for family reunification will not be affected by the restrictions provided for in the aforementioned Decree-aw.
The amendments refer to two distinct aspects. On one hand, the minimum amounts required for some types of investment will be increased, namely:
On the other hand, it is the types of investment in real estate that will suffer the most relevant restriction on golden visas.
From January 1, 2022, properties acquired for housing only allow access to the golden visa regime if they are located in the Autonomous Regions of the Azores and Madeira or in the interior territories, identified in the annex to Ordinance no. 208/2017, of July 13th. Therefore, property investments for housing carried out in large cities, such as Lisbon and Porto, as well as in coastal cities and areas, including most of the Algarve, are excluded from this regime.
However, there is no restriction on real estate investments made in any area of the Portuguese territory, when the properties are intended for other uses permitted by law, such as commerce, services or industry (such as logistics activities, commercial establishments, offices and coworking spaces, tourist apartments).
It means that, if after January 1, 2022, an applicant acquires, for the minimum amount required for the investment type, a property for services in Lisbon/Porto/Algarve, he may apply for a residence permit for investment activity, without any restriction. It should also be noted that real estate investment types will not suffer any increase in the minimum amounts.
Conclusion
Whether you’re thinking of retiring, owning a second home in Europe or you’re just looking to invest, we specialize in helping people like you find the right properties in the Algarve, the top spot in Portugal. With a network of expert advisers, we’ve got the resources to make it happen.
We hope this information was useful.
> Visit our property pages