Portugal may after all keep the Golden Visa program as the government, earlier this week, submitted a proposal to amend the program, changes that include eliminating two investment options.
Earlier this year, the Portuguese Golden Visa Program was announced to officially closed on March 31, 2023.
Portugal’s governing Socialist Party (PS) may not seek to end the program but instead, eliminate real estate investments (of any kind) and the capital transfer bank deposit option.
Investment routes to remain include:
- Creation of at least 10 jobs
- Scientific research contribution (€500,000)
- Cultural heritage/artistic production (€250,000)
- Venture capital/Investment funds (€500,000)
- Business investment that creates or maintains at least five jobs
The proposal also stipulates retention of the 20% discount for investments in low-density territories.
A discussion period will now follow before Parliament votes on the bill’s final wording on July 19th. The proposal does not stipulate any transition period, meaning the new law may come into effect in early August.
Contact Savory and Partners’ global experts today to discuss your options and start your journey towards European residency.
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