Golden Visa Update – Changes to Investment Options

These changes were part of Law 56/2023, of 6^th October, which came into force on 7^th October 2023.This article aims to present the main aspects that entail the changes implemented in relation to the Golden Visa programme in Portugal, which are as follows:

End of the real estate investment option, which has historically been the most attractive investment for the applicants, as well as the capital investment option of € 1,500,000.  These options are therefore no longer available.

In what concerns the options that remain available for investors, both the job creation options and the investment in scientific, research, artistic or cultural projects or activities remain unaltered.

As to the option of investing in investment funds, which is one of the most popular options after real estate investments, it continues with certain changes. It is now established that this option of investment will correspond to “The transfer of capital in an amount equal or greater than € 500,000, destined to the acquisition of units in non-real estate collective investment entities, incorporated under the Portuguese legislation, with a maturity, at the moment of investment, of at least 5 years and with at least 60% of its investments is realized in commercial companies with head offices in the national territory”.

In short, applicants are required to invest a minimum of € 500,000 in qualifying investment funds, which in turn cannot invest directly or indirectly in property.

The available investment options are as follows:

1. Capital transfer in the amount of € 500,000 or more, for the acquisition of units in Portuguese collective investment vehicles not linked to real estate (e.g. investment funds), maturity of which, at the moment of the investment, is a minimum of five years and, at least, 60% of its investments are carried out in commercial companies with head offices in the national territory;
2. Capital transfer in the amount of € 500,000 or more, for the incorporation of a commercial company with head offices in the national territory, combined with the creation of five permanent jobs, or for the increase of the share capital of an existing commercial company with head offices in the national territory, with the creation of at least five permanent jobs or the maintenance of 10 jobs, with a minimum of five permanent jobs, and for a minimum period of three years;
3. The creation of a minimum of 10 jobs;
4. Capital transfer in the amount of € 500,000 or more for investing in research activities conducted by public or private scientific research institutions involved in the national scientific or technological system;
5. Capital transfer in the amount of € 250,000 or more for investing in artistic creation or supporting the arts, for reconstruction or refurbishment of the national heritage, through the local and central authorities, public institutions, public corporate sector, public foundations, private foundations of public interest,  networked local authorities, local corporate sector organizations, local associations and public cultural associations, pursuing activities of artistic output, and reconstruction or maintenance of the national heritage;

It was also established that any valid residencies, any pending initial applications and residency renewals are safeguarded and will be able to continue or take place within the same material requirements currently prescribed, namely, in what concerns the investment category, the minimum stay requirements and the ability of adding family members at any point of the residency.