Portugal’s Golden Visa & Frequently Asked Questions after the New Law of 2023

Publish date : 21/11/2023

The Portuguese Golden Visa is an investment residency program designed for individuals outside the European Union who wish to obtain residency rights in Europe. Established in October 2012 and undergoing operational changes, the Portuguese Golden Visa program has been remarkably successful, raising over 7 billion euros and attracting more than 12,000 investors to date (according to getgoldenvisa website).

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Benefits of the Portuguese Golden Visa Program:

Diverse investment options.
Low investment cost, starting from 250,000 EUR.
No requirement for regular residency in Portugal.
Permission to work freely within the European Union.
Access to education and healthcare services like a full citizen.
Freedom to travel to 188 countries worldwide.
Eligibility to apply for Portuguese citizenship after 5 years.
Living in a safe, affordable country with high-quality living standards, robust infrastructure, and excellent climate.

Important updates for 2023

Significant changes for investors interested in the Portuguese Golden Visa program. Real estate purchases and investments in real estate-related funds are no longer qualifying options as of October 8, 2023. This change is not retroactive for applications submitted before the new law

(*) Some other funds still meet the eligibility criteria for investment

Detailed comparison table of the changes:

	OLD LAW	CHANGES	NEW LAW
Financial Investment	Minimum of 250,000 EUR for cultural and artistic production activities.	No change	Minimum of 250,000 EUR for cultural and artistic production activities. () In low-density areas, a 20% reduction is applicable.*
	Minimum of 350,000 EUR for research and scientific development activities.	Increase the investment amount.	Minimum of 500,000 EUR for research and scientific development activities. () In low-density areas, a 20% reduction is applicable.*
	Fund registration: Minimum of 500,000 EUR for purchasing shares in venture capital funds.	No change	Minimum of 500,000 EUR for purchasing shares in venture capital funds.
	Capital transfer of 1.5 million euros.	Not eligible anymore	–
Real estate investment	Minimum of 500,000 EUR. Minimum of 350,000 EUR for properties constructed over 30 years or located in urban regeneration areas () In low-density areas, a 20% reduction is applicable.*	Not eligible anymore	–
Investment through enterprises		New	Invest a minimum of 500,000 EUR in a business and create at least 5 new jobs or maintain at least 10 jobs. () In low-density areas, a 20% reduction is applicable*

10 Frequently Asked Questions After the New Law is Enacted

1/ Do applicants who submitted for the Golden Visa before the legal amendments face any impact?

No, pending applications submitted before October 7, 2023, remain valid, as long as they are awaiting a decision from the relevant authorities in Portugal.

2/ Do current holders of the Portuguese Golden Visa be affected?

No, current rights including extension, family reunification, and permanent residence applications are not affected.

3/ Can individuals with residence permits extend their permits?

Yes. Extension of residence permits is valid for all cases before October 7, 2023.

Applications pending and those for future extensions submitted after October 7, 2023, will be converted to the D2 Entrepreneur Visa without the requirement of 183 days of physical presence.

New residence permit applications related to investments, support for artistic production, or restoration and preservation of cultural heritage will still be accepted.

4/ How long is the validity period for Portuguese Golden Visa residence permits?

Five years. Initially granted for a period of 2 years (with a minimum stay of 14 days) and subsequently extended for an additional 3 years (with a minimum stay of 21 days). After 5 years, investors can apply for Portuguese citizenship if they meet the required conditions.

5/ After 5 years, what happens to the investment?

After 5 years, investors with the Golden Visa will have three options:

Continue temporary residence with the Golden Visa.
Become a permanent resident.
Apply for naturalization to become a Portuguese citizen.

Options (2) & (3) allow you to sell or liquidate your investment at any time.

6/ Does the 20% reduction in the investment amount from the old law still apply to the new law? And in which forms is it applicable?

Yes, the 20% reduction is applicable in the new law. It applies in areas with low population density.

7/ Is it permissible for investors to simultaneously allocate their investment across multiple funds to meet the 500,000 euros minimum requirement?

Yes. Investors are free to invest in one or multiple funds, as long as they meet the minimum investment amount of 500,000 euros

8/ Is it possible to use loans or mortgages to invest in the Portuguese Golden Visa?

Yes, it is possible if the loan/mortgage is from a non-Portuguese financial institution.

9/ Once owning the Portuguese Golden Visa, is the investor required to live in Portugal?

No, it is only necessary to demonstrate 14 days of residency on Portuguese territory during the validity of the residence permit and maintain the investment for 5 years.

If you are interested in information about the Portuguese residency program, please contact Interimm via the hotline: 093 183 08 38