This article is the ultimate 2023 source regarding Portugal’s Golden Visa changes that took place in January 2022 and the most recent information on the Portugal Golden Visa.
If you would like to know more about the announcement in February regarding the Golden Visa coming to an end, you can consult our article Portugal Golden Visa is Ending for the latest updates.
Is the Portugal Golden Visa ending?
In a surprising move, Portugal made headlines in February 2023 by announcing the termination of its Golden Visa scheme as a response to the housing crisis. The government’s announcement specified that the program would no longer be available to new applicants, particularly emphasizing the exclusion of real estate investment options.
However, the Golden Visa program is not coming to an end. On 19 July 2023, the Portuguese parliament voted to restructure the program. The new legislation will bring about changes to the types of investments that qualify for the scheme. Notably, real estate investments will no longer be eligible for the program.
The biggest change of the Golden Visa Program is that, after the Mais Habitação bill law goes into effect, all real estate investment options, whether direct or indirect, will be eliminated. However, other investment routes will remain available for those interested in the Golden Visa program.
The latest update, from 21 August, is that the Portuguese President has vetoed the Mais Habitaçāo Bill, meaning that it will now be sent back to Parliament to be reassessed.
If you are interested in the real estate investment option, you should begin your application now. Time is of the essence. The law, as of today, remains in force, but we cannot, at this stage, guarantee how long the eligibility for real estate investment will last.
Update as of August 21st: Portuguese President Exercises Veto on Mais Habitação Bill
Following thorough contemplation and well-constructed arguments, Marcelo Ribeiro, the President of Portugal, has chosen to veto the “Mais Habitação” Bill. This legislative proposal aims to tackle the housing predicament in Portugal and encompasses the termination of real estate investment avenues within the Golden Visa program.
Next steps
The Bill will now undergo a process of reevaluation in the Parliament, focusing on the concerns raised by the President. Subsequently, the Parliament can potentially overturn the veto through a fresh voting procedure. The Assembly is currently in its summer recess and is set to reconvene on September 6th, at which point deliberations concerning the Bill will resume. The Socialist Party retains the option to vote on the Bill anew with a simple majority, even without introducing alterations. However, given the President’s unequivocal warning that the Bill’s is ineffective, one can reasonably expect a renewed debate.
Timeline for Real Estate Investment under the Golden Visa
While pinpointing an exact timeframe is challenging, it is reasonable to assume that investors have until the end of September to engage in real estate investments as part of the Golden Visa program.
Important information regarding investment options
If and when the new Golden Visa law passes, eliminating direct or indirect real estate investment options, the program will continue to exist. The types of investment are as follows:
- €500,000 in collective investment structures, namely funds and others not directly or indirectly related to real estate
- Setting up or entering the share capital of existing companies, alongside the creation of jobs and a minimum investment of €500,000
- Donations and other types of liberalities under artistic and/or scientific domains
Prior to this, the Assembly of the Republic of Portugal convened on 19 July and gave its approval to the final version of the Mais Habitação bill, which included significant changes to the Golden Visa regime. Notably, all real estate investment options, whether direct or indirect, will be eliminated under the new law.
The key implications of this legislation are as follows:
- All pending SEF (Foreigners and Borders Service) applications will be evaluated according to the laws in place at the time of their submission
- The minimum stay requirement for maintaining residence permits will remain at an average of 7 days per year
- Renewals of residence permits will follow the same initial rules as before
- Family reunions are guaranteed under the same terms as main applications
- Investment routes related to real estate and capital transfer are no longer eligible
- The law will take effect the day after its official publication
Note that investors can still apply for Golden Visa real estate related investment options under the current legislation.
Why choose Global Citizen Solutions for your Portugal Golden Visa?
- Global approach by local experts: A team of experienced local case executives, immigration lawyers, and investment specialists based in Portugal.
- Independent service: We are not a marketing agency for any projects. You will access all eligible routes for the Golden Visa so you can decide on the best option, and your investment will benefit from the legal due diligence services of a reputable Portuguese Law Firm.
- 100% approval rate: We have the unique distinction of never having had a Golden Visa case rejected and have helped hundreds of clients from more than 35 countries.
- All-encompassing solution: Our dedicated onboarding and immigration teams will assist you throughout the process and beyond with a single channel of communication.
- Transparency: Our fees are clear and detailed, covering the entire process with no hidden costs.
- Privacy: Your personal data is stored within a GDPR-compliant database on a secure SSL-encrypted server.
To see the full list of reasons why to work with Global Citizen Solutions for your Portugal Golden Visa, you can find out more here: Why Work with Global Citizen Solutions for Your Golden Visa Portugal Application?
The Portugal Golden Visa program is ending soon, and this is your final chance to apply. If you have decided to seize this final opportunity here’s what we can do for you. You’ll have three teams working in parallel to help you streamline your application while coordinating with each other. To provide you with an example, we will ensure that you won’t make the investment until all your documents and preparations are ready for your application to be viable and ready to be submitted. In times like these, time is of the essence. Global Citizen Solutions can ensure that your Golden Visa application process is a smooth one. Why Work With Us
Start your application today and secure your Portugal Golden Visa.
