This is an urgent warning that the current Golden Visa is quickly going away. If you have been working to earn residence through Portugal’s famous Golden Visa, you only have a short amount of time to do this before the program changes. For years the Portuguese Golden Visa has been the perfect way for investors worldwide to earn permanent residence in Europe and diversify their portfolios easily. This program set an example for other countries and influenced surrounding countries to offer similar programs. Now, after two years of discussion, the Parliament has called to change the program’s framework. It’s not too late to get in via the old program. In this article, we will examine what changes are coming to the Golden Visa in 2023 and how Alpen Partners can help you make a move now.
People from all over the world are flocking to Portugal for the ideal climate, beautiful coastline, and great people. The economy is improving, and the real estate market is only getting stronger. If you like to spend time outside, in Lisbon, there are nearly 300 days of sunshine throughout the year with a comfortable temperature. Regarding safety, Lisbon has the lowest homicide rate of any European capital city. Portuguese residents experience a fantastic quality of life on a budget. The country also has some of the best European beaches, urban forests, recreation facilities, and more! This ideal living situation is perfect for moving a family abroad or an adventurous retirement! There are a few options for non-EU citizens to take advantage of this natural beauty. One of the most well-known of these options is the Golden Visa.
The original Golden Visa was introduced in 2012 to attract global investors. With the program, investors can make qualifying investments in exchange for a permanent residence visa in Portugal. The program has been an immense success, with nearly 6 billion euros being invested since 2012. While on the surface it seems like an easy way for people to move to this beautiful country, it’s much more than that. When a person holds permanent residence in Portugal, they have access to visa-free travel to many other European countries, including those in the EU and Schengen region, as well as other territories that have open borders with Europe. This means more accessible travel for both business and pleasure. The visa is also extended to family members, including spouses and dependent children. The visa needs to be renewed every two years and only requires holders to stay for two weeks in the country every two years. Many investors get to enjoy the flexibility and freedom the visa offers. Until now, Portugal’s Golden Visa has also been applauded for being one of the most affordable, but the cost will soon go up. Next, we look at the changes coming to the Portugal Golden Visa.
There are a few reasons why the Portuguese Parliament chose to change one of the most attractive residence options in Europe. First, they want to protect the locals of large cities from being pushed out due to rising costs. Second, they are also trying to incentivize investors into the inland regions of the country. Let’s see exactly how the program has been changing based on the type of qualified investment.
The most popular option for Golden Visa holders is through the purchase of real estate. The minimum investment to a property stays at 500,000 euros or 350,000 euros if the property is over thirty years old or in an urban regeneration area. However, beginning in January 2022, not all properties will qualify for the program. Eligible real estate investments are limited to the Azores and Madeira Autonomous Regions or inland districts. Historically, investors have mostly chosen areas like Lisbon and Porto, but these changes will prevent those areas from consideration. There are other attractive regions like Algarve or Braga, but they don’t have the same appeal as those cultural hotspots. If the investment is a commercial property, there are no geographical limitations.
Other investors will make the capital investment to earn the visa. Investors used to be able to place an investment of 1 million euros into Portuguese public debt instruments, financial products, or into a commercial company, but that minimum investment has been increased to 1.5 million Euros.
Business investments have also been utilized for the Golden Visa. The minimum amount of capital that must be placed into the Portuguese company has been raised from 350,000 euros to 500,000 euros, and it must still create five jobs. Investors can still invest in the art and science sectors. The main change here is the minimum investment in scientific research was raised to 500,000. Luckily many of the benefits that come with the Golden Visa are not changing, but if you want to save money, it’s essential to act quickly.
There are endless advantages to earning the Portuguese Golden Visa, and you don’t want to miss out on the expiring, more affordable options. Even if you don’t plan on being a world traveler or you feel your portfolio is diverse enough, having the option to explore the world easily isn’t always as easy as this visa option. While many options make it easy to earn the Golden Visa, understanding the best options for you and all of the logistics that come with each program can be confusing. Even the most skilled investor may not know the best route for them, so for this reason, if you are interested in taking your wealth abroad, contact a skilled professional. If you feel trapped by your local investment options and want to spread your wings a bit, consider obtaining the Golden Visa with Alpen Partners.
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