Portugal Golden Visa New Rules
Portugal is set to approve changes to its Golden Visa Residence Program that include two new investment options for applicants to the scheme.
Applicants will be now able to qualify for a Golden Visa by investing €500,000 towards the purchase or renovation of urban properties, or by investing €350,000 in cultural or scientific research.
The new investment options will be available alongside the three original investment options, namely a minimum investment of €500,000 in real estate, an investment of €1 million in bonds or stocks, or through the creation of a new company that employs at least 10 Portuguese nationals.
Additionally, a reduced investment requirement for less developed regions of Portugal is being proposed. Applicants who invest in a region with under 100,000 inhabitants, or with a GDP of under 75% of the national average, will have their real estate investment reduced to €400,000 – a reduction of 20%.
Other changes being proposed to the golden visa scheme include the appointment of an external auditor to oversee the administration of the scheme, which comes as a reaction to the corruption scandals that have dogged the golden visa scheme recently.
Launched in 2012, Portugal’s golden visa scheme grants investors a permanent residence permit of the country, allowing investors to take up residence in any country in the European Union’s Schengen zone.
Source: Mondaq.com