EuropePolicy Updates

New Portugal Golden Visa Rules to Take Effect Within Days Following Promulgation Last Night

Last night, Portuguese President Marcelo Rebelo de Sousa confirmed that he had enacted the controversial “More Housing” bill, which, among many other measures, contains the new rules for the Portuguese golden visa. The law will now be sent to Parliament and the government for signatures before it is finally published and the law takes effect within 4-8 days.

Having already used his veto power to block the bill’s passage in the first instance, President de Sousa had no option but to promulgate the new law following its confirmation during a second and final vote in Parliament last week.

Now that real estate investment is off the table, market observers expect the fund investment category to become the preferred qualifying route for most investors.

See our comprehensive list of Portugal Golden Visa funds (which will soon see major changes because of the prohibition on real estate investment) here.

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The new investment options, which will apply to anyone filing a golden visa application as of today, are as follows:

  • I) The creation of at least ten jobs;
  • II) Transfer of capital equal or superior to EUR 500,000, applied to research activities by public or private scientific research institutions, integrated into the national scientific and technological system;
  • III) Transfer of capital equal or superior to EUR 250,000, applied to investment or support for artistic production, recovery, or maintenance of national cultural heritage through central and peripheral direct administration services, public institutes, entities that integrate the public business sector, public foundations, private foundations with public utility status, inter-municipal entities, entities that integrate the local business sector, municipal associative entities and public cultural associations, which pursue attributions in the area of artistic production, recovery or maintenance of national cultural heritage;
  • IV) Transfer of capital equal or superior to EUR 500,000, intended for the acquisition of shares in specific collective investment organisms, which include certain types of funds, which are incorporated under Portuguese law, whose maturity, at the time of investment, is at least five years and at least 60% of the value of the investments made in commercial companies based in the national territory;
  • V) Transfer of capital in an amount equal or superior to EUR 500,000, intended for the incorporation of a commercial company with a registered office in the national territory, combined with the creation of five permanent jobs, or for the reinforcement of the share capital of a commercial company with registered office in the national territory, already incorporated, with the creation of at least five permanent jobs or the maintenance of at least ten jobs, with a minimum of five permanent jobs, and for a minimum period of three years.

As before, the minimum investment amounts for options 1, 2, and 3 may be reduced by 20% when the investment activity is carried out in low-density territories, defined as areas with fewer than 100 inhabitants per square kilometer or GDP per capita of under 75% of the national average.

Under no circumstances, directly or indirectly, may investments take the form of real estate.

Correction: A previous version of this article stated that the law would take effect today.

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