Recent Updates on Portugal's Golden Visa
22 June 2023
In a surprising twist, the political party with an overwhelming majority in Portugal's Parliament, which firmly supports the Government, presented a new proposal on the 20th of June to amend the housing bill, "Mais Habitação." This proposal aims to revive the Golden Visa program by eliminating some of the investment options, marking a significant shift in their stance on the matter.
The residency programme will continue to be in effect through investment, as approved by the legislation and the following options will be available for investment:
- Creation of at least 10 job positions;
- A transfer of capital for research activities carried out by public or private scientific institutions that are part of the national scientific and technological system must be €500,000 or greater;
- Capital transfers of €250,000 or more can be made to support the investment or artistic production, recovery, and maintenance of national cultural heritage through public institutes and central or peripheral direct administration services, entities in the public business sector, public foundations, private foundations with public utility status, inter-municipal entities, entities in the local business sector, municipal associative entities and public cultural associations, which develop projects related to artistic production or the recovery and maintenance of the national cultural heritage;
- Capital transfers in the amount equal to or greater than €500,000, intended for acquiring participation units in investment funds or venture capital funds focused on the capitalisation of companies, constituted under the Portuguese legislation, with maturity, at the time of the investment, of at least five years and at least 60%. of the value of the investment is made in commercial companies based in national territory;
- Capital transfers in the amount equal or superior to €500,000, destined to the incorporation of a commercial company with headquarters in the national territory, combined with the creation of five permanent jobs, or to increase the share capital of a commercial company with headquarters in the national territory, already existing, with the creation or maintenance of jobs, with a minimum of five permanent jobs, and for a minimum period of three years.
However, it will no longer be possible to invest through:
- Capital transfers in the amount of 1.5 million euros or more;
- Acquisition of immovable property with a value equal to or greater than €500,000;
- Acquisition of real estate, whose construction has been concluded at least 30 years ago or located in an area of urban rehabilitation and execution of rehabilitation works of the acquired real estate, in the total amount equal or superior to €350,000.
We will continue to watch the situation closely and update our Clients and Partners with important information. Should any questions or concerns arise, we remain available to provide necessary clarifications and support.
Margarida Tempera | Lawyer
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