Essential Information on Portugal’s 2024 Golden Visa
By Space Coast Daily // August 23, 2024
Citizenship and residency by investment programs are growing in popularity. The Portugal Golden Visa is one of the most popular citizenship-by-investment programs. This program allows non-EU citizens to obtain a Portuguese residence permit through investment.
After acquiring the residency permit, applicants have the opportunity to apply for Portuguese citizenship after a certain period. So, what is this program, and who can apply? Let’s explore the details together.
About the Portuguese Golden Visa
The Portuguese government launched the Portugal Golden Visa, also known as the Portuguese Citizenship Investment Program, in October 2012 in an attempt to draw in foreign investment following the 2008 financial crisis. The initiative has successfully raised around €7.5 billion over the last ten years, demonstrating its substantial effect and success.
The Golden Visa Portugal Program had substantial changes in October 2023, ushering in a new phase of its development. The main emphasis of these modifications, which have no bearing on applications that have already been filed, is on the kinds of acceptable investments. We’ve explained the recent changes to the program for you in the rest of the article.
Why do people apply for the Portugal Golden Visa?
The primary motivation for people to apply for the Portugal Golden Visa, or any other citizenship by investment program, is usually visa-free mobility, living in countries with stronger economies, strong health and education systems, tax advantages, etc. Through citizenship by investment and residence permit programs, it is possible to make investments that meet the specific conditions set by the countries and then embark on a path to obtaining a residence permit in other countries or even citizenship. It is possible to apply for such programs not only individually but also including your family.
Who is eligible for the Portugal Golden Visa?
Non-EU/EEA/Swiss citizens are eligible to apply for the Portugal Golden Visa. Individuals must be over 18 years of age and have a clean criminal record to qualify. If these conditions are met, the applicant can proceed with an investment that is recognized as qualifying by the Portuguese government. Investment options include venture capital funds, company formation with employer responsibilities, and donations. Additionally, applicants can include their family members in the application.
Latest Portugal Golden Visa News
With the law introduced in October 2023, the Golden Visa Portugal program has undergone severe changes. With these changes, the Portuguese Government has made it official that real estate investment will no longer be a valid pathway to the Golden Visa. With the removal of the option to invest in real estate, the opportunity to apply for the Portugal Golden Visa through real estate investment has also ended.
It’s essential to keep in mind…
Although real estate is no longer an investment in the Portuguese Golden Visa, the program continues to receive applications at full speed. Investors who applied for the program by investing in real estate before this law was implemented are still eligible.
Remaining Investment Opportunities through Your Application to the Portugal Golden Visa Program
The Portuguese Golden Visa can be obtained by making a capital transfer of EUR 500,000 or more to qualified venture capital funds (not linked to real estate investment), by creating at least ten jobs, by making a capital transfer of EUR 500,000 or more to research activities carried out by public or private scientific research institutions, by making a capital transfer of EUR 250,000 or more to support the artistic production, recovery, or maintenance of the national cultural heritage, or by making a capital transfer of EUR 500,000 or more to form a commercial company based in the national territory with the creation of five permanent jobs.
An alternative to your Portugal Journey: Portugal D7 Visa
Portugal D7 Visa is also a charming option. This visa is mostly popular among retirees and remote workers, especially those with a steady passive income. This program is also designed for non-EU/EEA citizens who can demonstrate sufficient financial resources to support themselves. The D7 Visa not only offers a path to permanent residency but also the opportunity to acquire Portuguese citizenship.
With the D7 Visa, you can enter the Schengen zone without needing a visa, you can access Portugal’s healthcare and educational institutions. Moreover, D7 visa holders can benefit from Portugal’s advantageous tax regimes.
