Portugal Golden Visa Will Likely Continue With Changes

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Have rumours of the Portugal Golden Visa ending been exaggerated? In this article, we outline the latest developments. Let us update you on what is the latest with the Portugal Golden Visa.

Over 10,000 investors hold Portuguese Golden Visas. A little under 20,000 family members do too. This residency by investment has raised more than €6 billion.

Latitude Group specializes in investment migration. We can help you and your family obtain residence permits in the likes of Portugal. Latitude Group are the global experts for all your citizenship needs too.

Could the Portugal Golden Visa continue?

“Portugal Golden Visa Ending” screamed the headlines earlier this year. The Mais Habitação (More Housing) Bill was supposed to signal the end for a programme also known as the Residence Permit for Investment. Let’s fast forward to the present day.

On 20th June, the Socialists, Portugal’s ruling party, submitted a proposal to amend the bill. As they are the majority party, this is more than likely to go through. This will continue to allow investors to apply for Portuguese Golden Visas.

The property investment option has been removed. Also, the capital bank transfer route will no longer be an option.

The following five routes to residency by investment in Portugal remain to you if you can:

1. Pledge €500,000 or more to venture capital or investment funds 
2. Create at least 10 jobs for Portuguese citizens
3. Make a scientific contribution of €500,000 or more
4. Donate at least €250,000 to artistic production or cultural heritage
5. Invest in a business and create or maintain five jobs for locals

It is important to note that all past applicants who have invested in real estate or capital bank transfer will still have their applications processed and also their renewals. 

We are currently waiting for the government to announce the date when the new changes will take effect for new applicants. 

Understanding the U-Turn 

We asked Sara Sousa Rebelo why the government is keeping the programme. She is an immigration lawyer and partner in Lisbon’s Prime Legal. Sara has also served as the president of PAIIR.

The Portuguese Association of Immigration, Investment, and Relocation talked and the government listened. Sara explains that they bowed to “pressure from the market.” “Our association presented some data that was relevant to them.” 

Portugal RBI: a force for good

Sara Sousa Rebolo and PAIIR have shown the positive impact the Golden Visa has. She describes it as “a financial tool for small and medium-sized Portuguese companies.” Venture capital can help fund student accommodation and senior housing.

The Portugal Golden Visa also supports other projects. These include ones connected with environment, energy, and culture. Investors’ contributions can help meet the specific needs of the country at any moment in time.

Your next steps

“Once the new date is announced for the changes, we anticipate a lot of interest in the €500,000 venture capital or investment fund routes, which we have already vetted options for investors,” explains David Regueiro, Group Chief Operating Officer of RIF Trust and Latitude Group. 

You might have been looking beyond Portugal for a second residency. Yet the country could still represent a viable residency option.

If you want to take advantage of the real estate option, you are going to have to move fast. Don’t delay, contact us today.