The Portugal Golden Visa Program has been the subject of rumors about its closure. However, this is not the case as the program will continue to operate albeit with some major changes. This article aims to provide you with the essential details regarding Portugal’s Golden Visa changes that will take effect in 2023.
Portugal Golden Visa changes 2023: An overview
The Portugal Golden Visa Program has stood out as one of the most popular schemes in Europe. Its appeal lies in its flexibility, affordability, and the benefits it offers to investors. Introduced almost a decade ago, this pioneering investment visa took the concept of Golden Visas mainstream. It paved the way for other European countries to adopt similar programs and attract foreign investments. Over the years, Portugal’s program has attracted more than in inward investment, significantly contributing to the country’s economy. However, as of 2023, there have been notable changes to the program that potential investors should be aware of.
Recent developments, as part of the Portugal Golden Visa changes in 2023, have led to some uncertainty. On July 19, 2023, the Portuguese parliament passed a bill to alter the Golden Visa Program’s investment routes and amounts. Once this bill becomes law (expected by the end of September 2023), the real estate route for the Golden Visa, with investment options of or , will no longer be available. Instead, the primary route to obtain a Golden Visa will be through investment funds, requiring an investment of . Investors have until this transition period to take advantage of the lower investment limit.
What do the 2023 changes mean for Portugal Golden Visa investors?
The changes won’t affect current Golden Visa holders or those with pending applications for Portugal’s Golden Visa Program. This includes individuals who have already made investments and are awaiting the issuance of residence permits and those who already possess permits and will need to renew them.
Newcomers of the Portugal Golden Visa Program will, because of the changes in 2023, no longer be able to obtain a visa through buying property in Portugal. They can still apply for Portugal’s Golden Visa through the following ways:
- An investment of in incorporating or capitalizing a Portuguese company that generates at least 5 permanent jobs.
- A minimum investment of in research and development (R&D) activities at public or private research institutions.
- A minimum investment of in artistic production, preservation, or maintenance of Portugal’s cultural heritage (including investments in film production).
- A minimum investment of in qualifying investment funds focused on capitalizing Portuguese companies.
- The creation of at least 10 full-time jobs in Portugal.
What are the options for the investment after five years under the Portugal Golden Visa changes in 2023?
After five years as a Golden Visa holder, you have three choices:
- To continue with the Golden Visa for Portugal,
- To acquire permanent residency, or
- To pursue Portuguese citizenship.
If you opt for permanent residency or Portuguese citizenship under the Portugal Golden Visa Changes 2023, you can sell or liquidate your investment as you see fit. The obligation to retain your investment only applies if you decide to continue with the Golden Visa temporary residence program.
Requirements for Portugal’s Golden Visa after the changes in 2023
In addition to the investment amount, several associated costs will be considered under the Portugal Golden Visa changes in 2023. These include property tax, stamp duty, notary and land registry fees, government approval and application fees, and legal costs for processing. Typically, these costs will add approximately 14% to a investment.
Eligibility and requirements
Applicants for the Portugal Golden Visa changes in 2023 must also open a Portuguese bank account and meet specific eligibility criteria, including having a clean criminal record, full health insurance, and submitting their applications and full biometrics. This will require at least one visit to Portugal during the application stage.
Golden Visa holders can renew their permits at two-year intervals by spending two weeks in Portugal every two years and maintaining their investments.
How to obtain Portuguese citizenship after 2023
One of the most attractive aspects of the Portugal Golden Visa Program is the opportunity to apply for permanent residency or citizenship after five years without the need to reside in Portugal full-time. To maintain the Portugal Golden Visa during this period, the applicant and their family only need to visit for two weeks every two years. This article will provide more information on the path to Portuguese Citizenship.
Moreover, the Portuguese residency card granted through the Portugal Golden Visa Program allows the holder to travel freely throughout the EU Schengen zone. Gaining citizenship in Portugal and obtaining a second passport conveys the right to live, work, and study anywhere in the European Union.
How long do the Portugal Golden Visa changes 2023 remain valid?
Your initial Golden Visa card is valid for a duration of two years, during which you must fulfill the requirement of spending at least 14 days in Portugal. Subsequently, you can renew your Golden Visa residence card, each renewal granting a three-year validity period. Within these three-year intervals, spending a minimum of twenty-one days in Portugal is mandatory. As long as you maintain your investment, you can renew your Golden Visa card unlimited times.
Golden Visa application costs
Several government-related application fees must be considered when applying for a Portugal Golden Visa. Initially, there is a processing fee of approximately , and subsequent renewals entail a fee of around per renewal. The initial application fee amounts to approximately per person, a one-time payment. Renewal applications incur a fee per person. If you intend to extend the Golden Visa to eligible family members, you must also cover these fees for each of them.
Additionally, you should anticipate legal fees, which can vary based on the law firm you choose and the type of investment. Legal costs generally start at around . Engaging a lawyer’s assistance can greatly streamline the bureaucratic application process.
Get help with your Golden Visa in Portugal
Navigating the intricacies of the Golden Visa process can be challenging and time-consuming. That’s why we recommend utilizing our expert property services. Our team of professionals is well-versed in the complexities of the application, making the entire procedure smoother and more efficient for you. Don’t let the bureaucratic hurdles deter you from your Portuguese dream – let us take care of the hard work while you focus on enjoying the benefits of your Golden Visa.
Get help with your Golden Visa in Portugal
In conclusion, while the Portugal Golden Visa Program is not closing, significant changes are on the horizon. Investors looking to take advantage of the lower investment limits for the real estate route should act promptly. The program’s flexibility and long-term benefits continue to make it an attractive option for investors seeking a Golden Visa in Europe.
Frequently Asked Questions (FAQs)
Is the Portugal Golden Visa Program closing down?
No, the program is not closing. However, significant changes are underway, primarily affecting the real estate investment route, which will become more expensive.
What are the new investment requirements for the Golden Visa in Portugal?
The main investment route will shift to Fund Investment, necessitating a minimum investment of €500,000, replacing the previous real estate options of or .
What are the associated costs of obtaining a Golden Visa in Portugal?
The associated costs of obtaining a Golden Visa in Portugal typically encompass property tax, stamp duty, notary and land registry fees, government approval and application fees, and legal processing expenses, collectively amounting to approximately 14% of the investment.
Can I apply for permanent residency or citizenship through the Golden Visa Program?
Yes, you can apply for permanent residency or citizenship without the requirement of full-time residence in Portugal, offering flexibility to investors.
What are the benefits of Portuguese citizenship through the Golden Visa change in 2023?
Through the Golden Visa Program, Portuguese citizenship provides the advantages of living, working, and studying anywhere within the European Union and unrestricted travel within the EU Schengen zone.