In February 2023, the Portuguese Government announced they would not admit new residence permits for investment activity (Golden Visa).

To resolve the growing housing crises in Portugal, the Government proposed a new package of laws called "Mais Habitação" (More Housing), which includes terminating the system of residence permits granted to real estate investors.

As expected, the final form of the proposed law revokes the Portuguese Golden Visa program, and the Assembly accepted it in May 2023. The Assembly of the Republic approved, in general, the new rules. The legislative package launched by the Government to respond to the housing crisis is now going to the specialised parliamentary committee, along with the additional project proposals of the opposition parties.

The most important news is that contrary to the initial proposal, the new legislation only establishes that new applications for granting ARIs will only be admitted on the date of its entry into force (instead of the date of presentation of the proposal, February 16).

Please note that the revocation of the Golden Visa regime does not affect the possibility of renewing the already granted Golden Visas.

Concerning renewals, the Golden Visas already granted will be converted into residence permits for entrepreneurial immigrants under the terms of the current legislation, safeguarding the minimum periods of stay in Portugal currently in force (seven consecutive days - for the first year – and 14 days – for subsequent two-year periods).

How can Golden Visa holders become permanent residents in Portugal?

If the investors fulfil the requirements, they can apply for a permanent residence permit in Portugal. 

What happens with the pending applications for the Portugal Golden Visa?

The pending requests already submitted to the SEF, which are currently awaiting a decision from the competent authorities, remain valid, as well as the requests that are pending prior control procedures in the Municipal Councils.

Similar to the renewals of applications already granted, those that are pending may be converted into a residence permit for entrepreneurial immigrants under the terms of current legislation, safeguarding the minimum periods of stay in Portugal.Moreover, from now, competent entities must validate the pending applications and respective qualifying investments (Agency for Investment and Foreign Trade; Banco Fomento; Agency for Competitiveness; Innovation; GEPAC or others).

Cultural investment instead of real estate for the Portuguese Golden Visa

The new minimum investment amount in exchange for Portuguese residency is only 200,000 euros. Investors who support artistic production, recovery or maintenance of the national cultural heritage can apply for residence permits in Portugal.

Generally, the investors who wish to become Portuguese residents must transfer an amount equal to or greater than 250,000 euros (the initial value of this investment is reducible by 20% to 200,000 euros when carried out in low-density territory), which supports artistic production, recovery or maintenance of the national cultural heritage, through central and peripheral direct administration services, such as public institutes, entities that integrate the sector business public, public foundations, private foundations with public utility status, inter-municipal entities, entities that form part of the local business sector, municipal associative entities and public cultural associations, which pursue duties in the area of artistic production, recovery or maintenance of the national cultural heritage.

The government authority responsible for the qualifying investments is the GEPAC (Office for Cultural Strategy, Planning and Assessment); they must issue a statement attesting to the investment in the cultural sector.

Discus Holdings Ltd's expert consultants are waiting for your questions regarding the qualifying cultural investment for the Portuguese residency permit. Please send us a message to set up a free consultation!

 

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