New rules concerning the Portugal Golden Visa’s old property investment and capital transfer options came into force on October 1, 2018.
The changes aim to clarify the application procedure for those opting for the two investment categories that were introduced in August 2015.
Investing In An Old Property
The minimum investment requirement to qualify for a Portugal Golden Visa through real estate investment is €500,000. This amount is reduced to €350,000 for investments in a property built more than 30 years ago or for properties located in urban rehabilitation areas.
New rules require those investing in a property built more than 30 years ago to submit documents certifying the property’s date of construction.
When purchasing a property in an urban rehabilitation area, the applicant must obtain a statement from the local authority to prove the area’s status.
The renewal of residence permits issued under this category will be subject to submission of proof of execution of rehabilitation work.
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Investment Funds Or Venture Capital Funds
When choosing Investment Funds or Venture Capital Funds, the applicant must fulfill the following requirements:
1) Submit proof of ownership of the units in the form of a certificate issued by the entity authorized to maintain records of holders of the units.
2) Submit a statement issued by the management company of the investment fund indicating the following:
- Feasibility of the capitalization plan.
- Confirmation of investment held for at least five years.
- Proof of deployment of at least 60 per cent of the investment in commercial companies registered in Portugal along with updated commercial registration certificates of such companies.
If the investment is being made via the incorporation of a new company, the applicant must create at least five permanent jobs to qualify for permeant residence. If the applicant is buying shares in an existing company, then five permanent jobs must be created or maintained for a period of at least three years to qualify.
An investor choosing the €1 million capital transfer option can, at the time of renewal, choose any other investment option provided the amount is maintained and not reduced.
Physical Presence Requirement for Golden Visa Renewal
The Portugal Golden VIsa program requires a minimum physical presence of seven days for the first year and 14 days in subsequent periods of two years.
As per Portugal’s immigration law, all permanent residents must be present in the country for at least two months in a year to maintain their status.
As per new rules, those who have held the Golden Visa for at least five years will be granted an exception to the rule application to general permanent residence permits.
This clarification implies that Golden Visa investors must comply with the two-month rule for the first five years.
Further, the minimum stay period post-renewal of the Golden Visa has not been specified. It is likely the seven-day rule will apply in such cases.