New rules for the Portuguese golden visa have finally come into effect as of October 7th, 2023. This comes days after Portuguese President Marcelo Rebelo de Sousa confirmed that he had enacted the controversial “More Housing” bill.
With the real estate investment option off the table, it is expected that the fund investment category may become the preferred qualifying route for most investors.
The new investment options, which will apply to anyone filing a golden visa application, are as follows:
- The creation of at least ten jobs
- Transfer of capital equal to or more than €500,000, applied to research activities by public or private scientific research institutions, integrated into the national scientific and technological system
- Transfer of capital equal to or more than €250,000, applied to investment or support for artistic production, recovery, or maintenance of national cultural heritage through central and peripheral direct administration services, public institutes, entities that integrate the public business sector, public foundations, private foundations with public utility status, inter-municipal entities, entities that integrate the local business sector, municipal associative entities and public cultural associations, which pursue attributions in the area of artistic production, recovery or maintenance of national cultural heritage
- Transfer of capital equal to or more than €500,000, intended for the acquisition of shares in specific collective investment organisms, which include certain types of funds, which are incorporated under Portuguese law, whose maturity, at the time of investment, is at least five years and at least 60% of the value of the investments made in commercial companies based in the national territory
- Transfer of capital in an amount equal to or more than €500,000, intended for the incorporation of a commercial company with a registered office in the national territory, combined with the creation of five permanent jobs, or for the reinforcement of the share capital of a commercial company with registered office in the national territory, already incorporated, with the creation of at least five permanent jobs or the maintenance of at least ten jobs, with a minimum of five permanent jobs, and for a minimum period of three years.
As before, the minimum investment amounts for options 1, 2, and 3 may be reduced by 20% when the investment activity is carried out in low-density territories, defined as areas with fewer than 100 inhabitants per square kilometre or GDP per capita of under 75% of the national average.
Under no circumstances, directly or indirectly, may investments take the form of real estate.
(with inputs from IMI Daily)
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