Portugal Golden Visa: New Rules Starting In 2022
The Portuguese government announced this month, that it has reviewed and amended the terms for its golden visa program.
Portugal’s golden visa program’s new rules are outlined in legislation: Decreto- Lei nº14/2021 of 12th of February. They will take effect on January 1st, 2022.
The most notable updates include investment amounts increases across several categories, including:
- An increase in the investment required for capital investment/deposit category - to EUR 1.5 million minimum from the current EUR 1 million;
- An increase in the investment required for the investment funds category - to EUR 500,000 minimum, from the current EUR 350,000;
- An increase in the investment required for incorporation/capital injection in an existing company - to EUR 500,000 minimum from the current EUR 350,000;
- An increase in the investment required in the science and research activities category - to EUR 500,000 minimum from EUR 350,000
In addition to these increases in minimum investment requirements, the Portuguese government has also introduced new terms that change the qualification requirements for the property investment category.
Under the new terms, property investments will be limited to the country’s interior, as well as the autonomous regions of the Azores and Madeira islands.
These changes reflect efforts by the Portuguese government to direct foreign investments to the inland territories of the countries, as well as in Madeira and Azores Islands, in order to bolster jobs, economic opportunities, as well as social and cultural activities there.
These changes only apply to residential properties. Investment in commercial and tourist properties (like hotels, resorts, serviced apartments run by tourist managers, etc) will still be allowed in Lisbon, on the coast, and in Porto.
Commercial and hotel property developers will still be able to reap the benefits of foreign investments. Investor requirements remain unchanged. Investors wishing to invest in hotel development, for example, will still be able to qualify for the lower investment level of 280,000 EUR in the interior of the country, and EUR 350 in Lisbon, Porto, and the Coastal areas.
The Portugal Golden Visa program, also known as the residence permit for investment activity (ARI), provides the opportunity for investors to become permanent residents or citizens in Portugal in only five years.
Portugal’s golden visa’s new rules and legislation will require that all the applicants fulfill the updated requirements when applying for their residency and citizenship by investment programs.
The existing requirements outlined in Portugal’s current golden visa program will apply to all investors until January 1st, 2022.
Until then, all investors who have already submitted their applications under the terms of the existing rules will be able to proceed with their application and continue renewing their residencies under the requirements applicable at the time of their application.
If you have any questions about the new requirements for Portugal’s golden visa we’re ready to help. Please get in touch with a Global Pass consultant who will be happy to answer any questions you may have.