PORTUGAL ANNOUNCES END TO GOLDEN VISA PROGRAM
The Portuguese government officially announced on February 16, 2023, that it will be ending its Golden Visa program. The program was originally created to boost foreign investment and benefit the Portuguese economy, allowing non-EU citizens to qualify for a residency permit and eventually a passport in the country through investments.
While the Golden Visa program is being discontinued, investment options are still available, and one can still apply for a Golden Visa via all investment routes, such as the Portugal investment fund, for example. However, some changes have been made to the program, including restrictions on residential real estate and increased prices for many options.
If you are interested in obtaining residency in Portugal through investment, you can apply for a D2 or D7 visa. The D2 visa allows you to stay for four months in Portugal and requires proof of investment, company set up, a business plan, financial capacity, personal financial means, health insurance, and a tax representative. The D7 visa, also known as the Retirement Visa or Passive Income Visa, requires a passive income of at least €760 per month and proof of a place to live in Portugal.
It's important to note that the end of the Golden Visa program is not unexpected, as a resolution has been proposed in the European Parliament to gradually extinguish the program for all member states. While this may affect the availability of the Golden Visa program in the future, the D2 and D7 visas remain options for those interested in obtaining residency in Portugal through investment.
In conclusion, the Golden Visa program in Portugal has been discontinued, but investment options for obtaining residency remain available. If you have any further questions or concerns, feel free to reach out to an immigration specialist or consultant for guidance.
