Earlier this year, Portugal’s Prime Minister, António Costa, announced new measures regarding Portugal’s Golden Visa, which will come into effect once the law is published.
Since its launch in 2012, over 10,000 investors (and over 17,000 of their family members) have obtained Portuguese residency through the Golden Visa, making it one of the top-performing Residency by Investment Programs in the world.
New applicants can still submit their paperwork and have it accepted until the deadline, as the Golden Visa Program is open until the new law is published.
Key updates from the announcement:
- Existing clients in the program will have their visas converted to a D2 Visa without the 183-day residency requirement.
- Golden Visa holders will still only need to spend seven days per year in Portugal.
- The government will also accept investment-based residence permits for individuals supporting artistic production and cultural heritage recovery or maintenance.
- No effect on current applicants.
Investors should keep in mind that despite the end of the Portuguese Golden Visa Program, several other European residency programs are still available. These include Spain, Greece, Malta, and Turkey Golden Visa programs. Within Portugal, investors can opt for immigration routes such as the passive income – the D7 Visa, the newly christened Digital Nomad Visa and the option that is tailor-made for businessowners – the Portuguese D2 Visa.
Contact Savory and Partners’ global experts today to discuss your options and start your journey towards European residency.
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