Portugal: Golden Visa Program Cancellation Update (2024)

FAQs

Portugal: Golden Visa Program Cancellation Update? ›

Although the path to Portuguese citizenship through property investment ended in October of 2023, the Golden Visa

The Portugal Golden Visa program is not coming to an end. However, there were important modifications to the program. On 7 October 2023, the new legislation came into force, and it is no longer possible to invest in real estate to qualify for the program. The capital transfer option is also no longer available.

How can one move to Portugal and gain residency in 2024? To move to Portugal and gain residency in 2024, individuals can opt for the Golden Visa by making a qualifying investment. Another option is the HQA visa for those who qualify or the D7 visa for those who don't mind long stay requirements.

In 2023, the Portuguese government promised that, with the “end” of the Portugal Golden Visa, all would see a drastic improvement to the Portugal housing crisis and a surge in property opportunities, whether to purchase or rent. News stirred around the globe on this, and Portuguese locals hoped this promise would come ...

As announced by the Council of Ministers on 9 April 2024, the Spanish government decided to stop issuing Golden Visas to investors in real estate in order to guarantee housing for Spanish citizens and address rising property prices.

No: The Golden Visa is a long-term residence visa that is renewed every five or ten years depending on the visa category and upon meeting the eligibility criteria.

The D7 visa in Portugal is an attractive alternative, particularly for individuals with limited capital. Unlike the substantial investments required for Golden Visas, the D7 visa necessitates a modest monthly income of 765 euros, sourced from rent, dividends, or pensions.

Legal fees will usually fall somewhere between €10,000 to €30,000 for an applicant and three additional family members.

As of the entry into force of the new changes to the Nationality Law, descendants of Portuguese Sephardic Jews will now have to prove their connections to Portugal and, especially, to prove their legal residence in Portugal for a period of at least 3 years.

Effective from 1st April 2024, time elapsed since the submission of a temporary residence permit application will now be considered for citizenship application purposes, provided that the residence permit is granted.

Why is Portugal stopping golden visa? ›

The Portuguese government has tightened the rules after initially saying in February 2023 that it would scrap the golden visa scheme, which has been blamed for exacerbating a housing crisis. It had already sought to redirect property investments from big cities to depopulated areas.

The Portuguese program of obtaining a residence permit by investment is one of the most loyal in Europe. A residence permit can be obtained by both the investor and his family members. This opens up great opportunities for business, travel, education and a comfortable life in a stable country.

This Golden Visa route has no fixed minimum investment amount. An investment supporting the arts or Portugal's cultural heritage is the option with the lowest investment amount. However, this typically takes the form of a donation. The minimum amount is €250,000 (or €200,000 in low-density areas).

Portugal offers more investment options than Spain. You can put your money into venture capital funds, arts initiatives, scientific research, or job creation projects. In Spain, the focus is more on real estate, government bonds, and starting a business.

Unlike some other European countries, France does not offer a 'Golden Visa' through direct investment in government bonds or property. Instead, it offers a talent-based visa that means there is a pathway to citizenship if certain requirements are met including, crucially, a French language test among other things.

The Italian Golden Visa, also known as the Investor Visa and similar to golden visa programmes in other European countries, is essentially a residence-by-investment programme. It allows non-European Union nationals to obtain a residence permit in Italy by making a qualifying investment in the country.

The program is not blacklisted by the OECD, unlike many other Golden Visa programs. Portugal is a safe and stable country with an excellent and affordable quality of life, good healthcare and education options, well-connected airports, and the best climate in continental Europe.

Previously, the Spanish Golden Visa program allowed investors to obtain residency by investing a minimum of 500,000 EUR in real estate. In April 2024, Spain announced the removal of the Golden Visa real estate option as part of the government's push to prioritize housing as a right rather than a business.

Dubai eased the rules for a 10-year Golden Visa in January 2024. The minimum down payment has decreased from 50 to 20%, while investors have an opportunity to purchase property at any construction stage.

What are the cheapest Golden Visa countries? In Dominica, St Lucia, and Antigua and Barbuda, it is possible to obtain citizenship after investing $100,000 in national development funds, making those programs the cheapest Golden Visas in the world.