The Government of Portugal has confirmed that the country’s Golden Visa program will undergo several new changes, starting from January 1, 2022.
As previously announced, among the new changes to Portugal’s Golden Visa Program are the abolition of Lisbon and Porto as well as the Algarve as eligible areas for buying homes and apartments.
However, the government has made it clear that the minimum investment value for the property, which currently stands at €500,000, will not change, TheSchengen.com reports.
The Portuguese government also announced that investment values will also rise by more than 50 percent, as investment funds will increase from 350,000 euros to 500,000 euros.
In addition, new changes are designed in order to encourage international investment in low-density areas, after the majority of investments in Portugal through this scheme have been concentrated in urban areas.
Moreover, through the new changes, the capital transfer will be increased from 1 million euros to 1.5 million.
At the same time, the transfer of capital for research activities will also increase from 350,000 to 500,000 euros.
In connection with the establishment of a trading company or to consolidate the share of a trading company, foreigners interested in such a program will be required to invest €500,000 instead of €350,000, as well as create at least five jobs.
Through the Citizenship by Investment Program, wealthy foreigners who invest a certain amount of money in the country are eligible to become permanent residents.
Earlier, the government of Portugal announced that it had extended the deadline to include investments in Porto and Lisbon from the golden visa program from July 2021 until January 2022. The announcement came after the authorities in Portugal urged in December 2020 to ban investments in both territories in order to encourage investments in areas of Others are less popular.
In January of this year, the authorities in Portugal announced that they had updated the residence by investment program in order to attract more international investors towards low-end residence areas.
This decision was confirmed by the Council of Ministers, which reached an agreement to implement new changes to such a program following the new legislative mandate given by the State General Budget Law of 2020.
Foreigners who invest in Portugal are also eligible to include dependent partners and partners as well as dependent children in this program, including children up to 18 years of age or children over 18 who are unmarried and enrolled in full-time education for the duration of the operation.
Since 2012, a total of 16,910 family members have been included in golden visa applications. People who obtain a Portugal Golden Visa can become eligible for citizenship after five years.
Foreigners interested in obtaining the Portuguese Golden Visa are not required to live in Portugal during this period in order to obtain citizenship through this program. They only need to spend seven to fourteen days a year in Portugal.
However, they will have to prove residency in Portugal, stable income as well as at least basic knowledge of the Portuguese language.