Is the Portugal golden visa suspended? This is one of the newest topics around the golden visa programs worldwide. The Portuguese parliament announced that the Portugal golden visa is under revision, among other programs.
In light of the current economic situation affecting several countries, there has been a new influx of applications for the Portugal golden visa. Portugal has remained the popular country to get a residency-by-investment in Europe.
In 2022, the Portuguese government changed the golden visa rules slightly to encourage investors and wealthy entrepreneurs to invest in other areas of its territory.
For that reason, from January 2022, investments in residential properties in the major cities of Portugal do not qualify for the golden visa anymore. Instead, those investments in real estate keep qualifying for the program if they’re made in the interior areas of Portugal.
According to SEF, the Portugal golden visa has already raised 6.46 billion euros for Portugal since its launch.
While Portugal reinforces the efficiency of its program, other European countries such as Cyprus, Bulgaria, Malta and Latvia have struggled with the pressure from the European Commision.
As of now, the Portugal golden visa hasn’t been suspended, the Prime Minister, Antonio Costa stated the program is under evaluation.
A decision will be announced when the evaluation is completed.
In the meantime, SEF is still processing new golden visa applications.
If you plan to apply for the Portugal golden visa, you should be aware of the recent changes of the program.
What has changed in 2022?
The proposed changes of January 2022 mean that you won’t be able to buy residential property in high density areas such as Lisbon, Porto and Algarve.
The only way you can unlock this geographical restriction is by investing in commercial properties.
In terms of qualifying through investment, €280,000 in real estate in a low-density area secures your application, but with the evaluation of the program.
Who is eligible for the Portugal golden visa program?
All third-country citizens who conduct an investment in Portugal, to apply for the Portuguese golden visa you must meet the following criteria:
You are above 18 years old.
Make a significant investment in Portugal.
You don’t have any history of criminal records in Portugal and the country of origin.
You’re committed to maintaining the investment for at least five years.
In sum, the Portugal golden visa is not ending and is still a great opportunity for investors. The Portuguese government has made some changes to the program, but it is still a great way to obtain residency in Portugal. If you are thinking about investing in Portugal, now is the time to apply.
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