As of July 2023, Portugal’s Golden Visa program has recently undergone some significant changes. Leaving many people to wonder what the future of the program will look like.
The program, which allows non-European citizens to obtain residence permits in Portugal, has been a popular way for people to access the beautiful country.
With recent announcements of potential reforms, it appears that the real estate investment may be stopped.
What is the Golden Visa?
The Portuguese Golden Visa is a program that grants residency to foreign investors. This program has been highly popular among investors worldwide, and it has helped Portugal to attract considerable investments.
The Portuguese visa program was introduced as a way of boosting the economy by encouraging foreign investment. Investors and their families can travel freely across the European Union Schengen zone, which makes it an attractive option.
In recent years, the Portuguese visa program has undergone several changes. At present, it’s unknown what the future holds for the Golden Visa; however, our legal team can help you navigate the recent changes. Whilst ensuring that applying for the Golden Visa is a smart choice for you.
In recent news regarding Portuguese visas, the Government Party has proposed an amendment to the bill known as “More Housing”. This proposal is likely to have a significant impact on the Portuguese Golden Visa program. If this amendment passes, it will limit the investment opportunities for foreigners interested in acquiring residency through the Golden Visa program.
Under the proposed changes, three primary avenues for investment will no longer be viable. These include:
- Capital transfers of €1,500,000 or more
- Purchasing real estate with a value of €500,000 or higher
- Investing in the rehabilitation of real estate properties that are at least 30 years old with a total investment of €350,000 or more.
The removal of these options is expected to have a significant impact Golden Visa, which is currently the most popular route for investors.
Despite the proposed changes, from what we understand the following investment opportunities will still be available:
- Capital fund investment
- Job creation
- Research funding
- Cultural heritage support
- Commercial company investment.
Should I still apply?
Recent changes to the Golden Visa program, may have caused concern among investors who were considering this route. However, there is nothing to stop people from applying for the Golden Visa program, because technically it’s still an available option for investors.
The changes to the program are primarily focused on the real estate investment option, and there hasn’t been any indication that the employment options will be discontinued.
Ultimately, the decision of whether or not to apply for the Golden Visa will depend on your circumstances and goals. If you seek the correct advice from our legal team, applying for the Golden Visa isn’t a bad option.
How RHJ Accountants can help
Our expert legal team is ready to assist with the Golden Visa application and support you from start to finish. We can guide you through the complex process and help you determine if it’s the right option for you.
If you’re still unsure about whether the Golden Visa is a suitable option for you at the moment, take advantage of a free initial consultation. This way, you can get all your questions answered, and we can help you determine whether the program aligns with your needs.
Alternatively, you could consider other Portuguese visa options. We offer various visa services, which you can find on our sister company’s website. Our goal is to ensure you receive the best possible outcome for your situation, and we’re always here to help you navigate the process.