Government extends Golden Visa deadline

 In Golden Visa, News

The Portuguese Government has altered the deadline date for changes that will be introduced to its overseas investor scheme commonly known as the Golden Visa.

It comes after investment from Portugals Authorisation for Residency through Investment scheme (ARI) tumbled 26.2% in January this year.
Now, the deadline for the new rules governing the Golden Visa, which had stated that investment options involving property purchases in Lisbon and Porto will no longer be eligible from July this year, has been extended to January 2022.
Nevertheless, the ARI programme will change as part of the government’s tactics to attract investment into the interior of the country.
From January 2022, Golden Visa applicants will find that buying a property on the coastline area of the country will no longer count for their application.
Critics in the real estate sector say that the government is shooting itself in the foot since no one will want to invest in a house in the interior of the country, far from Lisbon, Porto or the tourist area of the Algarve, unless, of course they are investing in rural tourism, a vineyard or a commercial enterprise which is covered by other investment schemes and not just the Golden Visa programme.
The Government’s decree-law published on 12 February, states the changes have been made in order to “give priority to the country’s more vulnerable territories,” preferentially the interior territories, investment in job creation, urban regeneration and cultural patrimony”.
Furthermore, “In respect to housing policy, the government is committed to promoting balance and quality in the territories, wether in metropolitan, urban, or rural regions, ensuring access to dignified housing for all.”
The minister of housing said back in January 2020 that the prices practised in the Lisbon and Porto real estate market were “a crime against the country” and it was high time to “remove the Golden Visas from the big cities.”
And for those investors who want to apply their capital in other ways, the minimum amount of investment has also gone up.
The new minimum investment sums for the capital transfer option has gone up from €1million to €1.5 million.
If the investment option is made in scientific research activities, then the minimum amount has climbed from €350,000 to €500,000.
If the investor wants to obtain the Golden Visa through Government-supported venture capital or investment funds aimed at capitalising Portuguese companies, they must now invest €500,000, up from the €350,000 mark.
And then, if they want to start a business registered for tax purposed and based in Portugal and employing at least five people, the minimum entry amount is now €500,000 (it had been €350,000).