Starting next year, applying for a gold visa in Portugal will have different rules. Most of the changes performed will be with the purchase of a house, which is only possible in the interior of the country and the islands of Madeira and Açores.
However, important changes will happen also for investors who want to do invest capital (through the investment fund/ bank account holding or similar) the minimum investment amounts will increase.
The changes in the golden visa (Autorização de Residência para Atividade de Investimento) will from January 1, 2022.
What changes in real estate investment to obtain a visa?
The current law, which remains in effect until December 31, 2021, inclusive, provides that the visa can be granted after the acquisition of a property for a minimum amount of 500,000 euros or 350,000 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 in inland regions and to the islands of Madeira and the Azores.
There is a list published with the areas that are possible to invest, click here to check it out.
For example, a common question about Algarve, you can only invest in the municipalities of de Alcoutim, Aljezur, Castro Marim, Monchique, and Vila do Bispo.
Seems that this means that 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. However, further clarification should be provided soon.
What is the possible investment for the Golden Visa in Portugal?
This can be done individually or through a company and for a minimum period of five years, with one of these investments:
a) Bank transfer and holding a minimum of 1.5 million euros (current law refers to 1 million euros);
b) Creation of at least 10 jobs;
c) Acquisition of properties with a value equal to or greater than 500,000 euros (but only in the interior of the country and on the islands);
d) Acquisition of real estate (but only in the interior of the country 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;
f) 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;
g) Minimum investment of 250,000 euros to support artistic production, recovery, or maintenance of the national cultural heritage;
h) 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 the capitalization of companies;
i) Minimum investment of 500,000 euros (the 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.
In certain cases, it remains the possibility of applying a 20% reduction on the investment, when this is performed in low-density territories, that is, with less than 100 inhabitants per km2 or with a GDP 75% below the national average.
This article is for informational purposes only and is not intended to be exhaustive in relation to the matters covered here. However, if you are still not completely clear and continue with doubts or if you want our help, do not hesitate to contact us through geral@fslegal.pt.