Portugal’s President, Marcelo Rebelo de Sousa, announced his confirmation of the contentious “More Housing” bill during a recent address. Among its various provisions, the bill introduces significant changes to the Portuguese golden visa program.
This legislation is now set to undergo further formalities in Parliament and the government before becoming law, a process that typically takes between 4 to 8 days.
President de Sousa’s decision to enact the bill comes after he initially exercised his veto power to halt its progress. However, the bill successfully passed through Parliament in a second and final vote, compelling him to promulgate the new law.
A notable change arising from this legislation is the elimination of real estate investment as a qualifying option for the golden visa program. Market experts anticipate that the fund investment category will emerge as the preferred route for most investors seeking Portuguese residency.
The revised golden visa program, effective immediately, introduces five alternative investment options for prospective applicants:
I) Job Creation: Creating a minimum of ten jobs.
II) Research Investment: Transferring capital equal to or exceeding EUR 500,000 into research activities conducted by public or private scientific research institutions integrated into the national scientific and technological system.
III) Cultural Heritage and Artistic Support: Transferring capital equal to or exceeding EUR 250,000 to support artistic production, preservation, or maintenance of national cultural heritage through various public and private entities.
IV) Investment in Collective Investment Organisms: Transferring capital equal to or exceeding EUR 500,000 to acquire shares in specific collective investment organisms incorporated under Portuguese law. These funds must have a maturity period of at least five years, with at least 60% of investments allocated to national commercial companies.
V) Business Incorporation or Reinforcement: Transferring capital equal to or exceeding EUR 500,000 for the establishment of a commercial company within Portugal’s borders, combined with the creation of five permanent jobs, or reinforcing the share capital of an existing national company with the creation or maintenance of at least five permanent jobs for a minimum of three years.
Furthermore, as in the past, the minimum investment thresholds for options 1, 2, and 3 may be reduced by 20% when investments are directed towards low-density territories. These territories are defined as areas with fewer than 100 inhabitants per square kilometer or a GDP per capita that is less than 75% of the national average.
It is imperative to note that, as per the new law, investments must not take the form of real estate under any circumstances, marking a significant shift in the golden visa program’s focus.
These changes signal a new era for the Portuguese golden visa program, emphasizing alternative investment avenues and reshaping the landscape for prospective residency seekers.
Beyond Global Partners is your trusted ally in navigating Portugal’s evolving golden visa program. Our team of experts is ready to help you explore the new alternative residency options introduced by the ‘More Housing’ bill. With our tailored solutions and in-depth knowledge, we ensure a seamless journey towards Portuguese residency.
Contact us today to embark on this exciting path of investment and residency transformation.
