The Portuguese government has announced that from July 2021, investors for the Portugal Golden Visa will be blocked from purchasing a property in high-density areas such as Lisbon, Porto, the Algarve, and coastal areas like Setubal and the Silver Coast.
The update discards the purchase of real estate in urban areas for €500K or urban rehabilitation projects for €350K as qualifiers for obtaining the Portugal Golden Visa. Instead, investors are encouraged to invest €280K+ in renovation projects in low-density areas.
The initiative is meant to relieve real estate pressure from metropolitan locations and drive investment in low-density areas such as the Douro Valley, Aljezur, and Peneda Gerês.
Other investment routes won’t be affected by the Golden Visa changes and remain available to applicants. A very popular alternative to real estate investment is the Portugal investment funds. This option allows investors to become Portuguese residents for a minimum investment of €350K.
Portugal Golden Visa applications going digital
The Portuguese government has also announced that Golden Visa applications will now be entirely digitalized. All documents are to be submitted digitally, including the issuance of the Portuguese Individual Tax Number. This initiative will considerably help to reduce bureaucracy and speed up the application process.
History of the Portugal Golden Visa
Launched in 2012, the Portugal Golden Visa program is one of the most popular residency by investment schemes in Europe. The program allows investors and their families to obtain residency permits in exchange for a qualifying investment. With multiple investment routes available and the ability to become a Portuguese citizen in five years, the Portugal Golden Visa scheme is extremely popular. Since its launch, 9,389 investors and 16050 family members have benefited from the program.
For more information on the Portugal Golden Visa Program, visit our Golden Visa Portugal 2021 Ultimate Guide.