International investors that are interested in applying for the Golden Visa Portugal must be aware of the new updates in the program. As announced, the new restrictions of this program will disqualify buy real estate worth €500,000 in cities such as Lisbon and Porto which are highly populated, as well as investing in the coastline of the country, a restriction that the Portuguese government has enacted in order for potential buyers to invest in second tier cities and rural properties, rather than in the typical urban areas. These changes in investment options will help Portugal gain a more balanced environmental and social status. Consequently, many investors opt to buy real estate higher value properties in remote places, such as purchasing a luxury property in a low-density area such as Guimaraes, with just over a 50,000 population or in Evora, known to be the second ‘most livable’ city in Portugal.
The best cities to invest
- The city of Coimbra, in the center of Portugal, is one of the best alternatives for entrepreneurs to buy real estate, for its large population (140,000) and its proximity to Lisbon and Porto. Healthcare businesses, universities and its historic heritage makes this town a good choice to invest in real estate; a five-bedroom house in the suburbs of Coimbra would cost around €225,000.
- Another alternative is the city of Braga, a beautiful city near the mountains that is filled with baroque palaces and ancient Portuguese architecture. The price of the apartments in this zone starts around €100,000, but you can also acquire a fully restored residence with five bedrooms, a pool and a sala de armas for €2,000,000.
The best options to avail of the Golden Visa Portugal by investing in real estate are:
- Investment of €280,000 in a rehabilitation project in a low-density area. The property to be purchased must be at least thirty years old and undergoing renovation. If the property is not located in a low-density area, the acquired property and the renovation works must equal to or be greater than €350,000.
- Investment fund of €350,000. Entrepreneurs must invest in a start-up or medium-sized project under different sectors, namely real estate, technology or industry, with great development potential as it will be handled by qualified experts, and the capital that is invested is tax-friendly.
- Investment of €500,000 in real estate. The property can be new, restored or old as long as it is located within Portugal; perfect for investors that seek to use their property as a second home or a retirement destination. If they buy real estate that is located in a low-density area, the minimum investment amount will be reduced by 20%, bringing it to €400,000.
Nevertheless, the reason why international investors choose to acquire the Portuguese Golden Visa is for the benefits that come with this residence permit, which include the right of the applicant and family members to live, work and study in one of the high standard international schools that are in the country. Moreover, the Golden Visa Portugal will allow you to travel within the countries in the Schengen Area without the need of acquiring any additional visa. Portugal is known as one of the most peaceful countries in the world that offers a low-cost quality lifestyle and has a professional healthcare system.
The application process for the Golden Visa Portugal starts with the submission of the residence application along with the legal documents. Once approved, applicants must pay for the permit issue to acquire the residence certificate, which has a validity of one year. Afterwards, permit-holders along with their family members must stay in the country for at least 7 days during the first year, and 14 days in the following years. Once you are officially residing in the country, you may be eligible to apply for the Portuguese passport.
New regulations
New regulations about the Portugal Golden Visa have been implemented recently by the Portuguese government. The changes are about the requirements of real estate and the capital transfers investment. These updates will take effect on 1st January 2022.