Update Golden Visa Program

On July 18, the final draft of Law 71/XV/1 (GOV) was presented. According to the document, there are five types of investments that can be made under the Golden Visa, leaving out all issues related to real estate.
News 25/05/2023

Golden Visa: a new beginning

There has been a lot of discussion about the changes to the Golden Visa program resulting from the “Mais Habitação” intervention plan. More than five months after the Prime Minister’s announcement, the information being published by news outlets and the government itself has been inconsistent, and at times contradictory.

Given this confusion, it is crucial to clarify where the law stands.

On July 18th, the final draft of law no. 71/XV/1 (GOV) was presented. This text still requires a final overall vote, which will take place on July 19th. Only then will it be promulgated by the President of the Republic, the date of which has yet to be decided.

According to the final draft, there is still room for Golden Visa investments, which can look like the following:

  • The creation of at least ten job positions;
  • A transfer of capital for research activities carried out by public or private scientific institutions that are part of the national scientific and technological system, with a value €500,000 or more;
  • Capital transfers of €250,000 or more made to support the investment or artistic production, recovery, and maintenance of national cultural heritage through public institutes and central or peripheral direct administration services, entities in the public business sector, public foundations, private foundations with public utility status, inter-municipal entities, entities in the local business sector, municipal associative entities and public cultural associations, which develop projects related to artistic production or the recovery and maintenance of the national cultural heritage. However,  some changes have been made to capital transfers equal to or greater than €500,000, which can now look like the following:
  • A transfer of capital equal to or greater than €500,000, intended for the acquisition of shares of non-real estate collective investment undertakings, constituted under Portuguese law, whose maturity, at the time of investment, is at least five years and at least 60% of the value of the assets, made to commercial companies based in the national territory;
  •  Capital transfers in the amount equal to or greater than €500,000, intended for the incorporation of a commercial company with headquarters in the national territory, combined with the creation of five permanent jobs, or to increase the share capital of a commercial company with headquarters in the national territory, already existing, with the creation of at least five permanent jobs or the maintenance of at least ten positions, with a minimum of five permanent jobs, and for a minimum period of three years;

Additionally, it is foreseeable that the investment activities referred to above will require an evaluation every two years, as to their impact on scientific and cultural activity, as well as the promotion of foreign direct investment and job creation.

It should be noted that, in the case of temporary residence, third country nationals subject to restrictive EU measures may be refused the granting or renewal of a residence permit.

With regards to pending applications for ARI, the ones submitted prior to the publication of the law remain valid, including processes whose prior procedure is still pending with the Municipalities. In the case of the reunification of an investors’ family members, applications for, and renewals of, residence permits are unaffected.

In such cases, there is an obligation to stay in national territory for seven days, consecutive or interpolated in the first year, and fourteen days, consecutive or interpolated, in the subsequent two-year period.

All amendments will only take effect after the publication of the law, and there will be no transition period.

This is where the law currently stands. Caiado Guerreiro will monitor the situation closely and update our clients and partners on any new developments. Should questions or concerns arise, we are always available to provide clarification and support.

The content of this information does not constitute any specific legal advice; the latter can only be given when faced with a specific case. Please contact us for any further clarification or information deemed necessary in what concerns the application of the law.

Practice Areas

  • Immigration Law