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Portugal’s New Visa Regulations: What Investors Need to Know in 2024

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Portugal´s Government changes immigration law, putting more restrictions in the entrance and stay in the country through the mechanism of manifestation of interest but two main parties want to take this new law through the approval of Parliament, making it unclear the outcome of the foreseen changes.

One change to the immigration law that was made in 2017 by a previous Government, has allowed foreigners to enter in Portugal, without a working visa, showing only an interest to work and a promise of a working agreement, and expecting to obtain subsequently a residency permit.

In 2019, another change in the law, allowed those immigrants situation to become regularized if they made their contributions to the Social Security.

This has led to an exponential increase of legalization requests and an increasing working burden on the immigration bureau (AIMA and previously SEF).

The current, recently elected, Government, decided now to immediately cancel the above-mentioned mechanism.

Among the 42 measures the Government also decided to change the special visa to Portuguese speaking countries nationals, transforming it into a Schengen Visa allowing them to circulate through Schengen countries as well as reinforce the embassies and teams handling immigration requests.

It was included a provision of a potential change in the Portugal Golden Visa Law, creating another avenue of investment namely in infrastructure and equipment of reception, integration and support of immigrants in vulnerable conditions. This “Social Visa” needs to be further detailed and regulated by the Government.

The new law was immediately approved by the President of Republic and subsequently published.

However, two main opposition parties, Socialists and far-right “Chega”, have publicly stated they want this law to go through the parliament approval, making the outcome of it quite unpredictable.

Portugal Golden Visa, new funds coming to the market to meet the new demand coming from the elimination of the real estate route.

In 2023, a new law was published, introducing significant changes to the Golden Visa Portugal program framework.

Real estate investment has been excluded, but Eligible Investment Funds like Private Equity Funds (PEFs) are still a valid option.

Due to the significant interest from investors that seek to obtain the most desired Golden Visa in EU, new fund options have been coming to the market.

The funds investment scope varies from more well-known sectors like tourism, renewable energies, and IT to less usually explored areas like AI, sports and commodities.

Investors in those 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”).

Recently, we have seen new offers in funds, whose promoter will allow a sizable repayment, immediately after the investment, under the form of anticipated purchase of the future revenue stream. This will allow investors a less sizable exposure to the fund and capital deployed.

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

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

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