The Portuguese Parliament gave the nod to the finalised version of the new Portuguese Golden Visa law. The scheme will still be available for several non-real estate investments, albeit with significant alterations. Current Golden Visa Holders and Applications in Progress For investors currently in possession of Golden Visas or with applications in the pipeline, the new law offers clarification.
Applications under review will be transitioned into Entrepreneur Permits (D2 Visas). The minimum residency requirements and the validity duration of the new permits will remain unchanged. After five years of legal residency under the D2 Visa, applicants will retain the right to apply for Portuguese citizenship.
What’s Next? The new legislation is now awaiting the President’s decision.
He has a window of 20 days to either approve the law or return it to the Parliament for revisions. While it’s uncertain when the new law will come into effect, it’s anticipated to be soon.
What Will Be the Requirements for Future Investors? The new law opens up new avenues for prospective investors.
Each of the following investments will be eligible for the Golden Visa:
Creating ten jobs; OR Transferring capital of at least €500,000 for research activities carried out by private or public research institutions that are part of the national scientific and technological system; OR Transferring capital of at least €250,000 for investment in supporting artistic productions that represent national cultural heritage.
This investment can be made through a variety of public and private entities and associations; OR Transferring capital of at least €500,000 for buying shares in a non-real estate collective investment entity established under Portuguese law.
The investment should have a maturity period of at least five years and at least 60% of its value should be invested in commercial companies headquartered in Portugal; OR Transferring capital of at least €500,000 for establishing a commercial company in Portugal, along with creation of five permanent jobs.
Alternatively, the same amount can be added to the capital of an existing commercial company in Portugal, combined with the creation or maintenance of jobs. Overview The new law brings some clarity for investors, while further details are still forthcoming. Specifically, the Portuguese Government needs to revise the regulations to provide instructions on how the new law will be enforced.
For more information or advice on the appropriate steps to take, please get in touch with our experts.