Portuguese Golden Visa Scheme – Changes to attract more Investors

Portugal being the 6th strongest passport in the world has always been a huge attraction for people to live and work in the country. Portugal offers a very balanced lifestyle with a blend of European classic & modern culture. Portuguese Golden Visa Scheme is one direct pathway towards getting residency in Portugal which is leading to citizenship. Living in Portugal gives you access to the world’s best education and healthcare facilities with minimum taxes on worldwide income.

Initially, in 2021, the government of Portugal gave a statement about the residency scheme. According to that, the investors can now only buy properties in Lisbon & Porto till July 2021. This news was a high alert for foreign investors and everyone was rushing to get their application approvals. As for now, The government just publishes some insights into new changes in the Portuguese Golden Visa Scheme. However, Investors are allowed to purchase property in Lisbon & Porto till the end of 2021. The restriction on property purchase will be implemented from January 2022 onwards. Investors are very happy about this news. They almost have a year now to explore their options before making a final move.

New Changes in Portuguese Golden Visa Scheme

As per the Portuguese government’s official statement, “the amendments now released will only be applicable to Golden Visa applications submitted after Decree Law 14/2021 is in force, which is to take place on 1st January 2022. This means that, until then, the existing rules and requirements shall be applicable to all investors.”

Moreover, the government authorities clarify that the new changes that they will implement in January 2022 are not going to affect the applications being in the process this whole year. Also, the minimum investment amount will see a raise to EUR 500K from EUR 350K, and investors wouldn’t be able to invest in the real estate of Lisbon & Porto after December 31st, 2021. This clearly means that the upcoming New Year will bring a whole new set of rules for the Portuguese Golden Visa Scheme.

Updates on new and increased rates in each category:

  1. The minimum investment value in the deposit category as a capital investment will be increase to EUR 1.4 Million. The current value is EUR 1 Million.
  2. The applicant will require an investment amount of EUR 500K to apply in the investment fund category. This amount is currently EUR 350K.
  3. The investment value to purchase a real estate property would remain the same. As it was EUR 500K and EUR 350K but there will be a restriction in areas. Investors can no more buy properties in the major cities of Lisbon & Porto. Property Purchase will only be possible in regional areas of Portugal.
  4. The amount of investment for the Job Creation Category will be increase to EUR 50,000 and applicants need to create 5 job positions. It is a must to maintain these job positions for at least 3 years.
  5. The investment budget for science & research categories will also witness a rise. New value EUR 500K which is currently EUR 350K.

Moreover, Government Authorities of Portugal also announced that “all investors who have submitted their applications under the terms of the existing rules shall continue to renew their residencies with the same requirements applicable at the time of the initial application. “