The Portuguese Government introduced several changes to Golden Visa. The changes focus on minimum investment thresholds and geographic restrictions.

In particular, for real estate investments, the amendments aim to redirect investors’ interest to Portugal’s mainland’s inland areas and the archipelagos of Azores and Madeira.

List of Golden Visa eligible investments in force from 2022 onwards

The new list of eligible investments promotes investment in inland areas, urban re-qualification, cultural heritage, high environmental or social value activities, productive investment, and job creation.

Real Estate Investments

1. Acquisition of real estate worth at least EUR 500,000
2. The acquisition of real estate for a minimum purchase price of EUR 350,000, if the property is at least 30 years old or is located within an urban regeneration area and the buyer refurbishes it

The minimum purchase price can be as low as EUR 280,000, if the requirements in ii. are met, and the property is located in an eligible zone.

The applicable geographic restrictions

Eligibility will be restricted to the Azores and Madeira Autonomous Regions or inland districts, as per specific ordinances. In the Portuguese mainland, areas eligible for Golden Visa purposes are “inland” and “low density” areas. Therefore, properties in Portugal’s “inland” region qualify for residential and commercial real estate investment (please see map below).

Investment in commercial property is not geographically limited.

Regions classified as low density

Regions classified as low-density are shown in light blue in the map below. Regions classified as high-density are shown in dark navy blue.

Investment in “low-density” areas allows for a 20% discount rate for eligibility purposes. Low-density regions are defined as territorial units (NUTS II) and have less than 100 inhabitants per square km or a GDP per capita lower than 75% of the national average.

List of inland regions

ALENTEJO CENTRAL

Alandroa

Arraiolos

Borba

Estremoz

Évora

Montemor-o-Novo

Mora

Mourão

Portel

Redondo

Reguengos de Monsaraz

Vendas Novas

Viana do Alentejo

Vila Viçosa

ALENTEJO LITORAL

Alcácer do Sal

Grândola

Odemira

Santiago do Cacém

ALGARVE       

Alcoutim

Aljezur

Castro Marim

Monchique

Vila do Bispo

Loulé (limited to certain parishes)

Silves (limited to certain parishes)

Tavira (limited to certain parishes)

ALTO ALENTEJO

Alter do Chão

Arronches

Avis

Campo Maior

Castelo de Vide

Crato

Elvas

Fronteira

Gavião

Marvão

Monforte

Nisa

Ponte de Sor

Portalegre

Sousel

ALTO MINHO  

Arcos de Valdevez

Caminha (limited to certain parishes)

Melgaço

Monção

Paredes de Coura

Ponte da Barca

Ponte de Lima (limited to certain parishes)

Viana do Castelo (limited to certain parishes)

Vila Nova de Cerveira

Valença (limited to certain parishes)

ALTO TÂMEGA           

Boticas

Chaves

Montalegre

Ribeira da Pena

Valpaços

Vila Pouca de Aguiar

Porto Metropolitan Area

Arouca

Vale de Cambra (limited to certain parishes)

AVE

Guimarães (limited to certain parishes)

BAIXO ALENTEJO

Aljustrel

Almodôvar

Alvito

Barrancos

Beja

Castro Verde

Cuba

Ferreira do Alentejo

Mértola

Moura

Ourique

Serpa

Vidigueira

BEIRA BAIXA

Castelo Branco

Idanha -a -Nova

Oleiros

Penamacor

Proença -a -Nova

Vila Velha de Ródão

BEIRAS E SERRA DA ESTRELA

Almeida

Belmonte

Celorico da Beira

Covilhã

Figueira de Castelo Rodrigo

Fornos de Algodres

Fundão

Gouveia

Guarda

Manteigas

Meda

Pinhel

Sabugal

Seia

Trancoso

CÁVADO         

Amares (limited to certain parishes)

