Changes to The Golden Visa as of 2021
With the legislation approved, foreign citizens looking to invest in real estate in Portugal, in order to obtain legal residency will be restricted to invest only in “low density” rural areas of Portugal instead of larger cities such as Lisbon and Porto.
With an official acting law as of July 2021, the Portuguese Government has confirmed that there will be a roll-out period until 2022, which will allow for all individuals with ongoing processes to complete these following regulations prior to alterations.
What is the Golden Visa in Portugal?
In 2012, the Golden Residence Permit, otherwise known as the Golden Visa was devised to attract money into the country by granting residency, in exchange for a variety of approved investments. Investing in real estate in Portugal is a popular choice among Golden Visa applicants. This is partly because property prices in Portugal are lower that in many other European countries – providing investors with a greater opportunity for capital growth. In addition, the minimum investment required is set at a very affordable level.
The Golden Visa offers a fast and simple way for non-EU citizens to enjoy the many benefits of living and working in Portugal – and the Algarve in particular. With its beautiful landscape, sandy beaches, first-class seaside restaurants and more sunny days than anywhere else in Europe, the Algarve is highly sought after by property buyers looking for luxurious homes in stunning locations.
Investing in Portuguese Property to Obtain the Golden Visa
All citizens outside the Schengen Area with intent of conducting an investment activity, as an independent entrepreneur or through a company setup in Portugal, or in another EU Member State, may apply by one of the following routes:
The investors, along with their families, qualify for the Golden Visa if they comply with the following requirements:
Beneficiaries of the Golden Visa are entitled to:
The tax rates, scope and reliefs may change. Any statements concerning taxation are based upon our understanding of current taxation laws and practices which are subject to change. Tax information has been summarised; individuals should take personalised advice.