Portugal Golden Visa Changes in 2022
The Portuguese government rolled out new regulations concerning the Portugal Golden Visa. The changes took effect on 1 January 2022. This law restricted the ‘qualifying’ areas for real estate investment within Portugal and made several investment options more expensive.
The government explained these changes as a necessity to evenly spread foreign investment to other parts of Portugal. With the Lisbon and Porto real estate market thriving, the government focused its attention on developing the property market in Portugal’s interior areas.
As of 1 January 2022, the following changes are in place:
Real estate changes
- Investors cannot invest in residential property in popular urban areas such as Lisbon, Porto, and much of the Algarve, as well as coastal towns like Setúbal and the Silver Coast.
- Applicants can no longer get residential property in major cities such as Lisbon or Porto or in coastal towns of the mainland. Now, you can only buy residential property in designated interior areas of Portugal worth at least €500,000 or €350,000 if investing in a rehabilitation project. If the residential property is located in a designated ‘low-density’ area, then a 20 percent discount applies.
- Investors can purchase commercial property anywhere in the country worth at least €500,000 or €350,000 if investing in a commercial rehabilitation project. If the commercial property is located in a designated ‘low-density’ area, then a 20 percent discount applies.
- Investors can buy residential and commercial property anywhere in Portugal’s autonomous islands of Madeira and Azores, worth at least €500,000 or €350,000 if investing in a rehabilitation project.
Capital transfers changes
- The capital transfer amount requirement increased from €1 million to €1.5 million.
- The Investment fund minimum subscription requirement increased from €350,000 to €500,000.
- Investment in scientific research increased from €350,000 to €500,000
- Investment into an existing Portugal-registered business increased from €350,000 to €500,000
- An investment into the arts and cultural heritage worth €250,000 stayed the same.
It’s important to note the difference between interior areas and low-density areas. Check out the map below explaining the differences.
*Note that it’s possible for an area to be interior and high-density. In this case, you can purchase a residential property, but no discount applies.*
For a more comprehensive overview of what interior and low-density areas in Portugal qualify for a Golden Visa, check out our guide to the Portugal Golden Visa Low-Density Investment Options.
What are the implications of the Portugal Golden Visa changes in 2022?
While stakeholders vocalized opposition against the changes, they’re not necessarily seen as ‘good’ or ‘bad.’ Rather, the Portugal Golden Visa changes were designed to drive investment in Portugal’s interior areas, relieving pressure from metropolitan locations and encouraging foreign investment into other areas of the country.
From 1 January 2022, investors cannot buy residential properties in popular urban areas of the country like Lisbon, Porto, and much of the Algarve, as well as in coastal towns like Setúbal and the Silver Coast. Only residential property investments in interior parts of the country qualify (there are no location restrictions on commercial real estate).
In the wake of the changes, alternative investment routes to Portuguese residency have become more popular, namely the investment fund option. However, the real estate investment route continues to be the most popular option.
What has not changed?
The following Golden Visa investment options have not changed under Portugal’s new immigration law in 2022:
- €250,000 investment to artistic production or national heritage.
In a nutshell, if you submitted your Golden Visa application before 1 January 2022, you would have been exempt from new legislation. This includes future renewals of your status.
Property sector affected by Portugal Golden Visa new rules
There was hope that the Portugal Golden Visa suspended changes would not go ahead as professionals from the property sector expressed concerns that the changes could harm the property market. However, the Golden Visa’s new rules were put in place to help boost low-density areas and balance out the property market in the country.
Fantastic Portugal Golden Visa low-density areas with high growth potential, such as the Douro Valley, Aljezur, and Peneda Gerês, provide excellent property locations for investors and their families. For only €280,000, individuals can invest in low-density renovation projects and become eligible for the Portugal Golden Visa scheme.
Did the Portugal Golden Visa changes impact existing investments in Porto and Lisbon?
If you were in the process of purchasing a property in a thriving urban area, you would not have been impacted by the Portugal Golden Visa updates. However, from 1 January 2022, if you are interested in purchasing a property in Lisbon, Porto, or parts of the Algarve, you can only buy commercial property, not residential.
If you are not particularly interested in investing in real estate, the Portugal investment fund Golden Visa is a very attractive investment route. For a minimum investment of €500,000, you can become a Portuguese resident with the fund investment option.
Portugal Digitalizes Golden Visa Applications
The Portuguese government has also announced that Golden Visa applications will now be digitalized. All documents are to be submitted digitally, including the issuance of the Portuguese individual tax number (NIF). The change will help reduce bureaucracy and create a faster Golden Visa application process.
Portugal Golden Visa timeline
Portugal Golden Visa: A Brief History
Launched in 2012, the Portugal Golden Visa scheme is one of the most popular residency-by-investment schemes in Europe. The scheme allows investors and their families to obtain residency permits in exchange for a qualifying investment. Since its launch, the Portugal Golden Visa has been a true success, with 11,384 investors and 18,617 family members benefiting from the Golden Visa program.
