Upcoming reform in the Porteguese Golden Visa Program

The Portuguese Government has decided to proceed with the reform of the Investment Residence Authorization Program, commonly known as " the Golden Visa Program”. This decision was adopted just before Christmas within the Council of Ministers.

The changes exclusively focus on investment through real estate, more specifically the purchase of real estate for 500.000 € or 350.000 € for properties in an area of urban regeneration. As such, the changes do not apply to the fund investment option or other investment routes of the Golden Visa program.
The reform entails that real estate investments located in coastal regions such as Situbel and the Silver Coast or metropolitan areas such as Lisbon, Porto and the Algarve will no longer lead to residency in light of the Golden Visa Program. Following the reform, only investments in regions with low population density will qualify.

According to the declarations made at the final phase of the Council of Ministers, the new regime should enter into force on July 1, 2021, with a transitional period until 2022. As such renovation projects initiated before this deadline and approved in light of the current legislative framework as well as ongoing family reunification requests should not be affected.

It is expected that these alterations will reinforce the growing trend of alternative investment options, in particular, the investment of € 350,000 in the acquisition of shares in Portuguese mutual funds or venture capital funds aimed at the capitalization of companies, or in the application in research activities developed by institutions integrated to the Portuguese scientific and technological system or, investments of 250.000 € supporting artistic production, recovery or maintenance of the national cultural heritage.

Taking into account the announced reform of the Program, it could be the time for you to invest in Portuguese property in order to enjoy the existing real estate investment options.

If you would like to obtain further information, we are happy to advise.

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