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PORTUGAL GOLDEN VISA CHANGES IN INVESTMENT OPTION JULY 2023

On 19 July 2023, the Portuguese parliament voted to rearrange the Portugal Golden program. The legislation was passed and important changes were made on type of investment that qualify for the new investment scheme. Specifically, the real estate investments are no longer eligible for the Golden visa program.

We have so far processed all our applications on real-estate sector with about 24 project that we had recommended to all our previous clients worldwide, our last project was flagged under Marriott Brand in Lisbon was our last real-estate project that went fully subscribed. This project was recommended to our client and with total investors of 155 members / client who joined the project with an investment of EUR 54.2 million that went fully subscribed.

Now the new Golden visa program which was recently amended on 19 July 2023 at the Portuguese parliament voted to restructure the program, with the new investment opportunity.

The Golden visa program was recently amended with termination of all options related to the real estate sector new investment opportunities.

The Golden Visa for Portugal is also known as the residence permit issued to the investors by SEF (Portuguese Foreigners and Border Service)  now called as Agency for Migration and Asylum (AIMA). SEF replacement with a new approach to immigration, with Improving the quality and speed of the services to prospective applicants and objective to recover backlogs (hiring of 190 new staff members).

The Portugal Golden Visa Program experienced an important change with implying new legislation mainly on real estate choices and capital transfers no longer serve as qualifying investment avenues within the Golden visa program for Portugal. However, many alternative investment pathways will remain eligible for participation.

CHANGES TO THE INVESTMENT OPTIONS ARE AS FOLLOWS:

• FUND SUBSCRIPTION:  Under this investment option the applicant would make a contribution to a qualified investment fund (such as a venture capital fund or private equity) worth at least €500,000.
• INVESTMENT OR DONATION:  Under this investment option the applicant would make a contribution by Investing or donating in the arts or preserving national heritage with a donation of at least €250,000.
• SCIENTIFIC RESEARCH:  Under this investment option the applicant would make a contribution by investing Science or Technology research contribution of at least €500,000
• CREATION OF TEN JOBS:  Under this investment option the applicant would make a contribution by creating qualified jobs and should look at maintenance of ten jobs during the required period worth at least €500,000.
• SHARE CAPITAL AND JOB CREATION: Under this investment option the applicant would make a contribution by Incorporation of a company or reinforcement of a company’s share capital, combined with the creation of five or maintaining ten jobs (5 of them permanent) in either case with an investment of €500,000.

RESIDENCE PERMIT ISSUED:  Types of applications for which Residence visas were issued  by SEF (Portuguese Foreigners and Border Service)  now called as Agency for Migration and Asylum (AIMA) under Portugal Golden visa program from October 2012 to August 2023 as follows::.

• Real estate investment: 12,561 residence permits
• Real estate investment at a minimum value of €500,000: 9,454 residence permits
• Real estate rehabilitation at a minimum value of €350,000: 1,830 residence permits
• Capital transfer: 1,255 residence permits
• Capital transfer into a Portuguese bank: 555 residence permits
• Capital transfer into an investment Fund: 673 residence permits
• Capital transfer and the creation of jobs: 13 residence permits
• A donation into cultural heritage in Portugal: 8 residence permits
• A donation into research activities in Portugal: 6 residence permits
• The creation of ten full-time jobs: 22 applications

*Maximum residence permits issued were under Real estate investment.

ELIGIBILITY:  The principal applicant should be at least 18 years old and have a clean criminal record from your home country and from other countries if lives for more than one year, as well as from Portugal. The funds for the investment should arrive from outside of Portugal. In order to qualify for Portugal's Golden Visa, a qualifying investment has to be made. 

RESIDENCE PERMIT:  The reason many high-net-worth Individuals and families have been lately opting for the Portuguese Golden Visa scheme is the fact that it gives the visa holder and the family members freedom to access any of the 26 Schengen countries, part of the European Union without need of visa.

The Golden Visa Portugal is a form of a citizenship by investment program. If the potential investor fulfils the requirements that may gain the family residency in Portugal through the means of investing in Portugal benefits:

STAY REQUIREMENT:  The stay requirement is you only need to spend 7 days in the first year and then no less than 14 days each subsequent two-year period in Portugal (consecutively or nonconsecutively).

FREE ENTRY TO 26 SCHENGEN COUNTRIES: The applicant and the family have permanent free entry and movement throughout the 26 Schengen countries.

fter you obtain your Portugal Residence permit, one can travel to the below European countries without requirement of visa to the following countries.

• Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, Switzerland.

PORTUGAL PASSPORT:  Strength of the Portuguese passport is, it’s the 5th most accepted passport in the world.

After five years, the applicant and family members who have obtained residence permit you can apply for portuguese citizenship and apply for Portugal passport.

Bilimoria & Associate is a leading immigration visa service provider in Chennai  with about 28 years of experiene and has seamlessly assissted  thousands of families towards obtaining their Residence visa to different countries.

Whether you are looking to build your future in Australia, New Zealand, Canada, the USA, the UK, or Portugal,  Bilimoria & Associate will assist you and your family to fulfil your dream to live and work in these countries.

For further queries related to immigration, the visa process or the latest updates, you can call our office on  +91-44-28239229 / +91-44-28227127 / +91-44-43508191 (or) mail us at neville@bilimoriaassociate.com 

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