In January 2022 the Portuguese Parliament passed a law aiming to modify the Portuguese Golden Visa program in order to encourage investment and growth in low-density areas, thereby creating new jobs and opportunities in the interior regions.
Those interested in purchasing a home for Golden Visa must now buy in the low-density areas of Portugal to qualify. This means that purchasing residential property in Lisbon, Porto, or the Algarve is no longer valid for Golden Visas. However, Golden Visa investment properties do still qualify in these restricted areas.
Generally, investments are made in units that are built for touristic purposes such as hotels, resorts, or short/term leasing operations. There are different investment opportunities depending on the property. Some of these properties offer a guaranteed return or guaranteed buy-back with vacation weeks included. The general entry level for this type of Golden Visa is 280k to 350k and can be purchased anywhere in Portugal, including Lisbon, Porto, and Algarve.
The Golden Visa is designed for non-EU citizens and allows the resident and family members the right to move freely throughout Europe and to work, live, and study within Portugal. Unlike other visas, the Golden Visa resident only needs to remain in the country for 14 days per each 2-year period. However, should they decide to adopt Portugal as their principal residency, fiscal benefits might be available under the Non-Habitual Residency (NHR) program.
Portugal Golden Visa is particularly popular this year among U.S. citizens. According to SEF which releases monthly immigration statistics, U.S. nationals were the second nationality on a list of 83 applicants along with 111 family members that applied for the GV program in October.
As an American that went through this process, I know there is a lot of bureaucracy and incomprehensible delays. This is not because it’s difficult. This is the result of an agency that is overburdened and SEF is on the way out, to be replaced by an updated version. The transfer to a new system has not been easy for those that were caught in between. It is important to have someone you trust to oversee the process and make sure that the correct documents are filed at the right time to avoid unnecessary delays.
If you are an investor or you are seeking to purchase a home through Golden Visa, count on Brightman Group’s property consultants to find the best investment opportunities for you in Portugal.
For complete information on filing for Golden Visa, check out our website below under Golden Visa Timeline or contact us at Info@brightmangroup.com or in website www.brightmangroup.com.
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