The Socialist Party didn’t approve the end of Portugal’s Golden Visa
At the Web Summit in Lisbon, the Portuguese Prime Minister, António Costa announced that the government is currently evaluating the possibility of terminating the highly popular golden visa. The possibility caused instant speculation and worrisome among investors interested in the Portuguese Residency-by-Investment program.
This matter was since debated on the Portuguese parliament and, during session held on the 22nd November, the Prime Minister's own Socialist Party voted against the proposal of abolishing Portugal’s Golden Visa, along with another proposal to evaluate the program's impact.
Earlier in 2022, the government has made changes to the Golden Visa program, which increased the minimum investment in venture capital and private equity funds to €500,000. It also limited the purchase of residential properties in high density areas such as Lisbon, Porto, and the coastal touristic areas of the Algarve. The recent changes to the Portuguese golden visa came into effect in January, more than a year after its announcement. Therefore, any amendment is applied to the Portuguese Residency-by-Investment program, it will have a period before it enters into force.
There are multiple routes to obtain legal residency in Portugal. The D7 visa is well known for people earning passive income and wanting to relocate to Portugal permanently. On the other hand, the new Digital Nomad visa is suitable for remote workers earning an active income from sources outside of Portugal. Both options have significant stay requirements in Portugal, which often makes it less attractive for businesspeople who still need to stay close to their own businesses. The Golden Visa program is the only residency permit in Portugal with no significant stay requirements and allows the holder to enter Portugal, the EU or the Schengen Area, enjoying free movement in 26 countries.
Portugal’s Golden Visa program is Europe’s most successful residency-by-investment programme targeted at non-EU citizens and it is still growing, despite SEF’s temporary closure and the processing delays seen earlier in the year. In the latest data released by SEF – The Immigration and Border Service, Golden Visa approvals are increasing once again. From January to September 2022, a total of 926 main investors have been approved: 94 in January, 94 in February, 73 in March, 121 in April, 112 in May, 155 in June, 80 in July, 77 in August and 120 in September.
