Portugal Golden Visa Update - July 2023
Updated: Sep 15
Portugal Golden Visa Program has undergone exciting changes recently, with the Portuguese Parliament approving the final wording of the legislation. These amendments signal positive opportunities and improvements for investors exploring various investment options.
YPT Golden Visa & Investment is thrilled to share the key highlights of the updated program, providing investors with a clearer understanding of the new provisions.
Continuation of the Portugal Golden Visa Program
The first and most crucial point is that Portugal Golden Visa will remain available to investors.
This program has been a popular choice for individuals seeking residency or citizenship in Portugal by making qualifying investments. The program aims to enhance its appeal to global investors with the recent amendments.
Protection of Renewal Rights and Applications
Notably, the amendments ensure that the changes will not have a retroactive effect, which means ongoing concessions and renewals will be approved under the existing regime.
Family reunification and permanent residency applications will also be protected, providing existing and prospective investors peace of mind.
Five Investment Options for a Portugal Golden Visa
The Golden Visa Program will offer five investment options for interested individuals. These options cater to diverse investors, allowing them to choose the best path with their investment preferences and objectives.
New Eligible Investment Options
The new amendments introduce fresh investment opportunities, expanding the scope of the Golden Visa Program. These options include:
Transfer of capital of €500,000 or more for shares in non-real estate collective investment entities.
Capital transfer of €250,000 or more for investment in artistic production, cultural heritage recovery, or maintenance.
Capital transfer of €500,000 or more for research activities in scientific institutions.
Transfer of capital of €500,000 or more for the incorporation or reinforcement of a commercial company, combined with job creation.
Creation of 10 jobs
Investment activities in low-density territories may have a lower investment requirement of 20%, making it an attractive prospect for investors seeking sustainable development opportunities.
Exclusions and Evaluations
It is essential to note that you cannot, directly or indirectly, use these investments for real estate purposes. Moreover, the investment activities will be evaluated every two years, ensuring compliance with the program's objectives and ongoing eligibility.
The amendments to the Golden Visa Program will come into effect immediately after publication in the official journal, which follows the Presidential approval. There will be no grace period, emphasizing the urgency for investors to consider their options promptly.
Presidential Review and Effective Date
Although the Parliament has approved the amendments, the Portuguese President has 20 days to review the proposal and take action. The new law's effective date will be determined once the President decides.
Considerations for Ongoing Processes
For investors with ongoing applications or processes, assessing the risk profile and considering individual circumstances is advisable. Ensuring all necessary documents are complete and filed promptly will expedite the application process. Investors may also explore refund guarantees or evaluate investment options that comply with the new rules.
Potential Regulation Updates
As these amendments pertain to the Immigration Law, further updates to corresponding regulations may follow. These updates are intended to provide additional clarity and address any unanswered questions that may arise from the new provisions.
The recently approved amendments to Portugal's Golden Visa Program present exciting opportunities for global investors seeking residency or citizenship through strategic investments. The continuation of the program, coupled with the introduction of new investment options, is expected to foster sustainable development and bolster economic growth in Portugal.
Investors must keep themselves informed of the new law's effective date and take appropriate actions to leverage the benefits offered by the updated program.
Individuals considering participating in the Portugal Golden Visa Program are encouraged to seek professional advice to tailor their investment strategies to their circumstances.
(Note: The information in this article does not constitute legal advice; consulting with our team for advice on individual cases is recommended.)
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