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Portugal’s Golden Visa Program: Important Updates – Oct 2023

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The Latest News

On Friday October 6th, the “Mais Habitação Law” was published, introducing significant changes to the Golden Visa framework.

The continuation of the Portugal Golden Visa Program. Real estate investment has been excluded, but Eligible Investment Funds like Private Equity Funds (PEFs) will still be a good option for many. It’s anticipated that this investment avenue will garner significant interest, maintaining the program’s reputation as one of the best European residency visa initiatives.

What’s in it for you

If you have already made your Golden Visa application, please rest assured that:

  • All applications submitted before the new law being published will continue to be processed, and your rights of renewal fully protected.
  • Applications received until the new law came into effect will be assessed according to the previous rules and regulations.
  • The possibility of inclusion of family members remains unchanged. Family reunification will still be possible after the implementation of the changes.
  • No changes at all have been made to the procedures for obtaining citizenship and permanent residency.

If you have not made your application what are your main options?

Key points:

  • PEFs present a strategic and efficient route towards obtaining a Golden Visa. Since their introduction in 2017 as a fresh investment alternative for the Golden Visa Program, these funds have captured a significant market portion, accounting for nearly 30% of all applications. 
  • Investors in these funds benefit from diversification, not just within one fund, but across multiple Eligible Investment Funds.
  • Funds are managed by experts who typically outperform the average individual investor.
  • Income from funds isn’t taxed, and income paid to non-resident investors remains untaxed (unless they reside in a “tax haven”).
  • Funds are regulated and supervised by the Portuguese Securities Market Commission (CMVM), a member of the European System of Financial Supervision.
  • Funds have external auditors, typically from the “big five”.
  • A minimum investment of €500,000 in Eligible Investment Funds is required to apply for the Golden Visa via fund investment.
  • Contrary to the Golden Visa law the D2, D7 and D8 options have minimal costs for the applicants.
  • However, D2, D7 and D8 require that the applicant during each residency visa (initially 2 years and after 3 years) cannot be absent from Portugal more than 8 nonconsecutive months.
  • Golden Visa stay requirement is only 14 days every two years period.

Important information to follow up.

If your plan is to come now to live in Portugal the D2, D7 and D8 visas, look to be the first option to explore.

If your intention is just to obtain the residency visa and later the citizenship without coming to live in Portugal, your focus should be on Golden Visa.

Currently the main Golden Visa eligible funds available in the market are linked to investment in SMEs or start-ups in sectors like IT and others.

We are aware that other funds investing in sectors like tourism, agriculture, elderly housing, and student accommodations, with eventually less appealing potential return but also much less risk will be coming to the market soon.

We’re closely monitoring these developments to ensure our clients receive top-tier information to guide their investment decisions.

The Blue Portugal team has unparalleled insights into the Eligible Investment Funds domain. Our founding members, with extensive financial careers spanning global regions, have deep-rooted ties with Portugal’s primary players in this sector.

Our team and lawyers have also a very good coverage of other immigration visa options if you want to come to live in Portugal.

For more information on the different options, please contact us. Embark on a seamless and successful journey with us!

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