Golden Visa new legislation review on the pipeline.
The Golden Visa Residence Programme launched by the Portuguese Authorities in 2007 and significantly reviewed in 2012, facilitates the obtaining of a valid residency permit in Portugal with the advantages of free access to all Schengen signatory countries.
The conditions to apply for the visa are now under revision and the requirements are expected to change.
An investor will now have not only the possibility of qualifying by purchasing a property above €500.000; transferring funds above €1million; create a minimum of 10 jobs; but also qualifying by:
- Investing €350.000 in a cultural or scientific research project;
- Purchasing, rebuilding or renovating urban properties with total investment amounting up to a minimum of €500.000.
Furthermore, with a view to stimulating investment in remote areas of Portugal, applicants who invest in such less preferred regions, where the population is below 100.000 inhabitants or the GDP is of 75% or less than the national average, instead of having to purchase a property of a minimum of €500.000 will see a drop on the required purchase by €100.000.
The new legislation will demand the appointment of an external auditor to ensure the transparency of the process.