Portugal’s Golden Visa program, a popular residency-by-investment scheme, has undergone significant changes in 2024. The most notable update is the removal of real estate as a qualifying investment option. Despite these changes, the program remains active, offering alternative investment routes for those seeking residency in Portugal.
What We Know
- Real estate investments are no longer eligible for the Golden Visa.
- New qualifying investment options include venture capital funds, donations to arts and research, and job creation.
- The application period now counts towards the five-year residency requirement for citizenship.
Updated Investment Options
As of October 2023, the following investment routes are available for the Portugal Golden Visa:
- Venture Capital Fund Investment: Capital transfers of €500,000 or more for participation units in venture capital funds. Funds with direct or indirect real estate investments are excluded.
- Arts and Cultural Heritage: Donations of at least €250,000 for the preservation of national cultural heritage.
- Scientific Research: Contributions of at least €500,000 to science or technology research projects.
- Job Creation: Creation and maintenance of ten jobs during the required period.
- Company Investment: Incorporation of a company or reinforcement of a company’s share capital with an investment of €500,000, combined with the creation of five or maintaining ten jobs.
Citizenship and Residency Requirements
The Portuguese government has announced that the duration of the Golden Visa application period (6-18 months) will now count towards the five-year qualifying period for citizenship. This change significantly reduces the time it takes to obtain both a Portuguese passport and the associated rights to reside in the EU.
Changes in 2023 and 2024
The Mais Habitação bill, effective from October 2023, introduced significant changes to the Golden Visa program:
- Elimination of Real Estate Investments: Real estate is no longer a qualifying investment option.
- Capital Transfer: Capital transfers are no longer eligible.
- New Investment Routes: Focus on venture capital funds, arts and cultural heritage, scientific research, and job creation.
Application Process and Timeline
The Golden Visa application process involves several steps:
- Choose Investment Type: Analyze available investment types and decide on the best option.
- Gather Documents: Collect necessary documents for the main applicant and dependents.
- Get a NIF and Open a Bank Account: Obtain a NIF (tax identification number) and open a Portuguese bank account.
- Finalize Investment: Make the qualifying investment in Portugal.
- Submit Pre-Application: Submit the pre-application online to the Agency for Integration, Migration, and Asylum (AIMA).
- Attend AIMA Appointment: Schedule and attend a biometrics appointment at an AIMA office.
- Receive Golden Visa: Obtain the Golden Visa residence cards, valid for two years.
- Apply for Citizenship: After five years, apply for permanent residency or citizenship.
Conclusion
Despite the removal of real estate as a qualifying investment, Portugal’s Golden Visa program continues to offer attractive options for investors. The updated investment routes and the inclusion of the application period in the residency requirement make the program more accessible and appealing to potential investors.
