Can I still apply for the Portugal Golden Visa?

Portugal’s Golden Visa programme (officially “ARI”) is a very successful residency-by-investment programme targeted at non-EU/EEA nationals, one of the reasons for this being the low stay requirements (14 days, consecutive or non-consecutive, for each 2-year period).

Through the Golden Visa, holders can obtain a temporary residence permit for investment activity with no need for a visa to enter Portugal, neither to travel in the Schengen area. Furthermore, GV holders also have the chance of benefiting from family reunification, as well as to apply for “permanent residency for investment”, or to apply for Portuguese citizenship. In addition, GV holders have the possibility, depending on certain requirements, to live and work in Portugal.

Since 2012, when the programme came into force, until April 2021, 9,715 residence permits were granted to investors and 16,495 residence permits were granted to family members, corresponding to a total investment of 5,812 million euros. Property purchasing accounts for 93.9% of total investment, while capital transfer is responsible for 5.9%.

The Golden Visa alternative types of eligible investments are currently as follows: 

1. The transfer of at least €1 million to Portugal, which may have one of the following investment sub-types:
2. A bank deposit;
3. The purchase of a shareholding in a Portuguese company or the incorporation of a single-member private limited company having a paid-up share capital of at least €1 million;
4. The purchase of Portugal sovereign debt instruments;
5. The purchase of any securities issued by Portugal-based entities.
6. Real estate, of any type and anywhere in Portugal, in one or more properties, whether singly or in co-ownership, purchased either individually or through a single-member private limited company, such investment being of at least €500,000.00 (reduced to €400,000.00 if located in a "low density area").
7. Real estate and its rehabilitation, of any type and anywhere in Portugal, whether singly or in co-ownership, purchased either individually or through a Portuguese single-member private limited company, provided that one of the following conditions is met: 
8. the property was built at least 30 years ago and the property purchase price plus the ex-VAT value of the rehabilitation works contract is at least €350,000.00 (reduced to >€280,000 if located in a "low density area"), or
9. the property is located in designated areas of urban rehabilitation and the purchase price plus the ex-VAT value of the rehabilitation works contract is at least €350,000.00 (reduced to >€280,000.00 if located in a "low density area"). In this case, if the total price of the property's purchase plus the rehabilitation works does not reach €350,000.00 (reduced to >€280,000.00 if located in a "low density area"), it is possible to keep the balance deposited in a Portuguese bank account. 
10. An investment of at least €350,000.00 in scientific research that is conducted by accredited institutions that are part of the national scientific and technological system (reduced to >€280,000.00 if located in a "low density area");
11. An investment of at least €250,000.00 in, or the support of, the artistic production or the recovery or maintenance of the national cultural heritage that is conducted by accredited institutions (reduced to >€200,000.00 if located in a "low density area"), - currently it does not seem that there are any such projects open to private investors.
12. Investing at least €350,000.00 in units of Portugal-regulated funds dedicated to the capitalisation of companies, provided that the fund invests at least 60% in Portugal-registered businesses, and that the maturity of said units is no less than 5 years from the date they are bought.
13. Investing at least €350,000.00 in setting up a Portuguese company that creates and keeps 5 new permanent jobs, or in increasing the share capital of an existing Portuguese company that creates or keeps at least 5 permanent jobs for a minimum period or 3 years.
14. A business, in the format of a single-member private limited company (no minimum investment is required), that creates and keeps at least 10 new permanent jobs in Portugal (reduced to >8 if located in a "low density area").

It is worth noting that "low density areas" are regions having less than 100 inhabitants per square kilometre or a per capita GDP of less than 75% of the national average.

In conclusion, investors that are still interested in the Portugal GV programme can submit their applications until the end of 2021 under the abovementioned conditions and all their investment rights will be protected.

From January 2022 onwards, the Portugal GV programme will have new rules. For more information, please click on Portugal’s Golden Visa Rules will change in 2022

Teresa Arriaga e Cunha

Lawyer