Photo: johansens.com
On October 6th 2023, the Mais Habitação Law was published by the Portuguese Government, bringing a series of changes to the Golden Visa program in Portugal, in an attempt to address the country's housing problem.
With the publication of the law, investments under the real estate categories of the Golden Visa Program are no longer possible. You can no longer invest in a real estate property or a real estate-related fund and apply for a Golden Visa in Portugal.
What does this mean for previous and current applicants? Previous or current applicants can rest assured that any modifications made to the Portuguese Golden Visa program will have no bearing on their respective applications. Individuals who have finalized or initiated their investments need not be concerned about any retroactive implications stemming from potential alterations to the program.
Real estate investment opportunities no longer available:
Capital transfers in the amount of EUR 1,500,000 or more will no longer be accepted.
Purchasing real estate with a value of EUR 500,000 or higher will be prohibited.
Investing in the rehabilitation of real estate properties that are at least 30 years old, with a total investment of EUR 350,000 or more, will no longer be an option.
Investing in real estate in low-density areas EUR 400,000 or EUR 280,000 will no longer be an option.
Investing in funds that have direct or indirect real estate investments will no longer be an option.
While the opportunities above are no longer applicable in Portugal with the Golden Visa, The residency program will continue with new and revised investment options:
Venture Capital Fund Investment: Making capital transfers of EUR 500,000 or more for participation units in venture capital funds, as long as the funds have no real estate ties; learn more about the VC/PE Fund Route for Golden Visa
Job Creation: Creating at least 10 jobs
Research Funding: Investing EUR 500,000 or more in research activities carried out by public or private scientific research institutions
Cultural Heritage Support: Investing EUR 250,000 or more in support of artistic production, recovery, or maintenance of national cultural heritage; learn more about the Cultural Production Route for Golden Visa
Commercial Company Investment: Capital transfers of EUR 500,000 or more, destined for the incorporation of a commercial company with headquarters in the national territory or increasing the share capital of an existing company, alongside the creation of five permanent jobs
This new, more nuanced approach to the Golden Visa Program promises to encourage more diverse forms of investment, opening up fresh avenues while maintaining the appeal of the program.
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