Portugal Golden Visa program is one of the most popular residence by investment initiatives globally. Since its launch in October 2012, more than 12,000 people have applied for Golden Visas.
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Portugal Golden Visa Simplified: A Quick Overview
In order to acquire a residency permit, applicants may select from a number of investment choices through the Portuguese Golden Visa. A minimum of seven days per year must be spent in Portugal is one of the essential requirements. Golden Visa holders can enter the Schengen Area without needing a visa. Moreover, Portugal Golden Visa holders can apply for Portuguese citizenship after five to six years.
What Are the Key Benefits of the Portugal Golden Visa?
The minimum investment required to obtain Portuguese residency through this program is €250,000, one of the lowest thresholds in Europe. The program offers a variety of Portugal Golden Visa Investment Fund options, providing opportunities for making return-generating investments. Moreover, applicants are not required to live in Portugal under this scheme; maintaining the residency permit only requires an average stay of seven days per year. Another important benefit of this program is that it is one of the quickest routes in Europe to apply for Portuguese citizenship and may become available to you after five years. Applicants will be able to enter 191 countries without a visa after obtaining citizenship.
2024 Overview: Key Revisions to Portugal’s Investment Residency
Real estate purchases and funds associated with real estate are no longer accepted as qualified investment options under the program as of the 2023 update. However, there are still certain Portuguese funds that qualify as investments.
The Updated Portugal Golden Visa Program in 2024
The “Mais Habitação Law,” announced by the Portuguese government on October 6, 2023, brought important changes to the Golden Visa scheme. This new regulation eliminates the option to invest in real estate or related funds as a means of qualifying for a Golden Visa in Portugal, as mentioned.
The proposed modifications have no bearing on already-existing rights, such as renewals, applications for permanent residence, and family reunification.
Applications for new residence permits pertaining to investments, financing of creative endeavors, or preservation and restoration of the nation’s cultural heritage are still being accepted.
Investment Options Have Changed
With the latest updates, some of the investment options are no longer considered qualified to apply for the Golden Visa program. These include capital transfers of €1,500,000 or more, the acquisition of real estate property, and investments into funds that have direct or indirect involvement with real estate.
Portugal’s Golden Visa in 2024: Essential Insights for Investors
Portugal still receives applications for the Golden Visa Program through the existing investment paths. These include capital transfers of €500,000 or more into qualifying venture capital funds, provided these funds do not invest in or have any ties to real estate. Other viable options include the creation of at least ten jobs, a capital transfer of €250,000 to support artistic production or the preservation of national cultural heritage, and a capital transfer of €500,000 or more to fund research activities at public or private scientific research institutions. Lastly, residency can still be obtained through a capital transfer of €500,000 or more for the establishment of a commercial enterprise in Portugal that creates five permanent jobs.
In summary, Portugal’s Golden Visa program keeps going with the latest changes. The elimination of real estate investments as a qualifying option has been a significant adjustment. Still, alternatives such as capital transfers to venture capital funds, job creation, and contributions to cultural or scientific research are still available. The program continues to offer a pathway to residency with relatively low minimum stay requirements and the possibility of applying for citizenship after five years. These updates reflect the evolving nature of the program while maintaining its core structure.
Information sourced from: getgoldenvisa.com
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Whether it’s through real estate, job creation, or other qualifying investments, the program offers a great opportunity to live in one of Europe’s most desirable destinations. With its affordable living costs, excellent healthcare, and a welcoming environment, Portugal is an ideal place for expats seeking a new start.
However, the process of applying for the Golden Visa can be complex and requires careful attention to detail. This is where GovAssist can help. Their team of experts specializes in guiding individuals through the Golden Visa application process. They assist with everything from choosing the right investment option to ensuring all necessary documentation is submitted correctly. GovAssist’s tailored support ensures a smooth, efficient application process, helping you avoid common pitfalls and delays.