There are some new rules and changes to the Golden Visa program for Portugal. You need to be aware that they will come to life in 2022. Yet, fortunately, there is still time to overcome the difficulties they may bring. Let us see what is going to happen next year.
WHAT CHANGES TO EXPECT IN 2022?
We have managed to get to know more details about the changes regarding the Portugal Golden Visa, which was officially declared on February 12th, 2021. The first plan, which was prepared in 2020, gave the government the authority to update the immigration laws. In February 2021, the Portuguese government exercised the right to amend the rules. The outlines of the modifications are now clear to us and we can share the insights with you.
Two major changes are coming to life as of January 1st, 2022:
1.REAL ESTATE CHANGES – WHERE TO INVEST IN A PROPERTY TO BE ELIGIBLE FOR THE GOLDEN VISA
The first of two proposed changes concerns investments in real estate properties in Portugal. In connection to this immigration plan, the minimum investment requirements will also be raised accordingly. What is more, there will be some geographical restrictions concerning the areas where one can buy a property to apply for the Golden Visa program.
The most important update is that you will no longer possess the possibility to invest in a property in major cities in Portugal. These include the capital of Lisbon, the world-famous Porto, and a lot of other towns along the coast of the mainland.
What opportunities are left then? No need to worry! There is still a lot of wonderful smaller towns in lower-density areas and rural neighborhoods available and waiting for your investment.
2.MINIMUM INVESTMENTS CHANGES – WHAT WILL THE FINANCIAL SITUATION LOOK LIKE
As soon as the current changes to the Portugal Golden Visa program are in effect, the minimum investment requirements will be raised. Here is how they are going to change in 2022:
- Capital transfer amount requirement will increase from €1 million to €1,5 million
- Investment Fund minimum subscription requirement will increase from €350,000 to €500,000
- Investment in Research will increase from €350,000 to €500,000
- Investing in an existing Portugal-registered business will increase from €350,000 to €500,000
Moreover, it is important to say that only investments in real estate in houses worth €280,000 or more (acquisition) up to €350,000 (rehabilitation) will be eligible for the Portugal Golden Visa. This statement concerns housing properties located in the Autonomous Regions of the Azores and Madeira.
WHAT CAN YOU EXPECT FROM THE CHANGES?
Please remember that these changes are due to come into effect starting January 1st, 2022.
Also, note that all applicants can still take advantage of the current Portugal Golden Visa program before the end of 2021. Therefore, it is important to apply before 2022 to secure an easier way to participate in the immigration to Portugal program.
The general opinion, as usual when it comes to increased requirements, is rather negative. However, the news is not necessarily bad or good. We ought to believe that such changes should boost new alternative investments in Portugal.
The country will surely benefit from real estate investments outside of the main areas like Lisbon or Porto. With a booming economy such as the Portuguese, there is nothing to be concerned about.
A STEP AHEAD: DIGITALIZATION
What is more, the Portuguese government has decided and announced that they are going to digitalize the visa application processes. In other words, all documents will now be digitalized without the need to send them on paper.
You will still be able to acquire Portuguese residency, the only thing that changes is that the government aims to reduce bureaucracy. Their main goal is to shorten the application time and make the whole process a lot easier than it is at the moment.
HOW TO APPLY FOR PORTUGAL GOLDEN VISA PROGRAM?
If you are willing to participate in the immigration program and acquire Portuguese residency in 2022, you need to make a choice soon. If you hurry and make it until the end of 2021, you will still have the ability to participate by the “old” rules. This means you will only have to invest €350,000 in real estate housing properties.
Keep in mind that the rules are about to change as soon as 2022 starts. With a few detailed changes that we have mentioned before, the bottom line is that you will have to make a minimum investment of €500,000. Moreover, not all areas will be eligible to put your money in.
We strongly recommend contacting Vazir Group office by the end of 2021. We possess the know-how and the experience that is crucial when it comes to assisting you in the Golden Visa immigration program in Portugal.
GET IN TOUCH WITH VAZIR GROUP!
Do you want to become a resident in Portugal? Would you like to apply for the Golden Visa Program? Are you willing to invest to receive an EU recidency?
If you said YES at least once, do not hesitate – contact Vazir Group now!
Our friendly and professional experts are waiting for your call, e-mail, or visit at the office. We have all the skills and knowledge required to guide you through the whole process of applying for a visa and receiving Portuguese residency. Contact us now if you want to take advantage of the current plan for 2021.
Hurry up before the legislation in Portugal changes for the Golden Visa program in 2022! We will help you prepare all necessary documentation and show you the easiest ways to become a Portuguese resident. Vazir Group is here for you.
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