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Read about the real estate market in the Algarve, Lisbon and Portugal. As the leading estate agents on the Algarve and in Portugal we can help you find property for sale in Portugal and find a mortgage.

Update on Portugal's Golden Visa Residency Program

Update on Portugal's Golden Visa Residency Program

Portugal’s Golden Visa Program was adopted from a massive real estate residency program that provides non-European nationals and their families the right to travel within the Schengen zone freely.

 

After 5 years from obtaining the Golden Visa, citizens are then eligible to apply for a Portuguese passport as well as European residency.

 

Who Is Eligible for Golden Visa

The Golden Visa scheme is open to all nationalities who are not from Portugal, Europe or CFTA citizens. However, a large majority of recipients, over 50%, who have obtained the Golden Visa are Chinese and they have invested primarily in real estate.

 

Top Nationalities for Golden Visa Application

Below are the top five nationalities that are currently applying for the Golden Visa residency program:

  • Chinene
  • Brazilian
  • Turkish
  • South African 
  • Russian

 

Portugal Golden Visa Updates 2020

Portugal’s Golden Visa has recently been updated so that the residence permit is now valid for two years instead of one year, this also applies to restoration projects. The change is for anyone applying for a Golden Visa on or after the 1st April, 2020.

 

 

Why Did Portugal Update Policies for Golden Visa

The reasoning behind the update was because in the main cities of Portugal such as Lisbon and Porto, prices of real estate were increasing day by day. As a result, many Portuguese families found themselves having to search for housing in the surrounding areas, therefore, the update in the Golden Visa scheme is an effort to control the real estate market position.

 

In February 2020, the parliament of Portugal proposed a new scheme of Golden Visas strictly for investors, the intention behind this was to primarily promote investment in low-density areas of Portugal. Another reason offered behind this update was to improve cultural heritage, job creation and urban renovation.

 

 

Benefits of Portugal's Golden Visa

The Golden Visa is a type of citizenship offered by the Portuguese government through investment in the country. If the investor fulfills all the criterias they can gain permanent residency in Portugal. There are also some other benefits such as:

 

  • Holders of the Golden Visa have permanent free entry and are allowed to move freely throughout the Schengen areas
  • After five years you can apply for Portuguese citizenship
  • Children and dependants of visa holders are allowed to enjoy the same benefits as a visa holder
  • The visa holder gets freedom of opportunities for themselves as well as their families
  • Visa holders can choose from a variety of affordable investment options

 

For more information on the Golden Visa or if you are looking to start the process, make sure to get in touch with our legal advisor who is able to assist with the entire process from the intial application right the way through to the acquisition. 

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