The Portugal golden visa program is set to undergo some changes in 2023. The program, which provides a fast track to residency and citizenship for investors, has been popular with applicants worldwide.
But the changes might mean the last opportunity to get on this program for a cheap price. Here’s what you need to know about the Portugal golden visa changes coming in 2023.
The Portugal Golden Visa program is a residency-by-investment program that allows qualifying individuals and their families to live, work, and study in Portugal.
To be eligible for the program, applicants must make a qualifying investment in Portugal of at least €280,000. This can be in the form of property purchase, capital transfer, or business creation.
Once the investment is made, applicants and their family members will be granted a residence permit valid for one year. After five years of continuous residency in Portugal, applicants can apply for permanent residency or citizenship.
The Portuguese golden visa program provides many benefits to those looking for a new place to call home. With its low cost of living, beautiful scenery, and welcoming people, Portugal has much to offer investors and their families.
There’s no denying that Portugal is having a moment. This small European country has been popping up on travel lists and gaining popularity with its residency-by-investment program over the past few years.
And it’s easy to see why – Portugal has something for everyone. From its stunning coastal towns to its vibrant cities and business opportunities to favorable tax schemes, this beautiful country has plenty to explore.
Current changes to the program
The new rules of the golden visa program limit locations where you can purchase a property. Although the minimum investment remains the same, you won’t be able to invest in the major cities of Portugal.
Portugal offers many investment options that make you eligible for the golden visa. But real estate is the most attractive among our clients because they might get a guaranteed rental income while waiting for citizenship status.
We know many applicants are a bit frustrated waiting for an appointment spot to open up to finally get their family’s residence permits approved.
There has been a large-scale backlog in appointments with SEF, Portugal’s immigration and border service.
As a result, many investors have decided to wait until this issue is solved. In response to this problem, SEF recently increased its capacity by boosting its staff numbers.
So far, they have alleviated some pressure by allowing applicants the possibility of booking appointments at any of their branches.
In short, the delays won’t affect your ability to complete the visa application; rather, they can increase the overall time it takes to be eligible for citizenship.
Reasons for the changes of the Portuguese golden visa
Although the prime minister, Antonio Costa, said they’re considering terminating the Portugal golden visa program, this isn’t a confirmation.
So, what could you expect for the Portugal golden visa 2023 changes?
There may be stricter requirements intended to control the influx of applications, the restriction of areas to purchase real estate will remain, and you could expect a raising to the minimum investment threshold to 350,000 EUR in properties.
According to the Portuguese Immigration and border service (SEF), the number of golden visas doubled in September this year compared to 2021.
Applying for a second residency does take a bit of work and effort. But imagine the possibilities you’d have with your golden visa, contrary to those who thought of getting it.
If you’re looking for a haven, a second home, or an early retirement, Portugal might be what you need.
However, the requirements for the program may become stricter next year. Investors and entrepreneurs interested in applying for the program are advised to do so sooner rather than later.
In short, Portugal’s Golden Visa program has been successful in attracting investment and talent to the country. However, with stricter requirements being considered for next year, now is the time to apply if you’re interested in the program.