Portugal Delays Golden Visa Changes Until 2022
14 February 2021
In a surprise announcement, the Portuguese Government has confirmed the sweeping changes to the popular Golden Visa programme will now be delayed until 1st January 2022.
The original proposal had changes being implemented on 1st July 2021, but with the new announcement, applicants will have an additional 6 months to apply under the current regulations. As such, real estate purchased in Lisbon, Porto and the coastal areas like the Algarve will still qualify for the Golden Visa until the end of the year.
The changes are intended to encourage residential property investment inland away from the major cities. However, it is believed that commercial property will still qualify in Porto and Lisbon such as the rehabilitation into hospitality projects at the €350,000 investment level and €280,000 real estate rehabilitation into hospitality projects in the non-urban areas.
For applicants unable to proceed this year, on 1st January 2022 the minimum investment thresholds will be raised as follows:
- The acquisition of residential property with a value equal to or over €500,000 and the rehabilitation of such properties at the €350K/€280K option will only be allowed when the dwellings are located in the Autonomous Regions of the Azores and Madeira or inland territories (outside Lisbon, Porto and Algarve)
- Capital transfers equal to or greater than €500,000, for the acquisition of investment units in investment funds (Venture Capital Option is increasing from €350K);
- Capital transfer in the amount equal to or higher than €500,000, which is applied in research activities developed by public or private scientific research institutions, integrated in the national scientific and technological system (Donation Option);
- Capital transfer in the amount equal to or greater than €1.5 million (Bank Deposit).
Latitude’s Director Jon Green welcomes the announcement, “many of our clients were feeling rushed with the July deadline given the state of the global pandemic. The additional six months is already being well received with our clients from around the world. Latitude has a wide range of qualifying €280K, €350K and €500K real estate options for clients to choose from.”
Additionally, Jon confirms the growth in popularity of the fund option, “the interest in the Venture Capital Option has spiked over the last six months as it has given many clients that are unable to travel to Portugal to view property options in person an alternative option for their Golden Visa. There is a strong appetite for conservative funds that are well structured and led by strong teams.”
For more information on the Portugal Golden Visa, please contact us today.