The Portuguese Government has now confirmed that the comprehensive changes being made to the country’s ever-popular Golden Visa program will be postponed until 1 January 2022.
The unexpected news comes as a welcomed surprise as it now allows applicants an additional 6 months to take advantage of the current Residency by Investment offers. Furthermore, these amendments to the program will not affect Golden Visa renewal applications, nor any existing applications submitted before 2022.
“When the Portuguese government introduced the deadline of July 2021, Hong Kong buyers were hesitant to commit as they felt they might not have enough time to do the transaction and then fly to Portugal to complete the necessary biometrics,” Chitra Stern, founder, and owner of Elegant Group, developer of a branded residence project in Lisbon, Martinhal Hotels & Resorts and Martinhal Residences, pointed out.
She said that the latest Portugal’s government decision lifts this barrier, stressing that they expect to have more inquiries now.
If you have been waiting for the perfect opportunity to apply to the Portugal Golden Visa program, then this is your sign to do it now before the new changes come into effect.
These new changes being made to the Portugal Golden Visa Program has stirred much talk among potential investors, who are keen to learn more about the amendments and the effects they might have. As of 1 January 2022, the following changes will take place:
- Purchasing a residential property as a real estate investment of EUR 500,000 or for restoration of EUR 350,000 or EUR 280,000 in a low-density area, will only be applicable in the Inland Territories, Azores and Madeira.
- From 1 January 2022, no residential property in Lisbon and Porto will be considered applicable for the Golden Visa program, but will still be offered on commercial properties.
- The 20% price reduction on residential properties in need of restoration in Lisbon and Porto will no longer be available. However, it will still be offered on properties used for non-residential purposes.
- A transfer of capital as the qualifying investment for a Golden Visa is increased from EUR 1 million to EUR 1.5 million.
- Investments in research activities will increase from EUR 350,000 to EUR 500,000.
- The acquisition of participation units in investment funds will increase from EUR 350,000 to EUR 500,000.
- The capital amount needed to invest in a commercial company and create at least 5 jobs will increase from EUR 350,000 to EUR 500,000.