Current status and advice on the Golden Visa programme in Portugal

The Golden Visa Programme, approved by the Portuguese government in 2012, was designed to invite non-European Union citizens to make investments in Portugal and consequently be granted the right to live and work in the country.

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The scheme has been highly attractive due to its numerous advantages, including easy access to other Schengen Area European countries, and a simplified path to obtaining Portuguese citizenship.

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Golden Visa Recent Amendments

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As of October 9, 2023, the Portuguese government announced that the Golden Visa program will no longer accept the option of investing in real estate to acquire a residency permit. Furthermore, the option of transferring €1.5m into a Portuguese bank account to acquire residency is also no longer accepted.

If you're interested, it's crucial to consult with one of our visa experts to understand your options before any other Portuguese Government amendments come into effect.

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Benefits of the Golden Visa Programme

The Golden Visa Programme offers a wealth of benefits:

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• Residency: The visa granted the right to live in Portugal.
• Employment: Visa holders could legally work in Portugal.
• Education: The visa enabled access to the Portuguese education system.
• Healthcare: It provided access to public healthcare services.
• Travel: It granted unrestricted travel within the European Schengen Area countries.
• Citizenship: A simplified and fast-tracked pathway to Portuguese citizenship was available to visa holders.

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‍Eligibility Criteria and Investment Requirements

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To qualify for the Golden Visa Programme, applicants were required to meet certain investment criteria, typically involving substantial financial commitment. However, now our experts believe that the exact nature of the investment will be focus on business, job creation in Portugal and alike.

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Application Process

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The application process was generally streamlined but is more costly than the comparable D7 Visa, with applicants having to submit relevant documentation to prove their eligibility, including details of their investment, personal identification documents, and proof of no criminal record.

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What's Next?

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While the Golden Visa Programme is under review, Portugal continues to be a welcoming country for international investors and wealthy expats, and continues to offer other comparable residency visa options such as the D7 and Digital Nomad Visa (D8). Consulting with our team can help you identify the best path forward.

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Disclaimer: The guidance above should not be fully relied upon and does not constitute formal instructed professional advice. In relation to tax advice in Portugal, please engage and instruct a regulated professional for all tax advice and structured financial planning. Please contact Portugal Pathways if you would like an introduction to one of our professional advisors.

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