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Friday, 19 November 2021

Portugal makes several changes to Golden Visa program

 

The Government of Portugal has confirmed that the country's Golden Visa program will have a number of new changes, effective January 1, 2022.


As previously announced, among the new changes for Portugal's Golden Visa program will be the removal of Lisbon, Porto as the Algarve as eligible territories for the purchase of houses and apartments.


However, the government has clarified that the minimum investment value for real estate, currently €500,000, will not change.

The Portuguese government has also announced that the investment value will also increase by more than 50%, as the investment fund will increase from €350,000 to €500,000.


Besides, the new changes have been designed to promote international investment in low-density territories, after the majority of investments in Portugal through this program are concentrated in the regions. urban area.


In addition, thanks to the new changes, the transfer of capital will be reduced from 1 million euros to 1.5 million euros.

At the same time, the transfer of funds for research activities will also increase from 350,000 to 500,000 euros.



Regarding the composition of a trading company or to increase the shares of a trading company, international persons 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 internationals who invest a specific amount of money in the country can become permanent residents.


Previously, the Portuguese government announced that it extended the period covering investments in Porto and Lisbon of the Golden Visa program from July 2021 to January 2022. came after Portuguese authorities in December 2020 urged a ban on investment in the two territories in order to encourage investment in other less desirable sectors.


In January of this year, the Portuguese authorities announced that they had updated their residency by investment program to attract more international investors to areas with low residency.

Such a decision has been confirmed by the Council of Ministers, which has reached an agreement to apply additional amendments to such a scheme in accordance with the new legislative authorization granted by the State Finance Law 2020.


Internationals investing in Portugal are also eligible to include partners, dependent partners as well as dependent children in this scheme, including children under the age of 18 or children over the age of 18. single and enrolled in a full-time education program throughout the process.


As of 2012, a total of 16,910 family members have been included in the Golden Visa application. Those who receive a Golden Visa from Portugal may be eligible for citizenship after five years.


Internationals interested in obtaining a Golden Visa from Portugal are not required to live in Portugal for the time being in order to obtain citizenship through this program. They only need to spend seven to fourteen days a year in Portugal.


However, they will be obliged to demonstrate accommodation in Portugal, a stable income as well as at least a basic knowledge of the Portuguese language.



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