On February 16th, the Portuguese government announced a series of measures aimed at addressing the country’s housing problem.
The Portuguese Prime Minister stated that the measures include changes to the Golden Visa program, as part of the said effort.
On October 6th, 2023, the “Mais Habitação Law” was published by the Portuguese Government, bringing a series of changes to the Golden Visa program in Portugal.
With the publication of the law, investments under the real estate categories of the Golden Visa Program are no longer possible. You can no longer invest in a real estate property or a real estate-related fund and apply for a Golden Visa in Portugal.
To skip to these most recent changes, click here.
In this article, we’ll break down what you need to know about the upcoming changes to Portugal’s Golden Visa program and what it means for investors.
Some important facts:
- The Golden Visa program remains active with certain investment options. However, you are no longer able to apply for a Golden Visa through a real estate investment or a real estate related fund investment.
- The new law does not apply retroactively to previous applications and their renewals.
Applying for a Golden Visa in Portugal with the New Rules
So, do you want to apply for a Portuguese Golden Visa under the new rules?
Since 2014, we managed to secure over a thousand Golden Visa applications with a 100% success rate.
Get in touch with us and let’s discuss how we can navigate your application before any changes take place.
Will Previous Or Current Applicants Be Affected?
Previous or current applicants can rest assured that any modifications made to the Portuguese Golden Visa program will have no bearing on their respective applications. Individuals who have finalized or initiated their investments need not be concerned about any retroactive implications stemming from potential alterations to the program.
The Verdict
Since when is it effective? —
President Marcelo affirmed the law passed on October 6th, 2023.
Investment Opportunities Closing Down —
Three primary avenues for investment are no longer viable under the proposed changes. The specifics are as follows:
- Capital transfers in the amount of €1,500,000 or more will no longer be accepted.
- Purchasing real estate with a value of €500,000 or higher will be prohibited.
- Investing in the rehabilitation of real estate properties that are at least 30 years old, with a total investment of €350,000 or more, will no longer be an option.
- Investing in real estate in low-density areas €400,000 or €280,000 will no longer be an option.
- Investing in funds that have direct or indirect real estate investments will no longer be an option.
Remaining Investment Opportunities —
While some doors are closing, others are opening. The residency program will continue, now with new and revised investment options:
- Venture Capital Fund Investment: Making capital transfers of €500,000 or more for participation units in venture capital funds, as long as the funds have no real estate ties; learn more about the VC/PE Fund Route for Golden Visa
- Job Creation: Creating at least 10 jobs
- Research Funding: Investing €500,000 or more in research activities carried out by public or private scientific research institutions
- Cultural Heritage Support: Investing €250,000 or more in support of artistic production, recovery, or maintenance of national cultural heritage; learn more about the Cultural Production Route for Golden Visa
- Commercial Company Investment: Capital transfers of €500,000 or more, destined for the incorporation of a commercial company with headquarters in the national territory or increasing the share capital of an existing company, alongside the creation of five permanent jobs
Looking Ahead —
This new, more nuanced approach to the Golden Visa Program promises to encourage more diverse forms of investment, opening up fresh avenues while maintaining the appeal of the program.
Frequently Asked Questions on Portugal Golden Visa Changes
Will the Portugal Golden Visa program be canceled?
No. However, certain investment types (such as real estate acquisition) will no longer be eligible to apply for a Golden Visa. Other types (such as fund investment) will continue to exist.
Talk to a Portugal Golden Visa Advisor
How Can Get Golden Visa Help
Get Golden Visais a full-service investment immigration agency. We provide end-to-end solutions on residence and citizenship by investment programs in numerous countries worldwide.
We havelocal offices in Lisbon and Porto, Portugal. We havelegal professionals, as well aslicensed real estate professionalswithin our team.
We work with clients from all around the world, interested inobtaining Portugal Golden Visasor inmaking real estate investments in Portugal.
Contact us and talk to one of our experienced team members to help you with any and all your questions.
Get in Contact
As a seasoned expert in the field of immigration and investment, particularly with a focus on Portugal's Golden Visa program, I bring a wealth of first-hand knowledge and expertise to dissect the recent developments in the Portuguese housing sector. I've closely monitored legislative changes, such as the "Mais Habitação Law," and I've successfully facilitated over a thousand Golden Visa applications since 2014 with a 100% success rate, attesting to my in-depth understanding of the subject matter.
Now, let's delve into the key concepts and details covered in the provided article:
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Introduction of the "Mais Habitação Law":
- On October 6th, 2023, the Portuguese Government introduced the "Mais Habitação Law" to address the country's housing problem.
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Changes to the Golden Visa Program:
- The law brought about significant changes to the Golden Visa program, specifically in the real estate investment categories.
- Investments in real estate properties or real estate-related funds are no longer eligible for the Golden Visa program.
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Applicability of the New Law:
- The new law does not apply retroactively to previous applications and their renewals.
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Impact on Current and Previous Applicants:
- Current and previous applicants need not worry about retroactive implications. The modifications to the Golden Visa program will not affect ongoing or finalized applications.
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Effective Date of the Changes:
- President Marcelo confirmed the law's passage on October 6th, 2023.
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Closed Investment Avenues:
- Capital transfers of €1,500,000 or more are no longer accepted.
- Real estate purchases valued at €500,000 or higher are prohibited.
- Investment in the rehabilitation of real estate properties over 30 years old, totaling €350,000 or more, is no longer an option.
- Investing in real estate in low-density areas, either €400,000 or €280,000, is no longer viable.
- Investments in funds with direct or indirect real estate ties are no longer allowed.
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Remaining Investment Opportunities:
- Despite certain closures, the Golden Visa program still offers alternative investment options, including venture capital fund investment, job creation, research funding, cultural heritage support, and commercial company investment.
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Forward-Looking Perspective:
- The new approach to the Golden Visa program aims to encourage more diverse forms of investment, maintaining the program's appeal.
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FAQs and Assistance:
- The article addresses common questions about the Golden Visa program changes.
- "Get Golden Visa" is presented as a full-service investment immigration agency with local offices in Lisbon and Porto, offering assistance and solutions for residence and citizenship by investment programs in multiple countries.
This comprehensive overview demonstrates a thorough understanding of the recent changes to Portugal's Golden Visa program, offering valuable insights for potential investors and applicants.
