Updates regarding the Portuguese government terminating the Golden Visa program
We are bringing great news to all benefiting from the Golden Visa program in Portugal as well as those still planning to take this opportunity. It is still possible to apply, although the deadline is approaching.
Consider Portugal
Moving to Portugal has been a popular option for many individuals seeking to enjoy the country's pleasant climate, rich culture, and high standard of living. Introduced in 2012, the Portuguese Golden Visa program has been one of the most sought-after routes for obtaining residency in the country. It offers residency permits to non-European Union citizens who invest in Portugal. The investment options include real estate, capital transfer, job creation, scientific research, and artistic or cultural activities.
Closure & silver lining
The Portuguese government has announced that the Residence Permit for Investment Activity, or the Golden Visa program, will come to an end. One of the main reasons behind this decision is to reduce the country's reliance on foreign investment and encourage domestic investment. Another reason is to tackle issues such as housing affordability and the rising cost of living in major cities, which have been linked to the influx of foreign investors.
The decision to terminate the program has been a subject of debate and speculation among investors and industry experts. Following the pressure from developers, industry associations and other stakeholder groups, there have been some changes in the proposal. One of the most significant changes is the government's decision to yield on Golden Visa retroactivity and the 183-day presence requirement in the Housing Bill's final wording. This change has been welcomed by many applicants who were concerned about the potential retroactive application of the law, which could have resulted in the loss of their residency permits.
The new law states that the 183-day presence requirement will only apply to new residency permits issued after the law's enactment. Therefore, current holders of Golden Visa residency permits will not be obliged to comply with this requirement. This change will be particularly beneficial for individuals who travel frequently and are unable to spend the required time in Portugal.
What are the benefits of a Golden Visa? Firstly, it provides a pathway to Portuguese citizenship for individuals who meet the eligibility criteria. Secondly, it allows individuals to travel freely within the Schengen area. Thirdly, it enables individuals to live and work in Portugal and to access its public services and social security system.
The most popular investment option for the Golden Visa program is real estate. To be eligible for the program, individuals must invest a minimum of €500,000 in Portuguese real estate. This investment must be maintained for a minimum of five years. However, the investment can be reduced to €350,000 if the property is located in a low-density area or requires renovation.
The application process for the Golden Visa program is relatively straightforward. Applicants must submit their application to the Portuguese Immigration and Borders Service (SEF) or through a lawyer. A proof of the investment, criminal record checks, and a valid passport must be included. The SEF will then review the application and issue a decision within 90 days.
Once the residency permit is granted, the individual must spend at least seven days in Portugal during the first year and at least 14 days in each subsequent two-year period to maintain the permit's validity. After five years, the individual can apply for permanent residency or citizenship.
Do not wait
Applicants are advised to proceed as soon as possible to ensure that they can take advantage of the program while it is still available. The Portuguese government shall eventually close the program, citing concerns about housing affordability and an overreliance on foreign investment in the property market. Citizen Lane exists to help you navigate the process and make the relocation effortless. Read more about how to join the Golden Visa program in Portugal!
If you are considering relocating to Portugal through the Golden Visa program, the time to decide has come. However, there are several alternative countries that offer similar programs, including Spain and Malta.