Some rules regarding the Portugal Golden Visa program have changed. The new amendments will be effective as of January 1, 2022.
Briefly, the changes in question are as follows:
- The Capital Transfer: The amount will increase from €1 million to €1.5 million
- The Investment Fund: The investment amount will increase from €350,000 to €500,000
- Regarding real estate investments:
Residential properties will need to be located in the Autonomous Regions of the Azores and Madeira or in the interior regions. If not, they won’t qualify you for a Golden Visa.
Portugal Golden Visa Changes Will Be in Effect as of 2022
The proposal was made in February 2020. The Portuguese government approved these changes in February 2021. According to the decision, current requirements will continue until Jan. 1, 2022. This means that you can benefit from the old requirements if you complete your application by that date. Similarly, it’ll still be possible to buy property wherever you want in Portugal until then.
Changes on the Real Estate Investment Requirements
The required investment amounts will be the same although there’ll be certain geographical restrictions.
In this regard, you cannot buy a property in Lisbon, Porto, and in coastal towns of the mainland. Only the properties in the interior and possibly low-density or rural areas will qualify for Golden Visa.
Changes on the Requirements of Capital Transfer
The minimum required investment amounts will increase regarding capital transfer options. The changes are as follows:
- Fund Subscription minimum investment amount: Increase from €350,000 to €500,000
- Capital transfer amount: Increase from €1 million to €1.5 million
- Minimum Research and Development (R&D) investment amount: Increase from €350,000 to €500,000
- Job and Company Creation: The minimum incorporation amount will increase from €350,000 to €500,000. The required new number of jobs will remain at five.
Some Requirements Will Not Change
Some of the requirements of investment options will not change for Golden Visa to Portugal. These are:
- Establishing a company in Portugal and employing at least 10 new local employees, and
- €250,000 contribution in arts.
What Will Happen to the Previous and Current Applicants of Portugal Golden Visa
They will not be affected by the Portugal Golden Visa Changes 2022. So, you don’t need to worry if you’ve already had your pre-approval until December 2021. If you’re in the process of application, try to get your pre-approval before this date. Otherwise, you may be subject to the new regulations.
What To Do Before Portugal Golden Visa Changes
If your plan is to buy a residential property in Lisbon or Porto or invest in a fund subscription, you need to hurry. Otherwise, you’ll be subject to the €500,000 investment requirement for fund investment. Also, cannot buy property in Lisbon or Porto to qualify for Portugal Golden Visa.
Furthermore, you need to submit your Golden Visa application before Dec. 31, 2021. Mind you, the process for the purchase and application takes some time. In this case, the fund subscription option may save you some time. Compared to real estate investment, it’s less complex.
Will All Types of Real Estate Investments Be Affected by the Changes?
Only residential property purchases will be affected by geographical restrictions. The other property types will not face any restrictions. So, you can still buy such properties anywhere in Portugal and qualify for a Golden Visa.
The Application Process for Portugal Golden Visa
- First, you need to get your Portuguese tax number (NIF). It takes around one week
- Then, you need to open a bank account in Portugal. It can take around three weeks.
- Submitting some personal documents is also necessary. They include birth and marriage certificates as well as many others. Generally, it takes two to three months, but it may take less time depending on your situation.
- When you prepare all necessary documents, you need to submit them online to the SEF portal.