New Golden Visa Rules for Expats in Portugal
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The Portugal Golden Visa is a visa program for Non-EU expatriate allowing them to invest in the country for 5 years in exchange for residency and a path to citizenship.
The Portuguese government however have been under pressure to make amendments to the Visa in order to, among other things, alleviate the housing crisis there.
One of the key changes to the Visa is that expats will no longer be able to apply through real estate investments. Previously if you bought a house worth over €500,000 you would qualify.
Your property, or real estate investments, no long count towards your eligibility for the Golden Visa.
These changes were approved last month (July 2023).
In an ever changing world for expats tax savings for expats living & working abroad remotely and across borders have just swung away from real estate investors and towards new business, job creation and entrepreneurship.
Find out about the new Portugal Golden Visa rules in this weeks episode of the Living and Working Abroad Show.
You can also listen to the stream on Twitter Spaces.
What is a Golden Visa in Portugal?
Portugal's Golden Visa is a residency-by-investment program that allows non-European Union citizens to obtain a special residence permit in exchange for a 5-year investment in Portugal. The program was introduced in 2012 and has been particularly attractive to investors and wealthy individuals from outside the EU.
The investments can be made in various ways, such as:
Capital Transfer: Making a capital investment into the country, such as a bank deposit or investment in specific approved investment funds or Portuguese companies. The required amount can vary but usually starts from €1 million.
Job Creation: Creating a certain number of jobs within the country, usually a minimum of 10.
Investment in Scientific or Technological Research: Contributing a certain amount, typically €350,000 or more, to scientific or technological research conducted by accredited institutions within Portugal.
Investment in Artistic Output or National Heritage: Investing in the arts, culture, or national heritage of Portugal, usually to the tune of €250,000 or more.
The Golden Visa offers various benefits, such as:
Temporary residence permit with the possibility of applying for permanent residency after five years and citizenship after six years.
The ability to travel freely within the Schengen Area.
Family reunification, allowing family members to also benefit from the visa.
A relatively low minimum stay requirement in Portugal, often just a few days or weeks per year.
Read more
—> Read more about residency in Portugal
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