Changes have come to Portugal’s Golden Visa

Portugal’s Golden Visa is still available to foreigners albeit with a few 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. After two years of discussion, the Parliament has called to change the program’s framework. In this article, we will examine what the changes are and how Alpen Partners International can help you make the move.

What is the Golden Visa?

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 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 over 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.

Changes to Portugal’s Golden Visa

On October 6th, 2023, Portugal’s government enacted the “Mais Habitação Law,” significantly reforming the Golden Visa program by eliminating real estate investments as a pathway to obtaining a Golden Visa. Despite these changes, the program remains active with revised investment options, such as venture capital funds, job creation, and support for artistic production or cultural heritage. These shifts aim to address housing affordability issues and redirect investments towards broader economic and cultural benefits.

Existing Golden Visa holders’ rights remain intact, including renewals, family reunification, and applications for permanent residency. New investment pathways include capital transfers of €500,000 or more in qualifying non-real estate venture capital funds, creating at least ten jobs, and investing in research activities. Additionally, investors can support artistic and cultural development through capital transfers of €250,000 or more, or by forming commercial companies with significant capital and job creation. These changes reflect the government’s intention to diversify investments into areas that can drive broader economic and cultural benefits.

The Portuguese government also plans to reintroduce the “Non-Habitual Resident” scheme to attract skilled workers, offering tax breaks on Portuguese-sourced income and foreign income. This scheme, originally launched in 2009, was extended until the end of 2024 for those prepared to move to Portugal in 2023. While the “Mais Habitação Law” has altered the Golden Visa program by removing real estate options, it continues to offer viable investment pathways. Prospective applicants must navigate this new landscape with careful consideration of the revised investment criteria, as Portugal aims to balance attracting foreign investment with addressing housing market concerns.

Earn a Golden Visa with Alpen Partners International

There are endless advantages to earning the Portuguese Golden Visa, and you don’t want to miss out on the 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 Golden 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 International.