In a significant development, Portugal is set to revamp its Golden Visa Program, which has long been a magnet for affluent foreign investors seeking residency in the country. The impending changes are poised to make it more challenging for individuals to secure a Golden Visa through property investments, but alternative routes remain open.
Key Changes Simplified:
- No More Real Estate Route: Investors can no longer use real estate investment as a pathway to obtain a Golden Visa.
- Renewal Option: Those who already hold a Golden Visa based on real estate investment can still renew it.
- New Eligibility Criteria: Prospective Golden Visa holders can still qualify through these avenues:
- Creating a minimum of 10 jobs in Portugal.
- Investing €500,000 or more in research activities within Portugal.
- Allocating €250,000 or more toward art or cultural heritage projects in Portugal.
- Committing €500,000 or more to specific investment funds in Portugal.
- Establishing a company in Portugal, creating at least 5 permanent jobs, or investing €500,000 or more in an existing Portuguese company while generating 5 jobs.
Why These Changes?
Portugal is grappling with a housing crisis, prompting the government to take action. They aim to make homeownership more accessible to locals, and they believe that these new rules for the Golden Visa Program will contribute to achieving this goal.
Is the Golden Visa Program Still Attractive?
Despite the changes making it tougher to utilize real estate investment, the Golden Visa Program remains a sought-after option for international individuals desiring to reside in Portugal. Whether it’s a suitable choice for you depends on your specific circumstances and objectives. If you’re considering Portuguese residency, closely examine the new regulations to determine if the program aligns with your needs and aspirations.
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