Earlier this year, the Portuguese government proposed Portugal Golden real estate investment changes, which would have blocked investors from buying properties in Lisbon and Porto from March 2021.
While these changes were postponed in June 2020 due to the ongoing COVID-19 pandemic, this might not be the case for much longer.
Earlier this month, the Portuguese authorities entered talks to decide whether to pass this legislation in early 2021. If the legislation is rolled out, expats wishing to obtain legal residency in the country by investing in real estate will only be able to invest in the ‘low density’ rural areas of Portugal instead of larger cities.
While the proposed measures won’t completely derail the Portugal Golden Visa Program, they will significantly limit international investors’ options to make a property investment in the thriving urban cities.
These proposed changes do not apply to the fund investment option or other investment routes of the Golden Visa program. The changes will exclusively focus on the purchase of real estate to the amount of €500K or €350k for urban rehabilitation. Applicants already enrolled in the program will not be impacted by this change. If approved by the government, the new measure will only come into effect after the decree comes into force (most likely early 2021).
What the experts on Portugal Golden Visa have to say
The Portugal Golden Visa program is one of the most popular residency by investment schemes in Europe. Launched in 2012, investors can obtain residency permits for themselves and their families provided that they make a qualifying investment in real estate.
At the moment properties of €350k and €280k are still available in Lisbon and Porto to get the Portugal Golden Visa. However, little time is left before the new measures are implemented. If you’re ready to invest in the Portugal Golden Visa Program and are considering buying a property in Lisbon and Porto, then the time to do so is now. Contact Global Citizen Solutions for more information here. Alternatively, consider investing in funds, an increasingly popular option among foreign investors. This option enables individuals to invest at minimum, €350K in qualified investment funds to obtain legal residency in Portugal.
For more information on Portugal’s golden visa scheme, visit our Portugal Golden Visa guide below.