Portugal Golden Visa statistics show that, in terms of top residency-by-investment programs, Portugal is recognized as offering the best program in the world. The reasons for the program’s success are multiple. Portugal is one of the best European countries for expats due to its outstanding quality of life, excellent weather, and freedom.
In addition, the program offers several attractive investment routes suiting various investment goals — such as purchasing real estate, investing in venture capital, research, or an existing business.
For more information on Portugal’s Golden Visa scheme, visit our Golden Visa Portugal 2023 Ultimate Guide.
Golden Visa Delays Causing Applicants to Take SEF to Court to Speed Up the Process
As part of the Golden Visa process, applicants need to attend an appointment at SEF to provide the required legal documents and for SEF to collect their biometric data. Once the Golden Visa application is analyzed by SEF and receives the go-ahead, SEF then indicates the dates available to schedule the appointment. The legal provision (Article 105) states that SEF has three months to inform the applicant of their decision and indicate the dates available for the applicant to make an appointment (this can be extended to a further three months in exceptional circumstances).
The SEF Procedure Manual (in Portuguese) foresees a deadline of 10 to 60 days for the scheduling of the biometrics collection. However, it is unclear as to whether this refers to making the appointment or whether the appointment itself should occur within this time frame. This process of scheduling an appointment is taking much longer, up to 18 months, due to the pandemic, the war in Ukraine (SEF had to process over 60,000 residences in the first half of 2022 for Ukrainian citizens), and the high number of applications for the program.
Many investors have taken cases relating to delays in obtaining a Golden Visa to court to speed up the process, with reports stating that, to date, SEF has lost 18 cases. It is this deadline provided in the law for appointments that the courts have made favorable decisions for foreign investors, whereby the delays in the process are not legal.
You can read more in our article: Portugal Golden Visa Delays Causing Applicants to Take SEF to Court to Speed Up the Process.
How can we help you?
As professionals dedicated to assisting you in acquiring the Portugal Golden Visa, Golden Citizen Solutions will continue to closely monitor any changes as they unfold and keep you updated on the matter.
In the meantime, you can always stay up-to-date on Portugal Immigration Policy 2023 and the latest updates by visiting the Portugal Immigration and Border Service website (SEF).
Frequently Asked Questions about the Portugal Golden Visa Changes
Is the Portugal Golden Visa still available?
Yes, the Golden Visa is still available. On 19 July 2023, the Portuguese parliament voted to restructure the program. The new legislation will bring about changes to the types of investments that qualify for the scheme. Notably, real estate investments will no longer be eligible for the program. If you are interested in this investment pathway for the Portugal Golden Visa, we recommend that you begin your application now.
The latest information is that, on 21 August, the President vetoed the Mais Habitação Bill and sent it back to Parliament, deeming it inefficient. Parliament will now reassess the Bill.
Is the Portugal Golden Visa ending?
No. The Golden Visa is still available. On 19 July 2023, the Portuguese parliament voted to restructure the program. The new legislation will bring about changes to the types of investments that qualify for the scheme. Real estate investments, both direct and indirect, will no longer be eligible for the program. If you are interested in this investment pathway for the Portugal Golden Visa, we recommend that you begin your application now.
The latest is that, on the President vetoed the Mais Habitação Bill and sent it back to Parliament, deeming it inefficient. Parliament will now reassess the Bill.
Can you still get a Golden Visa in Portugal?
Yes, you can still get a Golden Visa in Portugal. However, new legislation that will come into force soon will mean that real estate investments are no longer eligible.
What are the Portugal Golden Visa changes in 2022?
The biggest Golden Visa changes are related to the real estate and capital transfer investment options. Since January 2022, applicants have been blocked from buying residential property in Lisbon, Porto, and much of the Algarve, as well as in coastal areas like Setúbal and the Silver Coast.
The capital transfer amount requirements have increased from €1 million to €1.5 million. Alongside the capital transfer price change, requirements for the investment fund route, the research option, and investing in an existing Portugal-registered business have increased from €350,000 to €500,000.
What do the Portugal Golden Visa new rules mean for my investment options?
New legislation that will come into force soon will mean that real estate investments are no longer eligible for the Golden Visa.
Will the Portugal Golden Visa program be canceled?
No. The Golden Visa is still available. On 19 July 2023, the Portuguese parliament voted to restructure the program. The new legislation will bring about changes to the types of investments that qualify for the scheme. Real estate investments, both direct and indirect, will no longer be eligible for the program. If you are interested in this investment pathway for the Portugal Golden Visa, we recommend that you begin your application now.
Does Portugal's Golden Visa lead to citizenship?
While the Portuguese Golden Visa program is a residency-by-investment scheme, it is possible to secure Portuguese citizenship and permanent residency. You must hold your investment for five years and apply for permanent residency and Portuguese citizenship.
