Published at: 22/10/2020 12:00 pm
Only properties in the countryside will qualify for the residence permit of Portugal from 2021. Buy your real estate in Lisbon, Porto and Algarve in 2020, before the Portuguese Golden Visa Program changes.
The government will allow investors only to become residents under the Golden Visa Program's property options if the chosen real estates are not in Porto or Lisbon. You can invest in exchange for the temporary, later permanent residence and citizenship under the current legislation until the end of 2020! The capital and the second-largest city were the hotspots for investors. Since the scheme began, high profits arose from renting the flats and houses for tourists all year round.
According to the State Budget 2020, the residency program should have changed already, but the pandemics postponed the final decision. However, the regulations of the "Portuguese Residence Permit for Investment" (ARI or Golden Visa) will not allow qualifying for the residence permit by purchasing properties in large urban centres.
"With the new changes, foreigners who intend to acquire an ARI through the acquisition of real estate will have to focus on the interior regions of the country, instead of the Litoral regions, where most of the investment is currently concentrated", according to Vidaimobiliaria. It means that the government will exclude not only the tourist traps of Lisbon and Porto from the scheme. Moreover, the other beautiful settlements at the coast of the Atlantic Ocean and the Mediterranean Sea (for example the Algarve region) will also not qualify for the EU residence permit.
The Portuguese real estate professionals, like the Portuguese Association of Real Estate Developers and Investors, defended the scheme, and they requested to continue this essential tool to attract international investment. However, the professionals have serious concerns about the future of the Golden Visa Program, because investors are not interested in purchasing properties in the interior of the country. Though, investors can't forget that Portugal has many beautiful cities, loved by the tourists, as Evora, or several charming National Parks as well.
Because the Portugal Golden Visa Program has too many advantages, you and your family can become residents in the EU. You can move freely inside the Schengen zone. It is enough to spend seven days per year in Portugal to maintain your resident status. After five years you can obtain the citizenship of Portugal.
Portugal is a beautiful EU Member State with a rich cultural and historical heritage and the third safest country in the world.
The Portuguese ARI - Golden Visa Program offers several investment options, as capital investment, funds, bank deposits, job creation, company registration, etc. However, the most popular choice is still to invest in real estate.