Published at: 04/01/2021 10:00 am
Now, it's official: the Portuguese government changed the residency by investment program, and from July 2021 you can't buy real estates in Lisbon, Porto and the coast under the Golden Visa Program.
The original plan was to amend the Portugal Golden Visa Program's (ARI - Autorização de Residência para Atividade de Investimento) regulations from January 2021. Still, the pandemic and the following economic downturn helped to extend the time limit for applications.
In November 2020, the foreign applicants invested more than 50 million euros in the national economy; this amount is 35% more than in the same period of the previous year. In October 2020, the invested amount increased by 75%, compared to 2019.
Following harsh political debates, the government decided to change the legislation. The ARI Portuguese Golden Visa continues and offers the same benefits; only the territorial limitations changed. Instead of the ocean's coast, the capital Lisbon and Porto, the investors must purchase residential real estates in the countryside. Don't worry, Portugal is beautiful, and you will find charming cities and villages to invest. However, you still have six months to purchase a residential real estate in Lisbon, Porto or Algarve.
To make the right decision, we offer consultations to understand the immigration and the investment process. Click here to set up a consultation with our experts!
Please, note, that the purchase of residential real estate is only one of the options to become a Portuguese resident through investment. There are several other official solutions as registering companies or start-ups, deposit funds in local banks, and creating jobs, among others.
Despite the consequences of the COVID-19 virus, the Portuguese residency by investment managed to attract 619 million euros until December, only 11% less than in the first eleven months of 2019. Moreover, the successful applicants and their family members obtained 1,133 "golden visas", officially residency permits, which allows them to become citizens of the EU Member State after five years.
The total number of "golden residents" since the launch of the scheme is 15,965, according to the Business Journal.
Discus Holdings Ltd has more than 25 years of experience in the European residency by investment market. Click here and read all the essential and detailed information about the Portuguese Golden Visa scheme!