The Portugal Golden Visa is a residency program that allows non-European citizens to obtain a residency permit in Portugal by investing in the country. The investments can be made in real estate, capital transfers, or creating jobs. The program grants residency and visa-free travel within the Schengen Area, with the possibility of applying for citizenship after 5 years.
Portugal Golden Visa investment options for 2023
The investment options for the Portugal Golden Visa program include:
- Investing at least €280,000 in real estate
- Investing at least €350,000 in a business venture creating 10 new jobs
- Investing at least €250,000 in a research or cultural project
- Investing at least €500,000 in a venture capital fund
Note: The investment must be kept for a minimum of 5 years.
Application process Portugal Golden Visa 2023 (H2)
The application process for the Portugal Golden Visa typically involves the following steps:
- Choose an investment option: Decide on the type of investment you want to make (real estate, capital transfer, job creation, research and development, or renewable energy).
- Gather required documents: Prepare documents such as a passport, birth certificate, proof of health insurance, criminal background check, and proof of funds.
- Complete the investment: Once all documentation has been gathered and application forms completed, you can proceed with the investment.
- Apply for a visa: Submit a visa application to the Portuguese consulate in your home country, including all required documents and fees.
- Wait for approval: Wait for the Portuguese authorities to approve your application, which can take several months.
- Visa Approval: Portugal Golden Visa approvals in 2023(H2) are taking between 12-16 months to be approved.
- Renew residency permit: You will need to renew your residency permit every two years and maintain the investment for a minimum of five years.
Is the Portugal Golden Visa ending in 2023?
The Portuguese Prime Minister announced at the Web Summit on November 2, 2022 that the Golden Visa program and other visa schemes are under review. No further details have been released. Despite the review, the Golden Visa program remains in effect and new applications can still be submitted, protected by law.
During state budget discussions, two political parties in Portugal, Bloco de Esquerda and the Communist Party (PCP), proposed to eliminate the Portugal Golden Visa program in 2023(H2). However, both proposals were voted down on November 22, 2022. Currently, there are no pending proposals on the matter. The ruling party PS, along with PSD and Chega, voted against the elimination, while all other parties voted in favour of it. The PS defended that the program needs to be evaluated. Despite the ongoing discussions and considerations, the Portugal Golden Visa remains unchanged and its law remains in effect for 2023(H2).
Has the Golden Visa experienced changes before?
In 2022, the Portugal Golden Visa experienced a number of significant changes. The regulations that the government rolled out focused on areas such as:
- Restrictions on Qualifying Areas for Real Estate Investment: The new regulations limit the “qualifying” areas for real estate investment to interior regions of Portugal, instead of just Lisbon and Porto.
- Increase in Investment Amounts: The new law made several investment options more expensive, requiring higher amounts of investment.
- Focus on Developing Interior Regions: The Portuguese government aims to spread foreign investment evenly across the country, focusing on developing the property market in interior areas.
These changes are intended to promote economic growth and development in different parts of Portugal. The government’s goal is to encourage investment in the country’s interior regions, while still maintaining the appeal of the Golden Visa program to foreign investors.
Important to note that all changes implemented in 2022 are still the same requirements needed for new applicants to achieve a Portugal Golden Visa in 2023(H2).
Frequently asked questions about changes to the Portugal Golden Visa?
On November 2, 2022, the Prime Minister of Portugal announced that various visa programs, including the Portugal Golden Visa, are undergoing review. No additional information has been released. Despite the review, the Portugal Golden Visa program remains in operation, and new applications can still be submitted, protected by law.
Changes to the program’s rules do not retroactively affect individuals who have already been granted residency through the program. Your investment and Golden Visa will continue to be valid.
As of January 1, 2022, the Portugal Golden Visa program has changed with a suspension of eligibility for those purchasing residential real estate in urban areas like Lisbon, Porto, and the Algarve. Investment options have also become more expensive. These changes have been implemented nationwide.
With the new rules, individuals can no longer purchase residential property in major cities like Lisbon, Porto, and coastal towns in Portugal for the purpose of obtaining a Portugal Golden Visa. Only investments in residential properties in interior areas are eligible. However, commercial real estate remains eligible for the program throughout Portugal and you can still obtain a Golden Visa in 2023.(H2)
The Portugal Golden Visa program allows you to obtain residency in Portugal by making an investment. After holding the investment for 5 years, you are eligible to apply for permanent residency and Portuguese citizenship. If you received your Portugal Golden Visa in 2023 (H2), the earliest time you will be able to apply for citizenship would be in 2028.