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Situated at the end of Europe, Portugal is widely deemed to be the best country to live in. It possesses a supreme influence and is considered as one of the worlds’ most modern and harmonious places, with a high quality of life and a very high Human Development Index ranking. For these reasons, many people chose Portugal for their second citizenship, but, sudden demand soars as the Portuguese Golden Visa changed its rules for 2022.
Visa Changes for 2022
The Portuguese government revamped the whole visa scheme and amendments were approved last February 12, 2021, and will take effect on January 1, 2022. This means that Golden Visas are still attainable in the metropolitan realm of Lisbon and Porto, and along the country’s coastline until the end of December 2021. From next year, the contentious investment migration scheme will be restricted to “touristic” assets procurement or those in low-density areas. The investment level will also be increasing for each route.
Real Estate Modification
- Venture capitalists won’t be able to invest in propertyin high-density areas such as Lisbon, Porto, and the Algarve, as well as coastal towns like Setubal and the Silver Coast.
- Only real estate investments in housing properties worth €400K and up (acquisition) and more than or equal to €280K (rehabilitation) that are situated in the Autonomous Regions of the Azores and Madeira or the interior territories will be qualified to get hold of the Portugal Golden Visa.
If you are particularly intrigued in obtaining a property in Lisbon, Porto, Algarve, Setubal, and the Silver Coast, now is the right time to do so, before those changes will take place.
Other Investment Alterations
As of 1st January 2022, investment in any one of the non-real estate routes will be required at the increased levels, as detailed below:
- Investment by capital transfer will increase from €1,000,000 to €1,500,000; or
- Investment by capital transfer in research activities will increase from €350,000 to €500,000; or
- Investment by capital transfer for the acquisition of units of investment funds or venture capital funds, designated for the capitalization of companies, will increase from €350,000 to €500,000; or
- Investment by capital transfer through the establishment of a commercial company with a head office in Portugal, and the creation of a minimum of five permanent jobs, will increase from €350,000 to €500,000.
The Right Time
If you are eyeing to get a hold of the Portugal Golden Visa, now is a perfect time before all these modifications and changes take place. IRC Invest can lead you to a hassle-free and convenient process to make your dream residency come true.
