New Portuguese Golden Visa Legislation Voted In
On 19 July 2023, the Portuguese Parliament voted on the final version of the new Portuguese Golden Visa legislation.
The programme will continue for a number of non-real estate investments, but there are some major changes.
Existing Holders of Golden Visas and Pending Applications
For investors who already have Golden Visas or who have pending applications, the new legislation provides clarity.
Pending applications will be converted into Entrepreneur Permits (D2 Visas). The minimum stay requirements and the validity period of the new residency permits will remain the same.
Five years of legal residency under the D2 Visa will still grant the right to apply for Portuguese citizenship.
What Happens Next?
The new law is now in the President’s hands.
He has 20 days to decide whether to ratify the legislation or return it to Parliament for amendments. It is not possible to say when the new law will enter into force, but it is likely to happen soon.
What Will the Criteria Be for New Investors?
For future investors, the new legislation brings some new opportunities.
The following investments will each qualify for the Golden Visa:
- The creation of ten jobs; OR
- Capital transfer of a minimum €500,000 for research activities, carried out by private or public scientific research institutions, integrated in the national scientific and technological system; OR
- Capital transfer of a minimum €250,000 for investment in supporting artistic productions, reflecting the national cultural heritage. Such an investment can be, through; central and/or peripheral direct administration services, public institutes, entities that integrate the business and public sector, public foundations, private foundations with public utility status, inter-municipal entities, entities that are part of the local business sector, municipal associative entities and public cultural associations; OR
- Capital transfer of a minimum €500,000, for the acquisition of shares in a non-real estate collective investment entity, incorporated under Portuguese law. At the time of the investment, maturity must be at least five years in the future, and at least 60% of the value must be invested in commercial companies with headquarters in Portugal; OR
- Capital transfer of a minimum €500,000 for the incorporation of a commercial company, with headquarters in Portugal, combined with the creation of five permanent jobs. Alternatively a minimum €500,000 can be added to the capital of an existing commercial company, with headquarters in Portugal. This must be combined with the creation of at least five permanent jobs, or the maintenance of at least ten jobs, with a minimum five permanent employees, for a minimum period of three years.
The new legislation provides some clarity for investors, with further details still awaited. Specifically, the Portuguese Government needs to amend the regulations to explain how the new law will be applied.
If you would like additional information or advice as to what action you should take, please reach out to our offices in Portugal (Lisbon and Madeira) for assistance: email@example.com.