These changes were part of Law 56/2023, of 6th October, which came into force on 7th 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:
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.
Following our previous articles on the recent changes to the Portuguese Law of Nationality, we can now inform that the President of Portugal has now signed off the decree from Parliament that approved the said changes. This was the final act in the legislative process and consequently the law will now be published in the official gazette and become effective.
Residency application time will count for the 5 years needed for nationality
Following our previous article on the changes to the Nationality Law in Portugal, we can now inform that the Portuguese Constitutional Court has just decided, by majority, that such changes do not raise any constitutionality issues.