The GOLDEN VISA program has a new legal framework that comes into effect next year, from January 1, 2022.
But this is not the end of it. Opportunities in real estate and capital transfers for foreign investors in Portugal continue to exist.
WHAT WILL CHANGE…
Real Estate Investment:
1. A minimum amount of €500,000.00, for housing purposes, will only be allowed in the interior of Portugal, Azores and Madeira. →If in a low-density area, the minimum amount drops 20 percent to €400,000
2. A minimum amount of €350,000, with rehabilitation works in urban center of home more than 30 years old, for housing purposes, will only be allowed in the interior of Portugal, Azores and Madeira. →If in a low-density area, the minimum amount drops 20 percent to €280,000
Capital Transfer(s):
1. The transfer of capital in an amount equal to or greater than 1 million euros, passes to a minimum investment of 1.5 million;
2. The minimum investment value in the transfer of capital for application in research activities carried out by public or private scientific research institutions, integrated in the national scientific and technological system, goes from €350,000.00 to €500,000.00;
3. The minimum investment value in the transfer of capital for investment in Private Equity Funds, goes from €350,000 to €500,000.00;
4. The minimum investment amount in the transfer of capital for the incorporation of a company in Portugal, combined with the creation of five permanent jobs, or for the reinforcement of the share capital of a Portuguese company, with the creation or maintenance of these jobs , goes from €350,000 to €500,000.00.
HOW TO BENEFIT FROM THE RESIDENCE AUTHORIZATION REGIME FOR INVESTMENT (ARI)
Supports and incentives:
• Any foreign investor will have until December 31, 2021 to submit their Golden visa process, under the current law (with the same minimum investment amounts, anywhere in the country and fulfilling the same requirements); Deduction from the collection of 30% of the costs of the rehabilitation work, up to a limit of 500 €.
• Provided the investor's file is submitted before January 1, 2022, that is, under current law, it will not be affected by the changes that will occur, even if approval of the process takes place after that date;
• The geographic limitations that will be verified in real estate investment for housing purposes, by "pushing" investment to the interior and to the islands, will allow that there are still several investment possibilities, with high potential, which will enable the promotion and development from certain parts of the country;
• These limitations on real estate investment will apply “only” to residential properties, which means that foreign investors may continue to invest throughout the country, including Lisbon, Porto and Litoral, in properties whose use/purpose is other than housing purposes (commerce, services, others), even after January 1, 2022;
• The planned changes do not affect the possibility of renewing the ARI or granting/renewing residence permits for Family Reunification (provided that the investor's process has been submitted under current law).
Under the terms of the changes introduced, with regard to investment real estate, the acquisition of real estate will only be eligible for the purpose of obtaining a Golden Visa if they are located in the interior territories or in the Autonomous Regions of the Azores and Madeira.
Here is the list of municipalities covered:
Alentejo Central
Alandroal, Arraiolos, Borba, Estremoz, Évora, Montemor-o-Novo, Mora, Mourão, Portel, Redondo, Reguengos de Monsaraz, Vendas Novas, Viana do Alentejo and Vila Viçosa.
Alentejo Coast
Alcácer do Sal, Grândola, Odemira and Santiago do Cacém.
Algarve
Loulé, Silves and Tavira
Alto Minho
Arcos de Valdevez, Melgaço, Monção, Paredes de Coura, Ponte da Barca and Vila Nova de Cerveira.
Alto Tâmega
Boticas, Chaves, Montalegre, Ribeira da Pena, Valpaços and Vila Pouca de Aguiar.
Porto Metropolitan Area
Arouca, Ave, Cabeceiras de Basto, Fafe, Mondim de Bastos, Póvoa de Lanhoso and Vieira do Minho.
Lower Alentejo
Aljustrel, Almodôvar, Alvito, Barrancos, Beja, Castro Verde, Cuba, Ferreira do Alentejo, Mértola, Moura, Ourique, Serpa and Vidigueira.
Beira Baixa
Castelo Branco, Idanha-a-Nova, Oleiros, Penamacor, Proença -a-Nova and Vila Velha de Ródão.
Beiras and Serra da Estrela
Almeida, Belmonte, Celorico da Beira, Covilhã, Figueira de Castelo Rodrigo, Ovens of Algodres, Fundão, Gouveia, Guarda, Butters, Meda, Pinhel, Sabugal, Seia and Trancoso.
Cávado
Terras de Bouro and Vila Verde.
