Last Thursday, 19th July, the Portuguese Parliament ratified a proposed legislative amendment regarding the Residence Permit Programme for Investment Activity, commonly known as Golden Visa.
The Golden Visa Programme remains in force. The only investment modalities that have been deleted concern the €1.5 million capital transfer and the acquisition of real estate.
Therefore, it is still possible to apply for a Residence Permit by Investment, through one of the following options:
Capital Transfer
- € 500,000.00 for the acquisition of shares in non-real estate collective investment undertakings, which are incorporated under Portuguese law, whose maturity, at the time of investment, is at least five years, and at least 60% of the value of the investments is realised in commercial companies based in national territory.
- € 500,000.00 invested in research activities carried out by public or private scientific research institutions, integrated in the national scientific and technological system or € 400,000.00 if in a low population density area*.
- € 250,000.00 in investment or support to artistic production, recovery or maintenance of national cultural heritage, through central and peripheral direct administration services, public institutes, entities that integrate the public business sector, public foundations, private foundations with public utility status, intermunicipal entities, entities that integrate the local business sector, municipal associative entities and public cultural associations, which pursue attributions in the area of artistic production, recovery or maintenance of national cultural heritage or € 200,000 if in a low population density area*.
Business
- Creation of a minimum of ten new jobs or eight new jobs in a low population density area*.
- € 500,000.00 for the incorporation of a commercial company with registered office in Portugal, combined with the creation of five permanent jobs, or to increase the share capital of a commercial company with registered office in Portugal, already incorporated, with the creation of at least five permanent jobs or the maintenance of at least ten jobs, with a minimum of five permanent jobs, and for a minimum period of three years.
*A low population density area is defined as less than 100 inhabitants per square kilometre or with a GDP per capita of less than 75% of the national average.
The above-mentioned investment options will be evaluated every two years in relation to their impacts on scientific and cultural activity and on the promotion of foreign investment and job creation. And they may not at any time be aimed directly or indirectly at property investment.
Golden Visa applications submitted before the new law comes into force will be processed according to current rules and regulations. And renewal rights will be fully guaranteed to investors and their family members.
After the said approval, the next step is to send the “Mais Habitação” law to the President of the Republic, who may ratify it directly, request amendments or refer it to the Constitutional Court for analysis. The entry into force of the new law is uncertain, and the deadline will depend on the President’s decision. The Golden Visa programme will continue to exist, but those interested in real estate investment or in a €1.5 million capital transfer should act quickly to submit their applications before the new law comes into force.
For more information and support, contact our Immigration Department at immigration@valadascoriel.com.
