The Portuguese Golden Visa Program - What You Need to Know in 2024!

The Portuguese Golden Visa program, a long-standing favourite among global investors seeking residency in Europe, underwent significant changes in late 2023. The "Mais Habitação" (More Housing) bill eliminated the real estate investment option, aiming to redirect capital towards more diverse economic areas and address housing affordability concerns. Here's everything you need to know about the updated program:

What is the Portuguese Golden Visa Program?

The Portuguese Golden Visa is a residency-by-investment initiative offering non-EU nationals a pathway to residency, potential citizenship, and visa-free Schengen travel. It has remained popular for its straightforward process and numerous benefits, including tax advantages and access to healthcare and education.

Updated Investment Options in 2024

As of October 2023, the real estate pathway is no longer eligible. Here are the revised options for obtaining a Golden Visa:

1. Investment Funds: Invest a minimum of €500,000 in qualified venture capital or private equity funds targeting sectors like technology, healthcare, or renewable energy.

   
   

2. Scientific Research Contributions: A minimum investment of €500,000 in research institutions or projects focused on scientific and technological development.

   
   

3. Cultural and Artistic Contributions: A reduced investment of €250,000 to support the preservation of Portuguese cultural heritage or artistic endeavours.

   
   

4. Job Creation: Either create 10 new full-time jobs in Portugal or invest €500,000 in a business that hires at least five permanent employees.

   
   

5. Donations to Public or Private Entities: Contribute a minimum of €500,000 to public or private initiatives fostering national or regional development.

   
   

What’s Gone: Real Estate Investment

Previously, purchasing real estate valued at €500,000 or €350,000 in a rehabilitation zone was a popular route. However, the removal of this option aligns with Portugal's efforts to address housing shortages and promote sustainable urban development.

Key Benefits of the Updated Golden Visa

• Residency Rights: Live, work, and study in Portugal with access to high-quality healthcare and education.

• Visa-Free Travel: Travel visa-free within the 27 Schengen countries.

• Path to Citizenship: Become eligible for citizenship after five years without mandatory relocation.

• Family Inclusion: Extend benefits to family members, including spouses, dependent children, and parents.

• Tax Incentives: Potentially access Portugal’s Non-Habitual Resident (NHR) tax regime.

Why Consider Portugal?

Portugal remains a top destination for investors due to its political stability, excellent quality of life, and thriving tech and renewable energy sectors. The updated program steers investment into areas that support sustainable economic growth, making it attractive for those looking to combine profit with purpose.

Steps to Apply for the Golden Visa

1. Select Your Investment Option: Work with an advisor to identify the most suitable pathway for your needs.

2. Prepare Documentation: Gather documents like proof of income, criminal background checks, and investment confirmation.

3. Submit Your Application: Apply through Portugal’s immigration services (SEF).

4. Obtain Residency: Secure your Golden Visa and begin enjoying the benefits.

Conclusion

Despite the changes, Portugal’s Golden Visa remains one of the most attractive residency-by-investment programs in Europe. The program now emphasizes contributions to economic innovation, cultural preservation, and job creation, reflecting Portugal’s evolving priorities.

If you're considering this opportunity, now is the perfect time to consult with experts and determine the best investment route under the updated framework.