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Portugal Golden Visa Latest News: A New Direction in 2023

Portugal Golden Visa Latest News: A New Direction in 2023


22nd June 2023

Portugal Overturns Cancellation News and Proposes a New Direction for the Golden Visa Program

Following the Portugal golden visa news that the program is going to end, the Portuguese government has announced, in an unexpected turn of events, a proposal to retain the Golden Visa program. The Golden Visa program has long been considered one of the most in-demand residency by investment programs, offering foreign investors the opportunity to obtain residency in Portugal in exchange for significant investments in the country.

 

Portugal Golden Visa Program Updates and Proposed Changes

The Portuguese government’s proposal aims to restructure the Golden Visa program to better align with the country’s evolving priorities. The new proposition, expected to gain parliamentary approval on July 19 and subsequently become law in August, introduces alterations to the existing investment options. The following schemes will no longer be viable for investment:

  1. Capital transfers of 1.5 million euros or more.
  2. Purchase of immovable property with a value of 500,000 euros or more.
  3. Acquisition of real estate, whose construction has been concluded at least 30 years ago or located in an area of urban rehabilitation and execution of rehabilitation works of the acquired real estate, in the total amount equal or superior to 350,000 Euros.

Portuguese Golden Visa New Requirements

Instead of ending the Portuguese golden visa program, it will remain in force by investing through one of the following options:

  • Creation of at least 10 jobs.
  • 500,000 euros in capital transfer to public or private scientific research institutions.
  • 250,000 euros in capital transfers for investment or support for artistic production, recovery, or maintenance of national cultural heritage.
  • Transferring 500,000 euros in investment or venture capital funds
  • Capital transfers of 500,000 euros, business investment of at least five permanent jobs over a three-year period.

Balancing Portugal’s real estate market

Portugal stands at a critical crossroads as it addresses the housing crisis and considers reforms to the Golden Visa program. The government’s proposal to retain the Golden Visa program while eliminating real estate capital transfer options reflects a commitment to striking a balance between foreign investment and housing concerns, a move aiming to stabilize the real estate market in Portugal.

 

The Implications and Opportunities of Portugal’s Golden Visa Program Updates

 

The changes to the Portugal Golden Visa program are significant and will have a major impact on the program’s future. The elimination of the real estate investment options will likely reduce the number of applications for the program, as these were the most popular investment options. However, the new investment options, such as the creation of jobs and investment in research and development, could attract a different type of investor who is looking to make a more meaningful contribution to the Portuguese economy.

 

Conclusion

Portugal Golden Visa news incorporates a proposal to retain the program while implementing changes to investment options demonstrates the government’s dedication to adapt to evolving priorities. The aim is to make concessions between attracting foreign investment and addressing pressing housing concerns. Although the removal of real estate capital transfer options may initially impact the program’s popularity, it opens doors for investors interested in job creation, research and development, and cultural preservation.

By embracing these changes, Portugal is positioning itself as a destination that welcomes investors who are eager to contribute to the country’s sustainable growth and long-term prosperity.

 

Frequently Asked Questions (FAQs)

 

Will the modifications to the Golden Visa program in Portugal have any impact on the existing residency permits?

  • No, the residency permits acquired prior to the enforcement of the new legislation will remain unaffected by Portugal Golden Visa Program Updates. Those who currently hold permits will continue to enjoy the advantages associated with their current permits.

 

What will be the effect of these changes on Portugal’s real estate market?

  • While the exclusion of real estate investment options from the Golden Visa program may result in a temporary slowdown in the real estate market, it is anticipated that alternative investment options, such as job creation and capital transfers to research institutions, will entice a fresh wave of investors eager to contribute to Portugal’s thriving economy.

 

Are there any restrictions on the number of jobs that need to be generated to qualify?

  • There are no specific limitations on the number of jobs that must be created for eligibility. However, the government mandates a minimum requirement of ten jobs to be generated to qualify for the Portugal golden visa requirement through job creation.

 

Can I combine multiple investment options to fulfil the requirements of Portugal’s Golden Visa?

  • Certainly, it is indeed possible to combine multiple investment options to meet the requirements of the Golden Visa program. As an example, an investor can simultaneously create employment opportunities while providing a capital transfer to support the flourishing of artistic production.

 

How long will it take for the proposed changes to come into effect?

  • The following is the expected timeline for the Portugal Golden Visa news: parliamentary approval is expected on July 19, and the changes are expected to become law in August. It is best to stay up to date on official announcements and seek advice from professionals for the most accurate and timely information.
Source - Citizenship Invest