Portugal’s Golden Visa programme set to change
It has been announced that the hugely successful Portuguese Golden Visa programme will be changing on 1st July 2021.
Note: The Golden Visa programme will be officially changing at the end of 2021 – not July 2021. Please see our more recent Portugal Golden Visa update article for the most up-to-date information.
Though the exact details have not been disclosed yet, throughout the real estate industry it is anticipated that the changes will be largely based on those proposed at the start of 2020. Last year the government wanted to use the Golden Visa programme to drive investment to the interior of Portugal and the islands and suggested that Golden Visas should no longer be awarded to those who purchase qualifying properties in coastal areas such as Lisbon and Porto. This means that those wishing to apply for a Golden Visa by investing in Lisbon real estate now have a window of opportunity to do so.
Alongside our legal contacts in Portugal, we are keeping a close eye on the situation and will continue to update our Athena Journal when more details are released. In the meantime, we recommend that those who want to acquire a Portuguese Golden Visa by investing in Lisbon real estate get in touch to discuss their search requirements. From helping you find your ideal Golden Visa investment from our curated portfolio of eligible properties through to virtual property visits and introducing to trusted lawyers in Portugal, we are here to help you every step of the way.
2020: an unprecedented year for investment via funds
According to the SEF, in 2020 the Portuguese Golden Visa programme brought in over €64.6m of investment resulting in 1,182 visas being issued to investors and a further 2,043 visas being granted to qualifying family members, such as partners and dependent children or parents.
Though 2020 was not a record-breaking year overall for the Golden Visa programme, two records were broken last. Firstly, 48 visas were granted via the investment fund option, the highest number throughout the scheme’s eight years and an almost sevenfold increase on the figure for 2019. This route allows those who invest €350,000 or more in qualifying funds to apply for a Portuguese Golden Visa programme see subparagraph 7 on the SEF website to learn more.
In addition, May was the best month on record with an incredible €146m raised, which equates to 22% of the total revenue for 2020.
Our predictions for the Portugal Golden Visa programme 2021
With the UK officially no longer part of the EU, we anticipate that many British citizens will be looking for Golden Visa investments to secure a future in the EU for themselves and their families. For many, being part of the EU is not just about shorter queues when travelling but it is about having the freedom to work, study and live within Europe and giving their children the opportunity to do so too.