On February 12, 2021, changes to the Golden Visa rules were announced by the Government (decree-law no. 14/2021, of February 12).
On February 12, 2021, changes to the Golden Visa rules were announced by the Government (decree-law no. 14/2021, of February 12).
When will the new rules enter into force?
On January 1st, 2022. This means that:
- the new rules will only apply to applications submitted on or after January 1st, 2022;
- residence permits granted before January 1st, 2022, or applications submitted before January 1st, 2022 shall not be affected
- residence permits due for renewal after January 1st, 2022 shall not be affected;
- applications for family reunification (submitted before or after January 1st, 2022) shall not be affected as long as the relevant residence permit was/is granted under the current regime.
What will be the main changes?
The main changes to the Golden Visa rules will be as follows:
- real estate investments for housing purposes will only be eligible for Golden Visa purposes if made in inland districts or municipalities or in the Autonomous Regions of the Azores and Madeira;
- increase of the minimum required investment amount for some other investment routes, including the investment in private equity and venture capital funds.
Real estate investments
- Investments in real estate properties (for housing purposes) located in Lisbon, Porto, or in most coastal areas will no longer be eligible for the Golden Visa, irrespective of the amount invested.
- Only investments in real estate properties located (i) in inland districts or municipalities, (ii) in the Autonomous Region of Madeira, or (iii) in the Autonomous Region of Azores will be eligible for the Golden Visa.
- Investment in other types of real estate properties (e.g. office buildings or commercial real estate) will still be eligible for the Golden Visa even if located in Lisbon, Porto, or other coastal areas.
- The minimum investment amounts remain unchanged for all real estate investment routes.
EUR 1 million bank deposit
- The minimum required amount is being increased to EUR 1.5 million.
Investment in private equity or venture capital funds
- The minimum required investment is being increased from EUR 350.000 to EUR 500.000.
Guilherme Prudêncio de Figueiredo
Lawyer/partner (gpf@lfadv.pt)