Portugal Golden Visa Updates: New Rules for 2024
Was the Portugal Golden Visa suspended?
The Portuguese Golden Visa has become among the best residency-by-investment programs around the globe. Unfortunately, there were rumors that the visa was going away.
While real estate and direct capital investment options leading to the Golden Visa have been discontinued, it has not gone away completely. There are still options to invest in the Golden Visa.
Keep reading to learn more about the Portugal Golden Visa updates and new rules for 2024.
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What is the Portugal Golden Visa Program?
The Portugal Golden Visa Program is a five-year residence-by-investment scheme for non-EU citizens. This permit allows visa-free access to Europe’s Schengen Area and gives you the right to live, work, and study in Portugal. It allows you to get Portuguese permanent residence or citizenship in just five years and is one of the quickest in Europe.
Why live in Portugal?
In 2022, Portugal was once again named the number one European destination by World Travel Awards, in addition to Portuguese locations topping several other categories. Living in Portugal comes with so many benefits, as it’s such a welcoming and beautiful place. Some main benefits include:
✓ Great weather, culture, and events year-round
✓ Beaches, mountains, and castles
✓ English is widely spoken
✓ Safe environment for singles, women, and children
✓ Digital-nomad friendly and welcoming to foreigners
✓ Relatively low cost of living
✓ Beneficial tax incentives like the NHR program
Check out our original “Why Portugal?” list, what Portugal is famous for, or peruse 72 Pros & Cons of Living in Portugal as an Expat in 2024.
Is Portugal going to suspend its Golden Visa program?
The Prime Minister of Portugal, António Costa, announced that several visa schemes, including the Portugal Golden Visa, are being reevaluated. Should this proposal proceed, there is no indication of when it will come into effect. Applications remain open to apply for the Portugal Golden Visa, and applications already submitted are protected by the law and will not be affected. Recent news suggests the program is here to stay for the time being. But, if you’re considering the GV, experts recommend acting sooner than later.
Who is eligible for a Golden Visa?
To qualify for the Portugal Golden Visa Program, you must make an investment and hold that investment for five years. The respective investment is usually in specific funds or real estate. The Golden Visa requirements include:
✓ Be a non-EU, non-EEA, or non-Swiss resident
✓ Minimum investment of €280,000, depending on which investment option you choose
✓ No criminal record
✓ Able to spend a minimum of 7 days in Portugal the first year, then 14 days for each two-year period after
How does the Golden Visa Portugal application process work?
The Portugal Golden Visa process is really straightforward. Here is the timeline and onboarding process.
Fill out the initial paperwork for yourself and any other dependents in the application
Set up a bank account and obtain a NIF (tax identification number)
Choose and make your investment out of the options available
Submit your pre-application online. This is usually done for you by a law firm, facilitator, or consultant
Upon the investment and the right documentation, the investor provides their biometrics to the Portuguese immigration authorities
After your biometrics, processing approvals take around 6 to 9 months (Golden Visa applications were held up due to delinquencies at SEF, but have begun to be processed again)
Once approved and residency card fees are paid, you get your first card which is valid for one year
After this, you may go to Portugal at any time for 7 days to fulfill the Golden Visa requirement
How to apply for the Portuguese Golden Visa?
Whether you are currently in Portugal or still researching your options from afar, the process for obtaining the Golden Visa is the same. It is recommended to hire an advisor, but it’s not mandatory. To get the Golden Visa process started, the first step is choosing your investment option and filling out the paperwork.
Successfully applying for the Portuguese Golden Visa requires expertise. It is wise to either hire a lawyer/consultant/facilitator to help you through the process or choose an investment option that is handled by experts as a turnkey service.
If you desire to obtain a Golden Visa by real estate investment before this part of the scheme goes away, and would like to speak with an expat real estate specialist, register here.
Portuguese Golden Visa Investment Options
Real Estate Acquisition - THIS OPTION IS GOING AWAY SOON!
Depending on the type of property, investment options start as low as €280k
Capital Transfer - THIS OPTION IS GOING AWAY SOON!
