Golden Visa Portuguese Residence Card for Investors |2022 - Santos Carvalho & Associados, SROC, SA
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February 2021
Golden Visa
Portuguese Residence Card for Investors |2022
Background
The Golden Visa regime, in force since 2012, enables third country (non-EU) nationals,
that intend to conduct investment activities in Portugal, to obtain a temporary residence
permit. The latest legal amendment (currently in force) happened in 2017, further
broadening the eligible investment activities.
With the publication of the 2020 Portuguese State Budget, it was also anticipated a future
review of the Portuguese Golden Visa regime with “the objective of promoting the
investment by foreigners into low density regions, especially through urban rehabilitation,
cultural heritage, activities of high environmental or social value, productive investment,
and job creation”. These changes were recently enacted on February 12th, 2021, with the
publication of the Decree-Law no. 14/2021.
Notwithstanding, these changes will come into force only in January 1st, 2022. Until then,
1. the current Portugal Golden Visa rules and requirements will remain the same.
Real
Estate The beneficiaries of Golden Visa are entitled to live and work in Portugal, further benefiting
from a visa exemption for travelling within the Schengen Area. They can also request
family reunification, apply for permanent residence and, eventually, apply for Portuguese
citizenship, by naturalization, provided all other requirements set out by the Nationality
Act are fulfilled. In parallel, the Golden Visa application procedure is becoming more agile.
Requirements
2. For the purpose of obtaining the Golden Visa, the applicant should meet at least
Capital
Investment
one of the following conditions:
1. The purchase of real estate property in Portugal worth at least EUR
500,000.(*)(**)
2. The purchase of real estate property, constructed at least 30 years ago or in
the Portuguese urban rehabilitation areas, if rehabilitation works are
undertaken, amounting to a global value of at least EUR 350,000.(*)(**)
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Golden Visa | February 2021
Portuguese Residence Card for Investors | 2022 update
3.
Financial 3. A capital transfer of at least EUR 1,500,000 (until 2021, EUR 1,000,000).
Assets
4. A capital transfer equal to, or greater than, EUR 500,000, that is aimed at
developing and enhancing research activities developed by public or private
scientific institutions, integrated into the national scientific and technological
system(*) (until 2021, EUR 350,000).
4.
Investment 5. A capital transfer equal to, or greater than, EUR 250,000, that is aimed at the
in the job investment or support of artistic production, recovery or maintenance of
creation national cultural heritage, through certain legally defined institutions (*).
6. A capital transfer equal to, or greater than, EUR 500,000, for acquiring units in
investment or venture capital funds aimed at providing capital to companies
that meet certain requirements. These funds must be incorporated under the
Portuguese law, with a maturity date of at least five years as of the investment
date and, at least, 60% of its investments must be made in companies with
registered office in Portugal (until 2021, EUR 350,000).
7. The creation of at least 10 new jobs(*)
8. A capital transfer of at least EUR 500,000, to incorporate or increase the share
capital of a company with registered office in Portugal, together with a creation
of five permanent jobs, for a period of three years (until 2021, EUR 350,000).
(*) Please note that, the amounts mentioned above may be reduced by 20%, when
these same activities are carried out in low population density areas (as defined In
Portuguese Law).
(**) The minimum investment amounts will remain the same, while there will be
geographical restrictions for some typology of real estate on the qualifying areas.
The main change refers to residential real estate properties, in which, after 1
January 2022, to be eligible under the regime, the related investment must be made
- exclusively - in the less-densely populated areas. In this regard, for more details,
please see Ordinance no. 208/2017.
Specifics of the regime
• When the investment must be made? The investment activity chosen by the
applicant must have been made at the time the application for a residence permit
is presented.
• What is the mandatory duration of the investment? The investment must be
maintained for a minimum period of five years. Investors can change the type of
investment in the renewal applications. This five-year period runs from the date
the Golden Visa is granted. 2
Golden Visa | February 2021
Portuguese Residence Card for Investors | 2022 update
• Shareholding and investment through companies: If the chosen investment is
made through a commercial company, it must be made through a single
shareholder limited company with its registered office in Portugal, or in another
Member State of the European Union with a permanent establishment in
Portugal.
• Validity periods and obligation to stay in Portugal: The first residence card is
valid for one year and should be applied for at the Portuguese Foreign Services
during the first 90 days of presence in Portugal. This residence card may then
be renewed for successive periods of two years, provided that the initial
attribution conditions are maintained. To be able to renew the Golden Visa, its
holder should stay at least 7 days in Portugal during the first year of validity and
at least 14 days during each of the next two-year renewal periods.
• Reduction of the tax burden for investments in urban rehabilitation: The
Portuguese Government has created tax benefits for the activity of urban
rehabilitation, introducing tax efficiency to investment opportunities. These
benefits take the form of (i) exemptions from Municipal Property Transfer Tax
when acquiring the properties in question, (ii) exemptions from Municipal
Property Tax , for the three years following acquisition of the properties and (iii)
a reduced rate of Value Added Tax in relation to the works.
• Schengen area: Like any other Portuguese residence permit, Golden Visa
holders can travel freely in the Schengen Area (Austria, Germany, Belgium,
Denmark, Slovakia, Slovenia, Spain, Estonia, Finland, France, Greece, the
Netherland, Hungary, Iceland, Italy, Latvia, Lichtenstein, Lithuania,
Luxembourg, Maltas, Norway, Poland, Portugal, the Czech Republic, Sweden
and Switzerland.
• Right to family reunification: Besides the spouse, minor children or relatives in
the ascending line, its holders may be reunified with adult children in the care of
the couple or one of the spouses if those children are studying in Portugal or
abroad.
Additional benefits
After 5 years of title the Golden Visa holder can then apply for permanent
residency within Portugal and after 6 years he can apply for citizenship.
The basic requirements to qualify is: to promote and maintain at least one of
minimum investment alternatives; a clean criminal record and the ability to spend
a minimum of 7 days in Portugal during the first year validity and 14 days during
each of the two-year renewal period.
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Golden Visa | February 2021
Portuguese Residence Card for Investors | 2022 update
Contacts
For more information, please contact:
Catarina Breia
Partner, Head of Tax
Mobile: (+351) 91 75 75 832
E-mail : cbreia@pt-nexia.com
This information contained in this document is of a general nature and does not apply to any
particular entity or situation. Although we make every effort to provide accurate and current
information, we can not sure that this information will be accurate on the date it is received and / or
known or will continue to be accurate in the future. No one shall act in accordance with this
information without appropriate professional advice for each specific situation.
© 2018 Santos Carvalho & Associados SROC, S.A. All rights reserved. The marks NEXIA INTERNATIONAL, NEXIA and their
logos are owned by Nexia International Limited. Nexia International and its member firms constitute a network of
independent firms at the corporate and management level. Nexia International accepts no responsibility for acts or omissions
or liabilities of any of its members.
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