Portugal – the country known for its beautiful coastline, warm climes, and warm people – is changing its Golden Visa Programme rules and citizenship application process.
Read on to know more about the country and the immigration process.
A Peek at Portugal
Located on the Iberian Peninsula, this southern European country borders Spain and the Atlantic with a mix of both rugged and scenic Mediterranean landscape coupled with stretches of mountains, cliffs, and islands. You can try surfing off the coast of the Algarve or go wine tasting in the Douro Valley or spend your weekends exploring the thriving cultural scene of Lisbon or feasting on the best seafood that the coastal towns have to offer. You even get to discover white sandy beaches to cobblestone alleys to rugged mountains and architecturally beautiful cities to picturesque medieval towns to quaint villages.
The work opportunities in Portugal are amazing with a booming tourism and hospitality sector and an emerging start-up scene. What is more, children under 18 and for people over 65 get the best benefits of the healthcare under Portugal’s national health system as it’s free for them. As a whole, Portugal ranks high in offering a beautiful work-life balance, affordable cost of living, personal security and environmental quality. Go on, live your best at Portugal.
Immigration to Portugal
The global pandemic saw a huge spike in people wanting to immigrate to Portugal in search of better healthcare, better work opportunities, and a better quality of living. Today, Portugal Golden Visa is one of the most sought-after visas to migrate to the European Union and it is all set to achieve its Q3 milestone of 10,000 golden visas.
However, the rules for Portugal Golden Visa are changing. These changes are designed to drive investment towards Portugal’s underdeveloped or low-density areas by relieving pressure on the high-density areas. So, this is the last opportunity for you to get Portugal Citizenship under the old rules.
The New Rules for Portugal Golden Visa 2022
The new rules for this Golden Visa will be effective from January next year. The government has raised the minimum investment for citizenship application and residency eligibility in Portugal. Additionally, there has been a change in property investment in terms of the geographic regions under the Golden Visa Programme.
Here are the new rules for Portugal Golden Visa:
- The capital investment/deposit category: The minimum investment amount is raised from €1 million to €1.5 million by the government.
- The investment fund programme: The minimum investment is raised from €350,000 to €500,000 by the government.
- The property investment category: While the investment amount for the €350,000 and €500,000 programme remains the same, the regions where investment can be made are now limited to the country’s interior.
As of January 2022, you cannot buy residential properties in high-density areas such as Lisbon, Porto, and the Algarve, as well as in coastal areas such as Setubal and the Silver Coast. But you will be allowed to purchase properties in areas like Douro Valley, Aljezur, Peneda-Gerês, Madeira, Azores, and other autonomous regions. However, you need to invest €350,000 in a property that is at least 30 years old which will be refurbished, or €280,000, if that same property is also located in a low-density area. You can still purchase commercial, and tourism intended properties in coastal areas and Lisbon. The geographic limitations are for residential properties only.
Portugal Golden Visa Benefits In 2021
Since Portugal’s economy is booming, this can be a great opportunity to migrate.
The advantages of having a Portugal Golden Visa:
· European citizenship access:
This is perhaps the biggest advantage of moving to Portugal. Under the Golden Visa, you and your family will attain resident status for 5 years. Post that, you can apply for citizenship via investment. When you finally become a Portugal citizen, you will automatically get your European citizenship too.
· Easy, visa-free traveling:
Portugal Citizenship offers you visa-free travel access to 160+ countries in the world. This helps you gain complete freedom of movement in the Schengen zone and travel access to nations like Spain, Germany, France, Netherlands, and many more. Furthermore, you are free to live, travel, and work anywhere in the European Union when you become a citizen of the country.
· Upgraded living standards:
Enjoy life to its fullest with Portugal Golden Visa benefits. Get access to an affordable and universal healthcare system with some of the best doctors in the world and the best education facilities in the European Union. Upgrade your family’s standard of living and take pleasure in the culturally rich landscape of Europe.
· Ready retirement plan:
Make the most of your retirement with a leisurely lifestyle as Portugal ranks among the top three most peaceful countries in the world. Your Portugal Golden Visa program will let you spend your retirement peacefully in Europe while your children can access career opportunities across the continent.
· Processing Time for Golden Visa Applications:
As announced by the Portuguese Government, all Golden Visa Applications will now be digitalized. All the documents are to be submitted digitally and the relevant Portuguese Individual Tax Number will also be managed digitally. This change is being made to help reduce bureaucracy and loop in a faster application process.
· Portugal Golden Visa Renewals:
The renewal of citizenship application for Portugal Golden Visa permits, granted prior to 1st January 2022, will not be affected by the changes detailed above.
For further information regarding Portugal Golden Visa, contact Passport Legacy.