Changes to the conditions of access for the Golden Visa Program

The changes to the Golden Visa Portuguese Program, also known as Residence Permit for Investment Activity (ARI), were approved and will take effect on 1^st January 2022.

As we had previously announced, the Government was invested in the year 2020 by the Portuguese Parlament of a Legislative Authorization to amend the Golden Visa Program, which it has now decided to regulate by the approval of Decree-Law No. 14/2021 of 12 February.

This Decree-Law amends the conditions of access to the Golden Visa Program by investors, who, if they wish to access the Program, will have, from 1^st January 2022, to invest more capital to obtain such residence permit.

What changes after 1^st January 2022?

Real Estate Investment

Real estate investment in housing properties, will only be able to obtain the Golden Visa if the referred investment is made in the territories identified here or in the autonomous regions of the Azores and Madeira.

Capital Transfer

Capital transfer must be in an amount equal to or greater than EUR 1.5 million, instead of the previous amount, which was EUR 1 million;
The transfer of capital to Portugal for the acquisition of units of investment funds or venture capital funds dedicated to the capitalization of companies, that are constituted under the Portuguese legislation, whose maturity, at the moment of the investment, is, at least, of five years and, at least, 60 % of the value of the investments is realised in companies based in national territory will have a minimum amount of €500,000, as opposed to the previous €350,000;
The establishment of a commercial company based in national territory, combined with the creation of five permanent jobs, or for the reinforcement of the share capital of a commercial company based in national territory, already constituted, with the creation or maintenance of jobs, with a minimum of five permanent jobs, and for a minimum period of three years, in an amount equal to or greater than 500,000€, raising the previous value of 350,000€;
Capital transfer applied in research activities conducted by public or private scientific research institutions, involved in the national scientific and technological system, will have a minimum value of 500,000€, instead of the previous amount of 350,000€.

To whom do these new rules apply?

The new rules concern all applications for residence permits for investment, required after 1^st January 2022.

However, these do not apply when renewing residence permits or granting or renewing residence permits for family reunification where the residence permit for investment has been granted under the legal regime applicable until 1^st January 2022.