Latest news around Portugal's Golden Visa changing
The proposal to end Portugal's Golden Visa has been revised by Parliament and it shall continue but with changes. Portugal's golden visa will not be granted for property investment in Portugal although other investment opportunities in Portugal will still lead to a golden visa. It is assumed but not officially confirmed to come into effect in the beginning of October 2023 without a grace period.
There is light for all those who already have a Golden Visa, for those who have applied and will apply before the bill is signed by the President of the Republic as these visas will continue without change. The stay requirement of 7 days a year will remain in place and requests for families to be reunited will be honoured.
If you have been thinking about buying property in Portugal to be granted Portugal's Golden Visa then now is the time to act.
What is Portugal’s Golden Visa?
The Portugal Golden Visa, sometimes referred to as the Portugal Golden Visa by investment, Portugal citizenship by investment, or simply the golden passport, was introduced in 2012 and is a visa program created by the government to encourage investment into the Portuguese property market and wider economy from non-EU nationals. For people who are planning to permanently move to Portugal, the Portuguese Golden Visa aims to make it easier for them to gain residency, even without being present in the country, provided they contribute to the economy by way of a sizable property purchase or creating new employment opportunities for the locals.
The benefits of the Portuguese Golden Visa include:
- Eligibility to apply for permanent residency and citizenship after 5 years without needing to live in Portugal during this period
- The right to travel, live, and work freely within the EU (once citizenship is granted)
- Permission to travel freely through the EU Schengen zone
- No tax obligations unless you spend more than 183 days a year in Portugal
- Access to education and healthcare in Portugal
The Portugal Golden Visa can also be extended to include dependents and other family members including parents of the visa holder if they are over 65 years of age. Essentially, this visa allows people to become a citizen within 5 years without needing to actually reside in the country. The Golden Visa can be renewed every two years so long as the applicant has spent two weeks in the country during that period.
What are the requirements for the Golden Visa in Portugal?
There are different ways you can apply, but the general Portuguese Golden Visa requirements for any applicant include:
- Being a non-EU citizen
- Being over the age of 18
- Having no criminal record
- You must already have made the investment in Portugal
- You must prove that you will maintain this investment for at least five years
Your investment in the country must meet one of the below thresholds:
- Purchase property worth at least €500,000, though this amount is lowered if you invest in low-density areas
- Purchase property in an area of regeneration that is worth at least €280,000
- Invest €350,000 in areas such as venture capital or start-up companies
- Transfer €1 million of capital into a Portuguese bank account
- Purchase €1 million worth of company shares
- Create at least ten jobs to be filled by local employees
- Invest €350,000 into a new company and generate employment roles for at least five people
- Transfer €350,000 of capital for the purpose of research by public or private institutions
- Transfer €250,000 of capital in order to support the arts and national heritage reconstruction
You can use the Golden Visa program cost calculator to determine the cost of the related expenses for your type of investment to qualify for the Golden Visa.
As of summer 2021, high-density areas such as Lisbon have become exempt as an area where these investments can take place. This is due to the Portuguese government wanting to generate foreign investments in other areas of the country.
If you wish to then apply to become a citizen after the initial five years on a Golden Visa, you will also have to demonstrate that you have:
- Basic Portuguese language ability
- A steady income
- Accommodation in Portugal
How to apply for the Portuguese Golden Visa?
All applications for the Portuguese Golden Visa must start by registering on Portugal’s Immigration and Border’s Service (SEF) online portal. You must:
- Register with the application portal
- Complete and attach application documents provided
- Pay the required fees
- Await confirmation
- Make an appointment to make an official submission of your application in person at a local brand of the SEF
During your application at the local branch, you will need the following documents:
- Official application form
- Passport
- Two passport photos
- Proof of valid healthcare cover while in Portugal
- Proof of a clean criminal record
- A sworn statement saying you will maintain your investment for five years
- Payment receipt from signing up to the online portal
- Supporting documents for your investment, these may include:
- Acquisition deed for property
- Land Register Certificate
- Proof of any deposits made
- Declaration from the relevant bodies about your investment (for arts and science)
Does this mean I can get Portugal’s citizenship by investment?
Yes, the Golden Visa is essentially a Portugal investment visa, which rewards significant contributions to the country’s economy and market. After five years, you can apply for citizenship and permanent residence. For every year of your Golden Visa duration, you must only spend a week per year in Portugal. So, after five years, a Golden Visa holder only needs to have spent approximately 35 days in Portugal to apply for citizenship.
This is a fast track route, compared to non-Golden Visa holders who must wait six years, and must reside in Portugal for this time.
The Portuguese Golden Visa is an excellent option for business-minded expats or those happy to live in low-density areas, giving a very tangible reward on their investment through fast-track citizenship and other benefits.
Been going out to Portugal for the past Twenty years every except covid , i have wanted to move out here for quite a few years now retired and i missed the opportunity by Britain exit from the European union, and now reading the above there is no chance even in the North of Portugal , house prices have gone crazy in prices i have been looking every day for the past Ten years even friends living in Spain and wanting to move over the boarder to Portugal can't afford to for the rules and registration are so Sevier what normal people have over £350 plus to invest. It's a great shame and upsetting for the normal working class.