Terras de Bouro

Vila Verde

DOURO

Alijó

Armamar

Carrazeda de Ansiães

Freixo de Espada à Cinta

Lamego

Mesão Frio

Moimenta da Beira

Murça

Penedono

Peso da Régua

Sabrosa

Santa Marta de Penaguião

São João da Pesqueira

Sernancelhe

Tabuaço

Tarouca

Torre de Moncorvo

Vila Nova de Foz Côa

Vila Real

LEZÍRIA DO TEJO

Chamusca

Coruche

Santarém (limited to certain parishes)

MÉDIO TEJO

Abrantes

Constância

Ferreira do Zêzere

Mação

Ourém (limited to certain parishes)

Sardoal

Sertã

Tomar (limited to certain parishes)

Vila de Rei

Vila Nova da Barquinha

REGIÃO DE AVEIRO

Águeda (limited to certain parishes)

Sever do Vouga

REGIÃO DE COIMBRA

Arganil

Condeixa-a-Nova (limited to certain parishes)

Góis

Lousã

Miranda do Corvo

Mortágua

Oliveira do Hospital

Pampilhosa da Serra

Penacova

Penela

Soure

Tábua

Vila Nova de Poiares

REGIÃO DE LEIRIA

Alvaiázere

Ansião

Castanheira de Pêra

Figueiró dos Vinhos

Pedrógão Grande

Pombal (limited to certain parishes)

Porto de Mós (limited to certain parishes)

REGIÃO DE VISEU DÃO LAFÕES

Aguiar da Beira

Carregal do Sal

Castro Daire

Mangualde

Nelas

Oliveira de Frades

Penalva do Castelo

Santa Comba Dão

São Pedro do Sul

Sátão

Tondela

Vila Nova de Paiva

Viseu (limited to certain parishes)

Vouzela

TÂMEGA E SOUSA

Amarante (limited to certain parishes)

Baião

Castelo de Paiva (limited to certain parishes)

Celorico de Basto

Cinfães

Marco de Canaveses (limited to certain parishes)

Resende

TERRAS DE TRÁS-OS-MONTES

Alfândega da Fé

Bragança

Macedo de Cavaleiros

Miranda do Douro

Mirandela

Mogadouro

Vila Flor

Vimioso

Vinhais

Other eligible investments for Golden Visa purposes

Capital Investments

1. Bank deposit/investment into financial products and in Portuguese public debt instruments valued in excess of EUR 1.5 million;
2. Acquisition of shares in commercial companies for EUR 1.5 million;
3. Transfer of capital in excess of EUR 500,000 to acquire participation units in venture capital funds, with a maturity date of 5 years, investing at least 60% in Portuguese companies’ capital.

Business Investments

1. Creation of a business employing ten individuals
2. Transfer of capital of EUR 500,000 for the incorporation or capitalization of a Portuguese company, combined with the creation of 5 jobs for a minimum of three years

Arts & Science Patronage

1. Transfer of capital in the minimum amount of EUR 250,000, to invest in or support art production, or the restoration and maintenance of national cultural heritage, through services carried out by a range of public or private entities;
2. Transfer of capital in the minimum amount of EUR 500,000 for scientific research purposes.

Portuguese Golden Visa benefits

Golden Visa Residency Permit holders may reside in Portugal. They can also travel to other European Union and Schengen area countries (and other territories with open borders within Europe).

Flexibility is part of the appeal of this residency scheme. Golden Visa Residency Permit holders must stay in Portugal for as few as seven days per year during the first year and as few as 14 days in the following periods.

The Golden Visa also grants the right to family regrouping, the possibility to request a permanent residence permit in Portugal after five years, and does not constitute an obstacle to applying for Portuguese citizenship (further requirements must be met) after five years.

Maintaining an eligible investment is mandatory for Golden Visa Residency Permit purposes. As long as the investment is secured in Portugal, the Golden Visa Residency Permit does not expire, provided it is renewed.

Applicants may divest without any penalties other than the Golden Visa Residency Permit termination.

The Portuguese Government is frequently reviewing the legal framework relevant to these affairs.

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