Golden Visa Portugal 2021 & 2022
The Portuguese government has created a new law with the aim to attract foreign investment. Golden Residence Permit Programme opened the possibility of achieving residency through: the acquisition of real estate; creating a certain number of jobs or by transferring capital.
Now the holders of a “Golden Residence Permits” may request family regrouping, and gain access to a Portuguese citizenship or a Permanent Residence Permit.
Residence Permit for Investment Activities; who may request?
Third country passport holders who carry out at least one of the following activities (personally or through a company) for a minimum period of five years:
- Real estate acquisition with a minimum value of Five Hundred thousand Euros (500.000€)
- Transfer the minimum of one million Euros (1.000.000€) of capital. Investments in company stocks or shares are included.
- Creation of a minimum of 10 jobs during five years.
Applying for the “Golden Visa” Resident Permit through real estate purchase. What are the necessary documents?
- The presentation of the property transfer deed demonstrating full ownership of real estate with a total minimum value of 500.000€.
- A declaration from a financial institution, authorized to carry out activities in Portugal, stating that a transfer of Five Hundred Thousand Euros (500.000€) or more has been made for the purchase of a property.
- An updated property register certificate or copy of the promissory contract, (legally viable) where is stated the respective entry.
The Property can be purchased as a:
- Private acquisition with a minimum value of Five Hundred thousand Euros (500.000€)
- Acquisition through Co-ownership, the request is that each co-owner invests a minimum of Five Hundred Thousand Euros (500.000€), the transfer deed must be submitted before the renewal request of residency permit.
- Be encumbered starting from a threshold over Five Hundred thousand Euros (500.000€)
How can I request a “Golden Visa” Residence Permit?
You may do it online at www.sef.pt. or in a Portuguese diplomatic post or consulate overseas. If you prefer you can also request it at the central or regional SEF offices (foreigners and borders service).
The holders of a “Golden Visa” Residence Permit are entitled to family regrouping, and if all requests are fulfilled may have access to the Permanent Residence Permit and Portuguese citizenship.
Minimum permanent residence period
In order to renew the residence permit, you may be asked show a proof that in the first year you have spent a minimum of seven days in Portuguese territory. This stay can be consecutively or spaced in time as long it´s done during the first year. In the following two periods of 2 years you should stay a minimum of 14 days in Portugal territory.
Find out everything that changes in "Golden Visas" from January 1st, 2022.
Starting next year, applying for a gold visa in Portugal will have different rules. The most important has to do with the purchase of a house, which is only possible inland and in the islands. For investors who want to invest capital in other ways, the minimum investment amounts also increase.
The State Budget for 2021 foresaw changes to the "golden visa" regime, but the Government had already announced changes well before that. The Minister of Infrastructure and Housing said in January last year that prices in the real estate market in Lisbon and Porto are “a crime against the country” and therefore, it was time to remove "gold visas" investment in large cities, channeling them to the inland regions.
Specialists in the real estate market in particular have always said that "golden visas" were not responsible for the increase in house prices, but the changes did go ahead, as the decree-law for January 2022 shows.
For those who wish to obtain a "golden visa" permit from that day, ALGARVE REALTOR has prepared a guide to help you through the process:
What changes in real estate investment to obtain a visa?
The current law, provides that the visa can be granted after the acquisition of a property with a minimum value of 500,000 euros or 300,000 euros in the case of older properties. However, as of January 1, 2022, this will change. These two conditions will apply only to residential properties located inland and to the islands of Madeira and the Azores.
That is, acquiring a property for housing, for example, in Lisbon or Porto for those minimum values will no longer qualify for a "golden visa". In the Algarve only the municipalities of Alcoutim, Aljezur, Castro Marim, Monchique and Vila do Bispo will be qualified for it.
Still, investors can continue to obtain a visa through the purchase of commercial properties, such as offices or retail spaces, in any part of the country.
What forms of investment are there to obtain a visa after December 2021?
To obtain a "golden visa", one of the ways is through investment. This can be done in person or through a partnership for a minimum period of five years.
This investment has to be done in one of the following ways:
1-Minimum investment of 1.5 million euros (current law refers to one million euros);
2-Creation of at least 10 jobs;
3-Acquisition of properties with a value equal to or greater than 500,000 euros (only inland regions and on the islands);
4-Acquisition of real estate (only inland regions and on the islands) whose construction has been completed at least 30 years ago, or located in an urban rehabilitation area and carrying out rehabilitation works of the real estate acquired, in the amount of 350,000 euros or more;
5-Minimum investment of 500,000 euros (current law refers to 350,000 euros) in research activities carried out by public or private scientific research institutions, integrated into the national scientific and technological system;
6-Minimum investment of 250,000 euros to support artistic production, recovery or maintenance of the national cultural heritage;
7-Minimum investment of 500,000 euros (current law refers to 350,000 euros) in the acquisition of investment units in investment funds or venture capital funds dedicated to companies capitalization;
8-Minimum investment of 500,000 euros (current law refers to 350,000 euros) in the constitution of a commercial company based in Portugal, which creates five permanent jobs, or in the reinforcement of the share capital of an already incorporated commercial company, through the creation or maintenance of jobs, with a minimum of five permanents, and for a minimum period of three years.
It is important to mention that the investment in the acquisition of real estate, in science and culture can be 20% lower when it happens in low density territories, that is, with less than 100 inhabitants per km2.