Portugal is an attractive country situated at the far west of Europe, next to its single Iberian neighbor, Spain. A popular tourist destination among European residents and others from beyond the EU zone, Portugal shares its attractive coastlines and stunning countryside with 10 million visitors each year. Increased tourism and multiple renewable energy initiatives have helped Portugal to recover quickly from the downturn it suffered during the global financial crisis of 2008. Residents have the benefit of visa-free travel across Europe’s Schengen zone without restrictions, not to mention the beauty of living a relaxed, sun-filled lifestyle.
Since the day it was launched in 2012, Golden Visa Program in Portugal received attention from many people all around the world. At the beginning, the government had difficulties with processing the Golden Visa applications in a timely manner. However, since a few years, we can confidently say that they have become competent in handling the amount of Golden Visa applications. Portugal has a golden visa program that has the easiest pathway that leads to obtaining the passport by naturalisation. This is the main reason it is also preferred the most. However, it seems that the large number of investments brought along some issues into Portugal. As most of the investors chose major cities such as Porto, Lisbon and Algarve for their Golden Visa applications, the property prices in those cities inflated considerably making it difficult for the locals in major cities unable to pay their rent and owning a home in their own city became nothing less than a dream.
Therefore, Portugal’s government announced some changes to their golden visa program from January 2022 onwards. This decision was made to control the increasing property prices. Hence, from January 2022 onwards, Portugal’s golden Visa will be granted for investments outside the major cities only. Applications made before January 2022 are not effected from this change in Portugal’s residency by investment program. This change was expected and was speculated since a few years and not it has been announced. Though, there has been quite a lot of new Golden Visa applications made with investments in major cities just before January 2022, by people who did not want to miss the last chance for owning a home in a more vibrant city of Portugal.
Residency by investment Program - a ‘Golden Visa’ investment which grants a permit through investing in capital (minimum of €250,000) or purchasing commercial or residential real estate (minimum of €280,000). The permit is initially valid for 1 year, then renewable every 2 years over a period of 4 years, at which stage the permit holder can apply for permanent residency. After an additional 2 years, citizenship is granted.
TIME TO RESIDENCY: