Portugal golden visa scheme is set new changes in 2023 to the requirements for applicants. Among the most significant changes is the requirement for investors to invest in low-density areas of Portugal.
Though the government has announced a radical change to its golden visa program, you could expect an increase in the minimum investment amount from €280,000 to €350,000 in real estate.
Portugal golden visa changes 2023 overview:
What is the Portugal golden visa?
Portugal’s Golden Visa program is one of Europe’s most popular residency by-investment programs. The program enables investors to obtain a Portuguese residency permit in return for investing in Portugal.
The program has been very successful in attracting foreign investment and has helped to boost the Portuguese economy. The Golden Visa program has also been praised for its transparency and efficient processing time.
Investors who obtain a Portuguese residency permit through the Golden Visa program can live, work, and study in Portugal. They are also able to travel freely within the Schengen Area.
Portugal golden visa changes 2023
Although the program is under revision and the government hasn’t confirmed its suspension, the Portuguese golden visa is slated to undergo a noticeable change in 2023.
Early this year, the Greek government announced an increase in the minimum investment of their golden visa, from 250,000 to 500,000 EUR.
And the current revision of the Portugual golden visa changes 2023 might mean your last opportunity to get European citizenship for an afforadable price.
In fact, the Portuguese government changed the rules early this year to where you could invest with real estate investments.
Therefore, there is also no doubt that the program will have stricter requirements for new golden visa applicants.
You don’t have to worry about the backlog with the biometric appointments anymore. SEF recently increased its staff capacity to alleviate the pressure of the time delivery for residence permits.
These delays won’t affect your golden visa completion, but they may increase the time it takes to be eligible for citizenship.
If you’ve decided to get onboard on the last opportunity of golden visa in Europe, make sure to follow the requirements listed below.
Who is eligible for the golden visa?
To qualify for the program, you must meet the following requirements:
- You are above 18 years old.
- Make a significant investment in Portugal. See the Portugal golden visa investment options here.
- 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.
How to apply for the Portuguese golden visa?
Portugal offers a wide variety of investment opportunities and is a wonderful destination for entrepreneurs interested in the EU.
Here’s the Portugal golden visa application process step-by-step:
- Sign the reservation agreement and decide the type of investment you want to make
- Engage with the law firm, get National Identification Number (NIF), open a bank account, and collect documents
- Complete the payment of the investment you chose
- Submit the pre-application
- Attend SEF appointment to take fingerprints
- Get your golden visa
What are the benefits of the visa?
Once you get your Portuguese golden visa, you are granted the following key benefits of the program:
- You can live and work in Portugal.
- You can travel freely throughout the Schengen Area.
- You can access quality education and healthcare in Portugal.
- You can obtain citizenship after five years.
In summary, the Portugal golden visa is a great way to gain residency in Portugal. It is a fast and easy process, allowing you to live and work in Portugal. The only downside is that it’s getting harder to apply.
The influx of applications will increase in 2023 due to the announcement of the program’s termination, which still needs to be confirmed by the Portuguese government.