Douro
Alijó, Armamar, Carrazeda de Ansiães, Sword Ash ash, Lamego, Mesão Frio, Moimenta da Beira, Murça, Penedono, Peso da Régua, Sabrosa, Santa Marta de Penaguião, São João da Pesqueira, Sernancelhe, Tabuaço, Tarouca, Torre from Moncorvo, Vila Nova de Foz Côa and Vila Real.
Lezíria do Tejo
Chamusca and Coruche.
Middle Tagus
Abrantes, Constância, Ferreira do Zêzere, Mação, Sardoal, Sertã, Vila de Rei and Vila Nova da Barquinha.
Aveiro Region
Sever do Vouga.
Coimbra Region
Arganil, Góis, Lousã, Miranda do Corvo, Mortágua, Oliveira do Hospital, Pampilhosa da Serra Penacova, Penela, Soure, Tábua and Vila Nova de Poiares.
Leiria Region
Alvaiázere, Ansião, Castanheira de Pêra, Figueiró dos Vinhos and Pedrógão Grande.
Region of Viseu Dão Lafões
Aguiar da Beira, Carregal do Sal, Castro Daire, Mangualde, Nelas, Oliveira de Frades, Penalva do Castelo, Santa Comba Dão, São Pedro do Sul, Sátão, Tondela, Vila Nova de Paiva and Vouzela.
Tâmega and Sousa
Baião, Celorico de Basto, Cinfães and Resende.
Terras of Trás-os-Montes
Alfândega da Fé, Bragança, Macedo de Cavaleiros, Miranda do Douro, Mirandela, Mogadouro, Vila Flor, Vimioso and Vinhais.
Municipalities / Parishes
Algarve
Loulé: Alte, Ameixial, Salir and União de Querença, Tôr and Benafim parishes.
Silves: São Marcos da Serra.
Tavira: Cachopo and Santa Catarina da Fonte do Bispo
Alto Minho
Caminha: Union of the parishes of Arga (Baixo, Cima and São João), Union of the parishes of Gondar and Orbacém and Dem.
Ponte de Lima: Anais, Ardegão, Freixo and Mato, Association of parishes in Vale do Neiva, Bárrio and Cepãos, Beiral do Lima, Boalhosa, Cabaços and Fojo, Lobal, Cabração and Moreira do Lima, Calheiros, Estorãos, Friastelas, Gemieira, Gondufe, Labruja, Labrujó, Rendufe and Vilar do Monte, Navió and Vitorino dos Piães, Poiares and Serdedelo.
Valença: Boivão, Fontoura, Union of the parishes of Gondomil and Sanfins and Union of the parishes of São Julião e Silva
Viana do Castelo: Montaria
Porto Metropolitan Area
Vale de Cambra, Arões and Junqueira.
Ave
Guimarães, Union of the parishes of Arosa and Castelões.
Cávado
Amares Bouro (Santa Marta), Goães, Union of the parishes of Caldelas, Sequeiros and Paranhos, Union of the parishes of Vilela, Seramil and Paredes Secas.
Lezíria do Tejo
Santarém, Union of the parishes of Casével and Vaqueiros.
Middle Tejo
Tomar, Olalhas, Sabacheira, Union of the parishes of Além da Ribeira and Pedreira, Union of the parishes of Casais and Alviobeira, Union of the parishes of Serra and Junceira Ourém Espite, Union of the parishes of Freixianda, Ribeira do Fárrio and Formigais, Union of the parishes of Matas and Cercal, Union of the parishes of Rio de Couros and Casal dos Bernardos.
Aveiro Region
Águeda, Union of the parishes of Belazaima do Chão, Castanheira do Vouga and Agadão and Union of the parishes of Préstimo and Macieira de Alcoba.
Coimbra Region
Condeixa-a-Nova and Furadouro.
Leiria Region
Pombal, Abiul, Porto de Mós and São Bento.
Region of Viseu Dão Lafões
Viseu, Calde, Cavernães, Cota, Ribafeita, São Pedro de France, Union of the parishes of Barreiros and Cepãos.
Tâmega and Sousa
Amarante, Ansiães, Candemil, Gouveia (São Simão,) Jazente, Rebordelo, Salvador do Monte, Union of the parishes of Aboadela, Sanche and Várzea, Union of the parishes of Bustelo, Carneiro and Carvalho de Rei, Union of the parishes of Olo and Canadelo, Vila Chã do Marão, Castelo de Paiva Real, Marco de Canaveses, Várzea, Aliviada and Folhada.
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