Portugal has always been a place of attraction for people from all around the world. The ease of doing business, the Mediterranean climate zone, and easy citizenship options make the country the best option for people seeking a new homeland. The Portugal Golden Visa program was launched in 2012 to attract people across the globe. Portugal is a land of opportunity with world-class education facilities, healthcare, modern infrastructure, and visa-free entry for Schengen countries. There are some rumors about Portugal golden visa suspension, creating doubts in people’s minds. Let’s explore this update and how this update for Portugal golden visa may impact your plans:
What is the Truth Behind Portugal Golden Visa Suspension News?
Isn’t the Golden Visa Portugal suspended already? Well, you will be amazed to know that the Portugal Golden Visa has not ended, but some investment options have been suspended due to recent revisions in the program. The government of Portugal in February 2023 hinted about ending the program, which is the root cause of rumors and uncertainty in immigration market.
Get hooked with us to learn more about the existing investment options, the passed bill, and other necessary factors about Portugal Golden Visa.
Portugal Golden Visa News 2023 and More Housing Bill
Statistics on Portugal’s immigration show that the country is a haven for people seeking second citizenship. The Portugal Golden Visa is a famous program that attracted thousands in 2023. However, the program remains in mainstream media due to the country’s housing crisis. Locals blame the high influx of immigrants investing and owning real estate for escalating the already under-pressure housing crisis.
Portugal Parliament Passed Bill to End Real Estate Investment by Foreigners
On February 16th, 2023, the Portuguese Parliament passed the bill to address housing market issues and expand the rental market. Prime Minister Antonio Costa highlighted the need to increase the housing supply and simplify licensing processes. These amendments signify a strategic shift for the Golden Visa program, as the new rules align with national economic objectives. This bill was named the “More Housing” bill and was created to stabilize the housing and economy of their country.
More Housing Bill in Portugal and Its Connection with Golden Visa
On July 19th, 2023, the Portuguese parliament approved the final version of the More Housing bill. More housing bills only ended investment in real estate from Portugal’s Golden Visa Program instead of ending or scrapping the entire program. The bill created chaos among investors seeking citizenship in Portugal, who became worried about their future.
Portugal Golden Visa Updates – What Investment Options Available in 2023-24
Instead of suspending the Golden Visa, the More Housing Bill redefines what types of investment options qualify for the Golden Visa Program. On October 07th, 2023, the More Housing bill officially came into effect. The Portugal Golden Visa changes were only limited to combating the housing crisis. So, nothing to worry about as Portugal’s government finds a way to stabilize the housing market and keep entertaining people seeking citizenship with investment opportunities.
Portugal Golden Visa Investment Options in 2023-24
As per the Portugal Golden Visa updates, only the Real Estate and Capital Transfer options were removed as of July 19th, 2023. The remaining options include:
- A capital transfer to acquire shares in Portuguese companies.
- Investing in scientific research in Portugal.
- Creating at least five permanent jobs in Portugal.
- Capital transfer into government-approved investment funds.
- Investing in national cultural heritage or artistic production.
These options offer diverse avenues for investors to contribute to Portugal’s economy while securing residency, leading to citizenship and a global passport that is 5th strongest in the world.
Is the Portugal Golden Visa Worth It After New Rules?
Portugal’s Golden Visa program remains competitive globally, offering unique benefits and various investment options. Holders of Portuguese passports have visa-free or visa-on-arrival access to 175 countries. The CNBC 2024 list of Best Passports in the World ranks Portugal’s passport as 3rd best globally. Portugal’s economic diversification, tax relaxations, dual citizenship, and freedom of movement make it the best option among residency by investment programs.
Portugal Golden Visa Investment Amount after 2023 Updates
You must have the up-to-date information to initiate your process for a Portugal Golden Visa by investment. Here is the breakdown of the investment amount after the 2023 changes:
Investment for Fund Subscriptions
You need to invest €500,000 in a qualified investment fund. This could be any approved venture capital fund or a private equity. This is one of the easiest investment options leading to citizenship.
Business Creation and 10 Jobs for Locals – No Minimum Investment Limit
This option is best for entrepreneurs who want to expand their business in Portugal and the European market. You need to start and run a company in the country for 5 years with €500,000 that offers jobs to 10 local people. The option isn’t as popular as investment in real estate was. A report states only 22 people seeking Golden Visa choose to start a business that creates 10 local jobs.
Investment or Donation Option via Cultural Golden Visa
After the suspension of real estate investment for Golden Visa qualification, this option is gaining the attention of citizenship seekers. You need to donate €250,000 for the Cultural Golden Visa program.
Scientific Research
The Golden visa scientific research stream need €500,000 or €400,000 for a project from low-density region.
Conclusion
The news that Portugal end golden visa is baseless, as the government only suspend investment in real estate. Other options are competitive and lead to citizenship as well. Portugal’s economy performs well even during the pandemic when most of the countries struggle. The tax incentives, regulatory improvements, and active attractions for foreign investors help Portugal and investors hold the fifth most powerful passport in the world. The Portugal golden visa real estate changes is about restriction for real estate and fixed deposit investment, while there are options that you can choose as per your needs and profile.
FAQs
How do the Portugal Golden Visa changes Impact My Application for Citizenship?
The changes to Portugal Golden Visa program remove investment to real estate and fixed deposits as qualifying option. These changes have nothing to do in any other sense. You can choose from any other investment option to proceed with your application for the visa program.
What are the significant changes to the Portugal Golden Visa program in 2024?
In 2024, the most significant changes to the Portugal Golden Visa program include removing real estate investments and fixed deposits as qualifying options. The program now focuses more on other types of investments like capital transfer into Portuguese companies, scientific research, job creation, investment funds, and support for cultural heritage.
Why were changes made to the Portugal Golden Visa program?
The changes were primarily made to address Portugal’s economic needs, particularly in the housing sector. The government aimed to increase the housing supply and expand the rental market. These changes were part of a strategic effort to align the program with national economic goals and to diversify the types of investments coming into the country.
Can I still apply for a Golden Visa through real estate investment in Portugal?
As of the latest Portugal Golden Visa updates, real estate investment is no longer a qualifying option for Portugal’s Golden Visa. This change is part of the new regulations addressing the housing market dynamics in Portugal.
