Knowledge & Opinions
03 Mar 2021

Portugal: New amendments to the Golden Visa Programme

Portugal recently published an amendment to its GOLDEN VISA PROGRAMME. The new rules encourage investments to be directed to inland areas, urban rehabilitation, cultural heritage, activities of high environmental or social value and job creation.

According the new rules (only after 1 January 2022), these goals are to be achieved by:
  • Increasing the minimum amount or value of the investments and the number of jobs created; and,
  • Restricting real estate investments to areas in the countryside, the Azores and Madeira
Please find below a comparison of the current legislation valid until 31 December 2021 and the new legislation valid from 1 January 2022 onwards:
Until 31 December 2021 From 1 January 2022
Transfer of capital in an amount equal or higher than EUR 1,000,000 namely bank deposits Transfer of capital in an amount equal or higher than EUR. 1,500,000 namely bank deposits
Creation of at least 10 jobs Same requisite
Acquisition of real estate with a minimum value of EUR 500,000 (applicable to the entire Portuguese territory) Acquisition of real estate with a minimum value of EUR 500, 000 (only for residential use and if located on the Azores or Madeira or in areas in the countryside identified)
Acquisition of real estate with a minimum value of EUR 350,000 built at least 30 years ago or located in designated urban rehabilitation areas and if rehabilitation works are carried out Acquisition of real estate with a minimum value of EUR 350,000 built at least 30 years ago or located in designated urban rehabilitation areas and if rehabilitation works are carried out (only for residential use and if located on the Azores or Madeira or in areas in the countryside)
Transfer of capital equal or higher than EUR 350,000 to be applied in research activities carried out by public or private scientific research institution, integrated in the scientific and technological system Transfer of capital equal or higher than EUR 500,000 to be applied in research activities carried out by public or private scientific research institution, integrated in the scientific and technological system
Transfer of capital equal or higher than EUR 250,000 to be applied in investment or support for artistic production, protection and restoration of the national cultural patrimony, throughout public entities Same requisite
Transfer of capital equal or higher than EUR 350,000 for the acquisition of participation units in investment funds or venture capital funds incorporated according Portuguese Law, specialized in the capitalization of companies, whereby the participation units’ maturity ought to be at least 5 years and at least 60% of the value of the investments ought to be made in companies located in Portugal Transfer of capital equal or higher than EUR 500,000 for the acquisition of participation units in investment funds or venture capital funds incorporated according Portuguese Law, specialized in the capitalization of companies, whereby the participation units’ maturity ought to be at least 5 years and at least 60% of the value of the investments ought to be made in companies located in Portugal
Transfer of capital equal or higher than EUR 350,000 to incorporate a company in Portugal, combined with the creation of 5 permanent jobs, or the investment in an existing Portuguese company combined with the creation or maintenance of the existing jobs, with a minimum of 5 permanent jobs, for a minimum period of 3 years Transfer of capital equal or higher than EUR 500,000 to incorporate a company in Portugal, combined with the creation of 5 permanent jobs, or the investment in an existing Portuguese company combined with the creation or maintenance of the existing jobs, with a minimum of 5 permanent jobs, for a minimum period of 3 years
  Concerning the real estate investments, and given the geographic limitation introduced with this recent amendment, it should be stressed that real estate located in the metropolitan areas of Lisbon and Oporto and in the Algarve will be excluded from this regime after 1 January 2022. The new amendments will only apply to application requests submitted after 1 January 2022. This means that, until 31 December 2021, application requests to obtain a residence permit under the Golden Visa programme are processed according to the conditions currently in force. It is an opportunity! In addition, any residence permits granted under the current regime (until 31 December 2021) will not be affected by the new legislation.  

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