Portugal Government has approved Golden visa Decree Law No. 14/2021 that makes important changes coming into effect from Jan 1, 2022. The new legislation was published on Government gazette on Feb 12.
The Golden visa investment in real estate will be allowed in Lisbon/Porto/Algarve and other coastal areas until Dec 31, 2021. There will no change to the current regime.
The Portugal Golden visa scheme will allow investing in 280,000 euro properties with 20% discount until the end of 2021, giving a one year breathing window for prospective investors.
The new decree-law aims to bridge regional differences, promoting quality of life and sustainable development in rural and inner regions of Portugal
The Decree law 14/2021 which comes in to force on Jan 1, 2021 increases of the amounts involving “Investment activity” for real estate and capital transfer investments. Here are brief summary of the most important changes
- Real Estate: The acquisition of property with a value equal to or over 500,000€ is only allowed when the dwellings are located in the Autonomous Regions of the Azores and Madeira or in inland territories. This is increased from €280K/350K minimum.
- Bank deposit / Govt bonds: Capital transfer investments will also increase for Bank deposits or Govt bonds) increases to €1.5 million euros (from €1 million)
- Research activities: Capital transfer in the amount equal to or higher than 500,000€,(increase from 350K euro) which is applied in research activities developed by public or private scientific research institutions, integrated in the national scientific and technological system;
- Investment funds: Capital transfers equal to or greater than 500,000€ (increase from 350K euro), for the acquisition of investment units in investment funds;
- Commercial Companies: Capital transfers in the amount equal to or higher than 500,000€ (increase from 350K euro), for the incorporation of a commercial company with registered office in national territory.
The New law does not prohibit commercial investments which will continue to be allowed in Lisbon/Porto and Algarve regions.
Portugal has a number of unique benefits compared to other European golden visa programs.
The First step in applying for Golden visa is to open bank account in Portugal and obtain a Tax number. It is important to note process takes atleast 4-8 months to be fully completed.