Foreigner investors looking to secure Portugal residency through the popular Golden Visa scheme might have to start looking for property outside the metropolitan areas of Lisbon and Porto, as the Portuguese government moves to put an end to the investment in real estate of the golden visas in these two cities. However, changes to the Golden Visa rules will only take effect after complete regulation is published.
Ana Catarina Mendes, leader of the Socialist bench, said that her party took this measure to limit the issuance of the ‘golden visas’ for real estate investments made across the coastline and to encourage the promotion of investment in low-density inland municipalities as well as autonomous regions of the Azores and Madeira.
The measure also aims to relieve the pressure of the existing real estate market in the country’s two principal cities.
She further added that the changes would take effect this year; therefore, those who wish to enter on a golden visa via the real estate investment route will not qualify if their property is located in Lisbon and Porto. However, those who choose the job-creation route would remain unaffected with the new changes.
Moreover, extensions of residence permits or residence permits to family members who already invested under the current regime will not be affected with this move.
Established in 2012, Portugal’s Golden Visa programme has proved to be a very successful residency programme during the past few years. It grants successful applicants (non-EU/EEA citizens) the right to live, work and study in Portugal, along with visa-free travel in 26 countries in the European Union, and eventually a legal residence in exchange for a 5-year investment of at least €280,000 to €500,000 in Portugal.
Since its inception, the programme has thus far clinched investments worth around € 5 billion – majority of which (around 90%) has come in the form of real estate acquisitions. The scheme raised €742 million in 2019 alone while its biggest beneficiaries come from China (4,467), followed by Brazil (863), Turkey (380), South Africa (320) and Russia (296).
Make the application for the Golden Visa in Portugal before the implementation of changes!!
With time left for legalization of the proposed changes and their implementation, investors can still invest in major Portuguese cities such as Lisbon or Porto. We would suggest you to move forward with your application as soon as possible before any changes come into effect.
WWICS can work to file your petition ahead of the proposed, as long as funds are in and documents are completed in the given time frame.
WWICS – OFFERING A VIABLE PATHWAY TO APPLY FOR PORTUGUESE GOLDEN VISA PROGRAM
World’s largest immigration group – WWICS is offering professional services to the investors/businesspersons to transform their dreams into reality and become a global business person under the different mobility programs since 1993.
If you wish to secure residency in Portugal through the Golden Visa, please share your details byfilling in the form . Our team of investment experts will review your eligibility & guide you at every step of the way: from the first consultation till obtaining your Golden Visa!!