Portugal Golden Visa: Changes, Updates, and New Rules for 2023
Introduction
The Portugal Golden Visa Program is a popular route for investors seeking EU residency. This program, which has been in operation for several years, offers a straightforward path to Portuguese residency and, eventually, citizenship. However, recent changes have been made to the program, which potential investors need to be aware of.
Changes in the Golden Visa Program
In January 2022, significant changes were made to the Portugal Golden Visa Program. These changes, which were implemented to direct foreign investment mainly to the country’s interior regions, have made the requirements for investors more stringent. For instance, the minimum amount of investment in residential real estate of €500,000 is now only allowed in the interior regions of Portugal and the Azores and Madeira.
The Future of the Golden Visa Program
The Portuguese government has recently announced its final proposal regarding the future of the Golden Visa Program. According to the proposal, the new law will not apply retroactively to people who have already been granted a Golden Visa. Furthermore, people who have applied for a Golden Visa but have not yet received it are protected. The law is expected to go into effect when published in the official journal.
Alternatives to the Golden Visa Program
Despite the changes to the Portugal Golden Visa Program, there are still other investment routes to Portuguese residency. These alternatives may be more suitable for some investors, depending on their specific circumstances and goals. For instance, foreign investors can still invest throughout the country, including Lisbon, Porto, and coastal areas, but only in properties with a purpose different from residential purposes, such as commercial real estate.
Conclusion
The changes to the Portugal Golden Visa Program have significant implications for potential investors. However, with careful planning and consideration of the various investment options available, it is still possible to obtain Portuguese residency and enjoy the many benefits it offers. As always, potential investors are advised to seek professional advice to fully understand the implications of these changes and to make informed decisions.