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Portugal Golden Visa Update - June 2024

Earlier this week, the acting Portuguese government revealed its comprehensive plan of 41 immigration measures, which came into effect on June 4th. This plan reflects a robust commitment to continuing to attract foreign investment while simultaneously promoting immigrants' social and labor integration.

This update brings possible significant changes and opportunities to the ARI (Residence Permit for Investment), commonly known as the Portuguese Golden Visa.

Among the various measures, several stand out for their direct or indirect impact on the Golden Visa program:

Creation of Residence Permits for Social Investment (ARI)

Measure 32: The introduction of Residence Permits for Social Investment is a groundbreaking expansion of the Golden Visa scope. This new category includes investments in accommodation facilities, infrastructure, and projects to integrate and support immigrants in vulnerable situations.

Such a move diversifies investment opportunities and fosters social and community development across Portugal. Investors can now contribute to meaningful social projects while securing residence permits, creating a win-win scenario for investors and Portuguese society.

Extension of the ARI Program

Measure 32(b): This measure strengthens the ARI program by incorporating a system of intermediation and accreditation of social investments through the Asylum, Migration, and Integration Fund (FAMI).

By extending the ARI to include controlled-cost or affordable housing projects, investors are presented with lucrative opportunities that also deliver social benefits.

This alignment of financial returns with social good is expected to attract a new wave of socially conscious investors, further embedding the Golden Visa program within Portugal’s socio-economic fabric.

Strengthening the Operational Capacity of AIMA

Measure 34: The restructuring of AIMA (Agency for Integration, Migration, and Asylum) aims to enhance the agency’s efficiency and clarity in processing applications to attract qualified immigrants.

This includes a more streamlined and effective handling of ARI applications, improving the overall experience for foreign investors.

By building a more robust and transparent system, Portugal reaffirms its position as a desirable destination for high-net-worth individuals seeking residency through investment.

Other Measures Related to Integration and Talent Attraction

Measure 17: This measure proposes creating a system to attract human capital, aligning the labor needs of the national economy with the potential of foreign talent. For Golden Visa holders, this means a more dynamic business environment and greater ease in attracting and integrating skilled professionals into their companies in Portugal.

The focus on human capital is designed to foster innovation and economic growth, making Portugal an attractive hub for international talent.

Measure 19: Promoting professional training and capacity building for foreign citizens strengthens their qualifications and facilitates their integration into the Portuguese labor market. Golden Visa investors stand to benefit from a workforce that is better prepared and more qualified, which can significantly contribute to the success and growth of their businesses.

This initiative underscores Portugal’s commitment to attracting investment and ensuring that a competent and skilled labor force supports such investments.

Looking Ahead

YPT remains vigilant in monitoring developments to ensure our clients are well-informed about future changes related to the Program.

From the current outlook, the Portugal Golden Visa Program is alive and kicking, continuing to offer unique opportunities for investors worldwide.

How YPT Can Help

Contact YPT now or visit our website to learn more about the Portugal Golden Visa Program. Our specialized and personalized services are designed to help you navigate the program's complexities and maximize your investments in Portugal.

Whether you are considering investing within or outside the program's scope, we are here to help you achieve your investment goals.

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