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    June 5, 2024
    Migrations’ Action Plan and the new “Residency Permit for Social Investment”

    On June 3rd 2024 Portugal’s new government has unveiled its Migrations’ Action Plan (“Plano de Ação Para as Migrações”) which delineates a total of 41 measures.

    This includes, notably, urgent reforms to enhance the immigration agency’s (“AIMA”) capabilities and resources and the cessation of a system that permitted immigrants to enter Portugal on a tourist visa, secure employment, and subsequently attain legal residency after contributing to social security for 12 months (an amendment to the immigration law that the President of the Republic promptly enacted).

    Among the various measures put forward, one of the most significant is Measure 32 that aims to extend and amend the existing Residency by Investment Regime, creating a new sub-category or residency option – “Residency Permit for Social Investment” – to include investments made in infrastructure and reception facilities, integration projects and support to migrants in vulnerable situations.
    Equally, this new sub-category is likely to be developed further with the intervention of the existing Asylum, Migration and Integration Fund (FAMI), which can potentially act as an accreditor and intermediary of these social investments.

    The Government further outlined that this “extension of the Residency by Investment Regime” is to be aligned and work in parallel with the planned program known as “Construir Portugal” (“Build Portugal”), in what concerns investing in affordable or controlled cost housing, which means that there is a clear intention from the Government to route funds from these contributions or investments into such strategies.

    Details regarding the financial contribution required for this new “Residency Permit for Social Investment” have yet to be disclosed but the Portuguese Government intends to present this proposal to Parliament by the end of the year, detailing the relevant procedures and criteria.

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