New conditions for obtaining the Portugal Golden Visa in 2022
December 30, 2021
4 minutes read
The Portuguese residence permit program by investment has brought in more than 10,000 foreigners over its lifetime, with a total investment of more than 6 billion EUR. Investors have financed real estate, venture capital funds, business and research activities. The residence permit is valid for one year, and after 5 years it is allowed to apply for citizenship of Portugal.
The popularization of the Golden Visa has had a positive impact on the local economy, but at the same time has caused uneven development of different regions of the country. Therefore, the government initiated changes in the terms of the program, focusing on job creation and cultural heritage.
On January 1, 2022, the following changes regarding investments in real estate will take effect:
- One cannot buy residential properties or invest in house renovation projects in popular cities and regions - Lisbon, Porto, Setubal and the Silver Coast.
- Foreigners can buy residential properties from 500,000 EUR or invest in the restoration of houses from 350,000 EUR in certain areas. If the selected object is located in a region with low population density, the buyer will receive a discount of 20%.
- It is allowed to purchase commercial property in any region of Portugal worth 500,000 EUR or invest in a renovation project from 350,000 EUR. If the object is located in an area of low population density, the foreigner will receive a 20% discount.
- It is still allowed to buy any type of property worth 500,000 EUR or invest in a rehabilitation project worth 350,000 EUR or more in the Azores and Madeira.
In addition, the cost of the following investment options will change:
- transfer of funds (for example, opening a deposit) - 1 500 000 EUR instead of 1 000 000 EUR;
- investment in a fund, scientific research and an existing organization registered in Portugal - 500,000 EUR instead of 350,000 EUR.
Foreigners will still be able to participate in the Golden Visa program by establishing a new business in Portugal, creating 10 jobs or investing in cultural projects 250,000 EUR and higher.
Areas suitable for real estate investments
When choosing a property for investment, it is necessary to take into account its location. The government has identified certain regions in which you can buy a property in order to qualify for a residence permit under the Golden Visa program. Commercial properties can be bought in any area of the country, including Lisbon and Porto.
Regions with less than 100 inhabitants per 1 km2 are considered to be low population density zones, with a GDP per capita of less than 75% of the Portuguese average. As mentioned above, when buying any property in such a zone, a foreigner will receive a discount of 20%.
Changes in the program will take effect on January 1, 2022. Thus, until December 31, 2021, investors can take advantage of current, more favorable conditions.
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Author: Nataly Borshosh