In early 2023, the Government announced its intention not to grant new residence permits for investment activity (better known as the Golden Visa Programme), as part of the “Mais Habitação” (“More Housing”) special measures’ package.
This proposal was discussed and voted in by the Portuguese Parliament, alongside other measures intended to manage the housing crisis in Portugal.
The final approved document sets out the termination of three Golden Visa options but retains five investments as an eligible criterion for future Golden Visa applications.
The Golden Visa changes are not yet in force as they still need to be approved by the President of the Portuguese Republic before being published in the “National Republic Gazette”.
According to this legislation, the following Golden Visa options will not be accepted for future applications:
- The transfer of €1,500,000.00 to a Portuguese bank account;
- The acquisition of a real estate property and
- The acquisition of a real estate property accompanied by renovation works.
The legislation also states that the termination of these options will not affect pending applications, future renewals and family reunification requests.
In contrast, the following investments will still be valid for the Portuguese Golden Visa programme:
- The creation of at least 10 jobs;
- Capital transfer on an amount equal to or over €500,000.00 for investing in research activities developed by public or private scientific research institutions integrated in the Portuguese scientific or technology system;
- Capital transfer on an amount equal to or over €500,000.00 to constitute or increase the share capital of a commercial company with head office in Portugal, in conjunction with the creation or maintenance of five permanent jobs;
- Cultural donation to the tune of €250,000.00 for projects certified by the Ministry of Culture;
- Investment of €500,000.00 for the acquisition of units of investment funds whose maturity, at the time of the investment, is, at least, five years with at least 60% of the investments being made in commercial companies with a head office located in the national territory (excluding real estate funds).
However, none of these investments will be eligible if the investment is directly or indirectly intended for the Real Estate market or Real Estate companies.
***
Lisbon, 26 June 2023
Rogério M. Fernandes Ferreira
Duarte Ornelas Monteiro
Joana Marques Alves
