Government backtracks on Golden Visas for VC funds
Portugal’s government has decided to retain the Golden Visa programme for investors in venture capital funds.
It means that while direct investment in real estate is now no longer eligible in return for a Golden Visa, the regime will be kept on for investors who buy unit shares in venture capital funds aimed at capitalising companies to an amount of €500,000 or more and who may continue to benefit from the Authorisations for Residency for Investment or ‘Golden Visas’.
The same will be true of those who create at least 10 new jobs or for those who invest €500,000 or over to create or add to the capital share of a commercial company that creates at least 5 permanent jobs or maintains at least 10.
The measure is part of a proposed change to the Government’s package for Housing which was presented in February and in practice is a U-turn on the government’s initial More Housing policy which only retained Golden Visas in residual investment activity situations or for supporting the arts or the refurbishment or maintenance of Portuguese cultural heritage.
However, ruling PS party MPs will not revoke the option for capital transfer of €1.5 million or more; or for the acquisition of property worth €500,000 or more; or the acquisition of property over 30 years old located in designated urban rehabilitation areas and which have refurbishment works of €350,000 or more.