New Portuguese Golden Visa Program from October 2023
Published at: 05/10/2023 10:55 am
The new rules for obtaining a Portuguese residency permit and citizenship started on 1 October 2023. You can qualify through the fund investment or cultural activity instead of real estate purchase.
Portugal's president, Marcelo Rebelo de Sousa, announced on 1 October that he had enacted the housing plan promoted by the absolute socialist majority, which changed the Golden Visa program.
The "More Housing" program should save the government as the citizens are not satisfied with the housing problems in Portugal. People do not have enough money to purchase or rent real estate. So they went to the streets and asked for the changes. The head of state considered these marches "for a good cause" and "a fundamental right" in democracy.
Although he has promulgated the document, its regulations still need to be approved, which will also have to pass through his hands.
The plan includes measures such as the forced rental of some unoccupied dwellings, the limitation of tourist flats and the suspension of new licences other than in "low-density" areas.
Tourist flats will have to pay a special tax, set at 15 per cent, rent increases for new contracts will be limited, and the real estate purchase option of the Golden Visa scheme, which grants residency to foreigners in exchange for investment, will be ended.
The package seeks to tackle the country's housing crisis, which worsens yearly with price rises for both buying and renting, not accompanied by equivalent wage increases., according to the media.
However, some investment options remained to become a resident of Portugal through investment:
- Create ten jobs.
- The transfer of half a million euros to public or private research institutions.
- Capital transfer of 250,000 euros to support artisctic productions or recovery/maintenance of national heritage sites.
- Investment of half a million euros in qualifying funds.
- Company registration in Portugal with a capital of more than 500,000 euros.
The investors can decrease the necessary amounts by 20% if they create opportunities and projects in low-density areas.
If you wish to become a resident or later a citizen of Portugal, read our suggestions here and contact the experts of Discus Holdings Ltd for more information!