GOLDEN VISA INVESTMENTS 2022 – INLAND TERRITORIES
Since the beginning of 2020, the Portuguese Parliament has allowed the introduction of changes in the type of investment as a classification for the Golden Visa Portuguese Program, aiming at promoting and dynamic of investments and encouraging the qualification of local communities in the interior of Mainland Portugal and the Azores and Madeira Islands, whose contribution is the economic development of these regions.
In this context the Golden Visa Program will undergo changes that will apply as early as the beginning of next year, where real estate investments will be rebutted to the territories of mainland Portugal and, to the Islands of Madeira and the Azores, limiting investment in cities such as Porto and Lisbon whose economic and social development are higher than inland regions and islands.
The Golden Visa Portuguese Program
The Golden Visa Portuguese Program consists of the granting of a Residence Permit for Investment Activity, whose objective allows the obtaining of a temporary residence permit in Portugal, through the realization of an investment in this territory, in accordance with the legislation in force.
This program is governed by the Law No. 23/2007, which dictates the rules regarding the Residence Permit for Investment. Decree-Law 14/2021, now approved, represents the 8th amendment to this Law, which introduces legislative changes to the Residence Permit Regime, promulgating Parliament’s intentions regarding the direction of investment to the regions of the interior, with the objective of creating jobs and urban requalification and cultural heritage.
2022 Golden Visa Investments
Following the promulgation of Decree-Law No. 14/2021, approved on February 12, 2021, from January 1, 2022, the main changes to enter into force will be:
1. Geographical restriction on investment in residential real estate;
2. Increased investment limits.
In particular, and with regard to real estate investment (A):
1. The purchase of residential real estate of at least EUR 500,000 will only be permitted within mainland Portugal, the Azores and Madeira;
2. The purchase and rehabilitation of real estate for residential purposes of at least EUR 350,000 will only be permitted within mainland Portugal, Azores and Madeira.
For this new legislative framework, we would like to stress that real estate investment in non-residential properties will continue to be allowed across the Continent and Islands (in investment options of EUR 350,000 or EUR 500,000).
The concept of non-residential property covers commercial shops, buildings intended for services, tourist projects, among others, however, the latter, should not be confused with properties intended for housing, as they are considered residential real estate, and thus not eligible for Golden Visa in 2022.
As for the other forms of investment eligible for Golden Visa, the limits have undergone the following corrections (B):
1. Underwriting investment units and venture capital funds: the investment limit went from EUR 350,000 to EUR 500,000;
2. Investment in setting up a company that creates and maintains 5 new jobs for a minimum period of 3 years: the investment limit has increased from EUR 350,000 to EUR 500,000;
3. Investment in Scientific Research: the limit went from EUR 350,000 to EUR 500,000;
4. Bank Deposits and Investment in Securities: the limit went from 1 million euros to 1.5 million euros.
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This significant change in the Golden Visa Program, undoubtedly brings new contours to the dynamics to which we were accustomed, but, on the other hand, opens the door to new investment opportunities and new real estate horizons, where, the demand for economic balance and social throughout the country and islands, are the goal to be in mind.
GOOD NEWS: You still have time to invest in Portugal NOW with the current rules, don’t wait for next year.
To speak with our consultant, please contact us:
E-Mail: renata@drpadvisers.com
Phone: +351 912 585 085
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