Launched in October 2012, with the objective of attracting foreign investment to the country, it’s now clear that 2021 will be the year where the Portuguese Golden Visa will go through its second change to date. 

According to the statements made at the end of the Council of Ministers on the 22nd of December 2020, the new regime will come into force on July 1st, 2021, with a foreseeable transitional period until 2022, as per statement of the Minister of State and Presidency Mariana Vieira da Silva.

The objective of the government is to channel foreign investment to the interior of the country, and away from metropolis like Porto and Lisbon, specially when concerning investments in the real estate category of 500.000€ (New and ready to use apartments/houses).

As per note issued by the Council of Ministers, the intention is “to promote the promotion of foreign investment in low-density regions, namely in urban re-qualification, in cultural heritage, in activities of high environmental or social value, in productive investment and in job creation”.

It was also announced that the renewals of processes approved under the current regime, as well as the subsequent requests for family reunification will not be affected.  

Until today, 24th of December, all of the mentioned changes haven’t been published yet, and it’s still not clear what will happen in the transitional period.

It’s expected that during this transitional period, from 1st of July till 31st of December 2021, the minimum amounts for the investments to be eligible for Golden Visa will increase from the current figures to new ones that haven’t been disclosed yet.

At the moment, the minimum amounts are 500.000€ when buying a new and ready to use real estate or 350.000€ when rehabilitating a building with over 30 years or area pre-determined by the Municipality, benefiting from a 20% reduction on these investments if they are made in areas considered to have low population density. Investment in real estate via venture capital funds, currently with a minimum investment of 350.000€ will also be increased.

In sum, changes will come into effect in 2021, but only after the publishing of the decree will we be able to know the details.

If it’s your intention to start the Golden Visa process, and wish to benefit from the current regime we advise to start your process as soon as possible to make sure your application is submitted before July 1st, 2021.

Feel free to contact us for any further inquiry. (info@iaservices.pt)