New changes to Portugal Golden Visa

published on 18 February 2021 | reading time approx. 1 minute

The Portuguese Government has proposed new changes to Residence Permit for Investment program (ARI), which is known as Golden Visa.

Amendments to the ARI were approved Friday, 12 February 2021, but will only enter into force on 1 January 2022. Thiseans that Golden Visas will still be possible to obtain in the metropolitan areas of Lisbon and Porto, and along the country’s coastline, until the end of December 2021. Afterwards, Gold Visas will only be possible in the inland regions, and in the autonomous regions of the Azores and Madeira.

The aim of this amendment is to promote investment by foreigners in low-density regions, particularly in urban regeneration, cultural heritage, activities of high environmental or social value, productive investment, and job creation. The amendments are without prejudice to ongoing processes.

The rules governing the granting of Residence Permit for Investment, in force from 8 October 2012, enable third country nationals to obtain a temporary residence permit to conduct business activities with visa waiver to enter national territory.

The beneficiaries of ARI / Golden Visa are entitled to:

Residence visa waiver for entering Portugal.
Living and working in Portugal, on condition that they stay in Portugal for a period of 7 or more days, in the first year, and 14 or more days, in the subsequent years.
Visa exemption for travelling within the Schengen Area.
Family reunification.
Applying for permanent residence (pursuant to the Aliens Act – Act number 23/2007 of 4 July with the current wording).
Applying for Portuguese citizenship, by naturalization, provided all other requirements set out by the Nationality Act are fulfilled.

What is it?

This decree-law changes the legal scheme for the entry, stay, exit and deportation of foreign citizens from the national territory.

What is going to change?

With this decree-law, there is an increase of the amounts involving "Investment activity". “Investment activity" is any activity carried out personally or through a company which leads to the realisation of the transfer of capital and for a minimum period of five years.

Therefore, the following values will now be considered:

Capital transfer in the amount equal to or greater than 1.5 million euros;
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;
Capital transfers equal to or greater than 500,000€, for the acquisition of investment units in investment funds;
Capital transfers in the amount equal to or higher than 500,000€, for the incorporation of a commercial company with registered office in national territory.

The acquisition of property with a value equal to or over 500,000€ is only allowed when the dwellings are located in the Autonomous Regions of the Azores and Madeira or in inland territories.