Credited with an investment of 5.2 billion euros from non-EU citizens, the Portuguese Golden Visa Scheme is an overseas investor programme. Introduced in 2012, the “Golden Visa” was granted with an investment in Portugal of over €500,000 or the creation of 10 jobs.
It successfully created mini property booms in prime real estate locations that forced property prices up, making property unaffordable for locals. Under pressure from opposition parties, the Portuguese Parliament approved changes to the legislation in February 2021, which will be implemented from January 2022.
If you are considering an investment in Portugal from outside the EU, you should be aware of the changes to the legislation.
According to the Portuguese border agency, the Serviço de Estrangeiros e Fronteiras (SEF) up Until July 2021, the purchase of real estate was used for 9,265 of the 9,875 visas granted up to July 2021. It is reported that 16,762 residence permits have also been granted to family members.
As a result, the Portuguese government announced as part of the 2020 Budget that the Golden Visa regime would be modified. The new legislation amending the Golden Visa programme was published on 12 February 2021.
You will no longer be able to purchase property in major cities such as Lisbon or Porto or in the popular coastal towns of the mainland, such as the Silver Coast and the Algarve, under this scheme.
The Golden Visa Investment and Venture Capital Fund is a residence visa offered to members of the Schengen area or outside the EU who have m