The Golden Visa Portugal residence visa is one of the most interesting programmes created by the Portuguese Government to give free access to those who wish to enter the European Union and travel around the 26 countries included in the Schengen Area. To do so, one only needs to invest in property in Portugal. However, earlier this year, the Government decided to review this regime of residence permit for investment. It's not a question of reducing the benefits for foreign citizens, but rather the criteria that make the attribution of the visa possible. Basically, the idea is to substitute investment in the coastline by investment in the interior, and to invest more in job creation and in the requalification of urban and cultural heritage.
Decree-Law no. 14/2021, which regulates the changes in entry, stay, and exit of foreign citizens, as well as the minimum capital to be invested in the national territory, was approved on February 12, 2021, but only comes into force in January 2022. It means that this year is your last chance to make investments in the two most attractive and disputed regions in the country: Porto and the Algarve, both internationally awarded for their quality of life.
LUXIMOS Christie's International Real Estate has created a practical guide with all the up-to-date information. And reminds that it has an experienced procedural department that informs and supports our clients in all the necessary steps to obtain a residence permit via Golden Visa, assuring them of the resolution of all details from the beginning of the process until its conclusion.
What is the Golden Visa Portugal?
The Golden Visa is a type of visa for residence in Portugal. Upon proven completion of certain types of investment, this visa grants foreign citizens, and their direct family, authorisation to live in Portugal, as well as free access to the Schengen area. Officially, it is called the Residence Permit for Investment Activity.
It has been in existence since when?
It has been in force since 2012.
What benefits does it provide?
The Golden Visa grants the right to foreign citizens to apply for Portuguese nationality, provided they maintain their investment for at least five years. The programme allows you to live in Portugal or just make an investment in the country.
Will this programme end in 2021?
It will not end, but the rules will change.
What will change?
There are two premises that will change: the territory where to make the investment and the minimum investment amounts.
What changes in the territory?
The metropolitan areas of Lisbon and Porto, as well as the coastal area of the country, will no longer be eligible for the Gold Visa, through real estate investment. On the other hand, foreign investment may now be carried out in all the less densely populated regions of the country. Such as the Douro Vineyard's, for example, classified by UNESCO as a World Heritage Site, in the cultural landscape category. In other words, the acquisition of property, with a value equal to or greater than 500,000 euros, and the acquisition and execution of urban rehabilitation works, with a total value equal to or greater than 350,000 euros, which are destined for housing purposes, still allow access to this regime, but only if located on the islands or in inland territories.
What are the new amounts to be considered?
1) Capital transfer in the amount equal or superior to 1,5 million euros;
2) Capital transfer in the amount equal to or higher than 500,000 euros, to be applied in research activities developed by public or private scientific research institutions, integrated in the national scientific and technological system;
3) Capital transfers in an amount equal to or higher than 500,000 euros, destined to the acquisition of participation units in investment funds or venture capital funds focused on corporate capitalization, which are incorporated under the Portuguese legislation, have a minimum maturity of five years at the time of the investment and at least 60% of the value of the investment is made in commercial companies based in national territory;
4) Capital transfers in an amount equal or superior to 500,000 euros, aimed at the incorporation of a commercial company with registered office in the national territory, combined with the creation of five permanent jobs, or to increase the share capital of a commercial company with registered office in the national territory, already existing, with the creation or maintenance of jobs, with a minimum of five permanent jobs, and for a minimum period of three years;
When does it come into force?
This decree-law comes into force on 1 January 2022.
Will the benefits be changed after that date?
Will those who already have a Gold Visa lose their benefits?
No. Provided that the residence permit for investment has been granted under the current law, this decree-law does not affect the possibility of renewal of residence permits or the granting or renewal of residence permits for family reunion.
What documentation is necessary to apply for the Gold Visa now?
The documentation varies according to the type of investment you intend to make. In any event, you will always need the following documents:
1. A valid passport;
2. Proof of legal entry and stay in Portuguese territory;
3. Proof that you are covered by health protection, which may be the PB4 or travel insurance;
4. Criminal record certificate from the country of origin issued up to 3 months before the submission of the documentation;
5. Proof of Tax Identification Number from the country of fiscal residence;
Completed application form to consult the Portuguese criminal record;
7. Declaration under oath stating the commitment to maintain the investments in the country for 5 years;
8. Proof of the payment of taxes in order, through the presentation of a negative debt certificate issued, 45 days in advance, by the Tax and Customs Authority and by the Social Security or, if not possible, a declaration of non-existence of registration with these entities
9. Receipt of the payment of the analysis fee for the ARI request.
10. In the case of acquisition of real estate, the documents that prove it are necessary.
See some of the developments eligible for the Golden Visa:
PORTO: NEW AQUARELLE CONDOMINIUM
The Aquarelle private condominium consists of 14 luxury flats distributed over 6 floors, of typologies T1, T2, T3 and T4, in Pinhais da Foz, one of the noblest residential areas of Porto. All the flats have an energetic classification A, garage spaces, storage and generous sized balconies, from 9,5m2 to 15m2, which work as an extension of the living room. The condominium offers a private outdoor area with 700m2. Completed in October 2021.
PORTO: MARECHAL SALDANHA PRESTIGE
Marechal Saldanha Prestige, is a new private residential condominium with only 6 luxury flats, of the typologies T2, T3 and T4, in Foz do Douro, in Porto. All the flats have a terrace or balcony, two parking spaces and a storage area. The development stands out for the quality of its finishings and its high standards of design, comfort and security. Equipped with air conditioning system, double glazing and closed circuit surveillance (CCTV). Located 100 metres from the beach and the Foz promenade, the noblest area in the city to live and invest. Completed in May 2021.
ALGARVE: PALMARES BEACH & GOLF RESORT
The private condominium Palmares Beach & Golf Resort is made up of luxury one bedroom, one bedroom + 1 duplex and two bedroom + 1 duplex flats, surrounded by nature. Comfort, luxury, security and elegance come together in this luxurious condominium, specially designed for golf, beach and fresh air lovers. All the flats have views to the sea or to the Alvor estuary, which can be enjoyed from the large covered and uncovered terraces. Located in Lagos, 3 km from Meia Praia, in one of the regions of the Algarve that offers the best quality of life. A unique investment opportunity in an increasingly rare location.
ALGARVE: CLOSED CONDOMINIUM IN LAGOS
New closed condominium of 32 apartment's, with two and three bedrooms, located between the Lagos Marina and the historic city centre. This residential development designed by the award-winning architect Mário Martins, stands out for its quality, contemporary architecture, luxury finishings, excellent thermal and acoustic insulation, with special emphasis on the generous terraces, with an average area of 35 m2. The social area includes an outdoor swimming pool, sauna, gym and large green areas. All fractions include one or two garage spaces. Conclusion scheduled for July 2021.