Capital transfer of a minimum of €1.5 million to Portugal
Business investment
Invest a minimum of €500,000 in an existing Portuguese business, where the incorporated business must create a minimum of 5 new full-time jobs and maintain those jobs for at least 3 years
Fund Subscription
A minimum of €500k subscription in a qualifying Portuguese venture capital or investment fund
Start a Portuguese Company
Create 10+ new full-time jobs in a Portuguese business that is owned by you as the main applicant
Donation
Investment of €250k+ in preserving national heritage/artistic production in Portugal OR €500k+ in a research and development activity in Portugal
Benefits of Getting a Golden Visa
✓ Visa-free travel in Europe’s Schengen Area
✓ Eligibility for permanent residency or citizenship after five years
✓ Minimal physical presence in Portugal required, especially compared to the D7 Passive Income visa
✓ Access to Portuguese public healthcare
✓ Access to international and Portuguese schools and universities
✓ Great quality of life
Can Portugal's Golden Visa get me citizenship?
Yes! After obtaining the Portugal Golden Visa and fulfilling the requirements for five years, you are eligible to apply for permanent residency or citizenship.
Map provided by JLL Portugal
Changes in 2022 for a Portuguese Golden Visa
✘ Investors are no longer able to invest in residential property in popular urban areas such as Lisbon, Porto, and the Algarve, nor many coastal areas of the mainland - THIS OPTION IS GOING AWAY!
✘ Applicants can only buy residential properties in designated interior areas of Portugal worth at least €500,000 or €350,000 if investing in a rehabilitation project - THIS OPTION IS GOING AWAY!
⬆ The capital transfer amount increased from €1 million to €1,5 million - THIS OPTION IS GOING AWAY!
⬆ Investment Fund minimum subscription requirement has increased from €350,000 to €500,000
⬆ Investment in scientific research has increased from €350,000 to €500,000
⬆ Investment into an existing Portugal-registered business has increased from €350,000 to €500,000
Changes in 2023/2024 for real estate investments & Capital Transfers
✘ Obtaining a Golden Visa via real estate investment will no longer be an option
✘ Obtaining a Golden Visa via capital transfer will no longer be an option
Are there Golden Visa investment opportunities in Lisbon?
Due to changes in Portugal’s Golden Visa program in 2023, you will no longer be able to invest in real estate. However, there are other investment opportunities in Lisbon:
✓ Investment funds
✓ Business investment and job creation
✓ Research and development
✓ Arts, culture, and national heritage donations
Visa Costs
Process Analysis – Biometrics
€533,90 per investor/family member
Issue of the Golden Visa Card
€5.336,40 per person
Renewal - Years 1 and year 3
€2.668,20 per person
Real Estate Costs
There are many factors that layer into the real estate cost of investment when obtaining the Portugal Golden Visa. According to JLL Real Estate, who specialize in helping expats obtain Golden Visas through real estate investment, you can expect the following costs:
Acquisition Cost
➕ Legal fees - approx. 1% to 2% of the purchase price
➕ Notary & registration fees - approximately €1.250
➕ Real estate transfer tax - approx. 1% to 7,5% of the purchase price
➕ Stamp duty - 0,8% of purchase price
Mortgage Costs
➕ Non-residents can finance up to 70% of the property value
➕ The loan can be taken for a period of between 5 and 50 years depending on your age
➕ Interest rates currently range between 1,7% and 3%
Disposal Costs
➕ Capital gains earned by a foreign investor on the sale of properties in Portugal are subject to a tax rate of 28%
Holding Costs
➕ Property Tax (IMI) rates range from 0.3% to 0.45% per year of the Tax Registration Value of the property
Figures are indicative of expected costs provided by JLL Portugal. This does not constitute legal or financial advice.
Portuguese Golden Visa Program for Family Members
At the same time you are applying for the Golden Visa yourself, you can also apply for the following:
✓ Spouse or partner
✓ Children under 18
✓ Dependent children under 26
✓ Parents of the main applicant, if over the age of 65 years old
Documents Required
✓ Valid passport
✓ Proof of international health insurance
✓ Proof of clean criminal record
✓ Documents proving the completion of the investment
✓ Documentation proving family ties, in the case of family reunification, issued less than 6 months previously
Golden Visa Statistics
11,263 applicants have been granted the Portugal Golden Visa
The top five country residents who have obtained the Portugal Golden Visa are China, Brazil, Turkey, South Africa, and the USA
Real estate dominates the investment options when obtaining the Portugal Golden Visa
Portugal Golden Visa Processing Time
The processing time for the Portugal Golden Visa takes anywhere between 6 to 12 months in total. This is a rough estimate, as changes within SEF have caused delays in the past and nothing is guaranteed. If you’re looking for a faster way to move to Portugal, you may consider the new Portugal Digital Nomad Visa or the D7 Passive Income Visa as good alternatives.
Move to Portugal
