The Last golden visa train has left Portugal for real estate investors who missed investing 280,000 euros.
On Sep 30, The President of Portugal has signed the Mais Habitação bill after being reapproved by the parliament. The new legislation terminates all real estate investments under the renewed Golden visa program. This time the president signed the promulgation within a short time. Now the Government will publish the law in the Diario da Republica government gazette which will investing in real estate. which we anticipate be done with by second week of october. The President has signed three decrees on the same day according to the statement in the President’s website.
On Sep 21, the parliament re-approved the bill for the second time, after being previously vetoed by the president. This delay gave some time for last minute investors to apply making a 280,000 euro real estate investment in Portugal.
From now on under the new law,
- Real estate investment will not be eligible for GV.
- Capital transfer of 1.5 million euro or more will not be eligible (bank deposit, bond investment etc)
Not other changes to the existing golden visa program.
It is important to note that Portugal golden visa will not close and several investment options will the minimum investment increases to 500,000 euro in the investment fund. There is a 20% government discount available for investments benefiting low density regions (trims down to 350,000) to issue residence permit for investment purpose under Article 90-A (Golden visa).
- 500,000 Euros, or higher, for the acquisition of units of investment funds or venture capital fund
- 500,000 Euros for investing in research activities conducted by public or private scientific research institutions involved in the national scientific or technologic system for five years.
- 500,000 Euros, or higher, for constitution of a commercial society with head office in the national territory (or share capital in commercial society), combined with the creation of five permanent working jobs for 3 years
- 250,000 Euros for investing in artistic output or supporting the arts, for reconstruction or refurbishment of the national heritage, through the local and central authorities, public institutions, public corporate sector, public foundations etc..
- Create 10 national jobs or more.
It is important to note that the portuguese golden visa program will lead to permanent resident status and Portuguese citizenship after 5 years.