Portugal Golden Visa Program: Updates and Changes in 2023

The Portugal Golden Visa program, officially known as the residence permit for investment activity (AI), is a Residency by Investment program intended for non-European Union citizens. This program was introduced by Portugal in October 2012 and its primary goal is to draw international capital into the country. The program has achieved remarkable success, accumulating more than €6 billion in investments since its inception.

Portugal has been actively encouraging foreign direct investments into the country since 2012 to enhance its economic prospects. Over the years, Portugal has granted residency visas to over 10,000 individuals through various investment schemes, with some of them obtaining Portuguese citizenship as well.

Portugal takes pride in its diverse cultural heritage and is committed to preserving it while simultaneously embracing contemporary economic and cultural transformations. In a proactive measure to strengthen its efforts, Portugal has introduced several investment immigration programs specifically tailored for non-European Union citizens, attracting the necessary investments to support its development.

Portugal Golden Visa New Rules and Changes

In October 2023, Portugal made changes to its Golden Visa program, by removing the option of investing in real estate. This change represents a remarkable transformation in the Portuguese real estate sector. The sector has transformed itself from a weak one to a strong one.

Can you still get a Portugal Golden Visa?

Yes, you can get a Portugal Golden Visa through other available investment options. The available options are-

Capital transfer options:

1. EUR 1.5 million minimum capital transfer into a Portuguese bank account or approved investments.
2. EUR 500,000 for the acquisition of investment fund or venture capital fund units committed to the capitalization of companies incorporated under Portuguese law, with a maturity of at least five years and with at least 60% of the investment portfolio in companies with a registered office in the national territory.
3. EUR 500,000 for research activities of public or private entities that are part of the national scientific and technological system.
4. EUR 250,000 in support of artistic production or in the recovery or maintenance of national cultural heritage.

Point numbers 3 and 4 and their investments may qualify for a 20% reduction if carried out in low-density areas of Portugal. “Low density” is defined as having less than 100 inhabitants per square kilometer or a GDP per capita lower than 75% of the national average. Notably, Madeira and the Azores do not fall under the category of low-density zones.

2. Business investment options:

• Creation of a minimum of ten new jobs.
• Eight new jobs in a low-population-density area.
• EUR 500,000 for the incorporation or increase of the share capital of a company that is registered in Portugal, creating or maintaining a minimum of five permanent jobs for a period of three years.

NOTE: A low population density area is defined as less than 100 inhabitants per km² or with a GDP per capita below 75% of the national average.

Benefits of the Portugal Golden Visa:

• Affordable investment opportunity.
• Access to European markets.
• Pathway to become European residents and not just be restricted to Portugal.
• Visa-free travel to Schengen area.
• Access to world-class health care and education.
• Pathway to Portuguese Citizenship.
• Tax Benefits.
• Family Permit.