February 2021

 
     
 

PORTUGAL - MODIFICATIONS TO THE GOLDEN VISA REGIME

DECREE- LAW NO. 14/2021, OF 12 DE FEBRUARY

 
     
 

1. CONTEXT

In February 2020, the Assembly of the Portuguese Republic approved the State Budget Law for 2020 and authorised the Portuguese Government to review the residence permit program for investors, also known as the Golden Visa Scheme.

On 22 December 2020, the Portuguese Government approved Decree Law 14/2021, which has since been approved by the President of the Republic and published in the Official State Gazette.

Decree-Law 14/2021 introduces several modifications to the investment requirements for a Golden Visa.

The most important clarification made in Decree-Law 14/2021 is how its modifications will apply to investments and Golden Visa applications to be made in the near future.

The new rules will apply to applications made from 2022 onwards. As a result, investments and the respective applications submitted prior to 2022 will be grandfathered and remain subject to the current rules and not to any of the limitations/restrictions introduced in Decree-Law 14/2021.

2. CHANGES TO THE GOLDEN VISA REGIME

2.1. Increase of the minimum thresholds

The minimum thresholds for the following investments will be increased as follows:

Investment

Current minimum threshold

Minimum threshold introduced by the Decree-Law no. 14/2021

Transfer of funds to Portugal

EUR 1,000,000

    EUR 1,500,000

Transfer of funds to support research projects

EUR 350,000

EUR 500,000

Transfer of funds to acquire units of investment funds or venture capital funds created to capitalize companies

EUR 350,000

EUR 500,000

Transfer of funds to  set-up of a company and creating five permanent jobs

EUR 350,000

EUR 500,000

2.2. Changes to real estate investments

Decree Law 14/2021 establishes that investments in residential real estate will only grant access to a Golden Visa if the properties are located in the Autonomous Regions of Madeira and the Azores, or in the areas of the countryside that are listed in Order 208/2017 of 13 July.

3. ENTRY INTO FORCE

Decree Law 14/2021 enters into force on 1 January 2022.

4. ACQUIRED RIGHTS

The changes to be made to the Golden Visa regime should not affect:

  • the possibility of renewing Golden Visas granted under the regime currently in force; and
  • the possibility of granting or renewing authorizations for family reunification when the Golden Visa has been granted under the regime currently in force.

The new Golden Visa rules will only apply to Golden Visa applications submitted after 1 January 2022. Applications submitted before 1 January 2022 will be subject to the rules currently in force.

5. BROCHURE

More information on the Portuguese Golden Visa Scheme may be found in our brochure.

 
     
 

If you have any questions or comments, please contact:

   

Filipe Romão
filipe.romao@uria.com

 

Marta Pontes
marta.pontes@uria.com

 
     
 

The information contained in this Newsletter is of a general nature and does not
constitute legal advice