Are Portugal’s Golden Visa Rules About To Change?
If you’re resident in Portugal – or if you hope to be soon – and you keep an eye on the media, we wouldn’t blame you for asking: “Are Portugal’s Golden Visa rules about to change? At the moment, an investor who spends 500,000 on a home qualifies for an application for Shengen Visa rights. This covers both them and their immediate family. Indeed, if you spend 350,000 on a property which is more than 30 years old with the intention of renovating it, then you could also apply. There are a few provisos with regard to residency requirements. However, to be fair, they’re
pretty lenient. For example, in the first year of your residency, you only have to prove you were “in country” for seven days, which is hardly taxing. If you’d like a more detailed breakdown of all the rules, then you can find it here. However, at the turn of the year a couple of weeks ago, reports emerged suggesting the Government could be considering a revamp. Naturally, if you’re considering a move, then that’s going to set alarm bells ringing. But, having done a little research of our own, we’d advise against any immediate panic.
For a start, there have been rumblings about reviews for some time – certainly over the last couple of years. These have been fueled mainly by the Government’s opposition. Nothing has happened
yet. But the other message we’d like to be sure reaches buyers is that a review is just that. It doesn’t automatically mean the conditions for acceptance will become any more stringent or that the
programme will be cancelled altogether. Change For The Better?
Are Portugal’s Golden Visa Rules About To Change?
In fact, if you take Turkey as an example, the review there in 2018 saw the benchmark for investment drop from $500,000 to $250,000. This paved the way for a flood of fresh investment
which drove real estate deals involving foreign nationals up by more than 50%. Of course, that shouldn’t be taken as a guarantee that Portugal will do the same. Indeed, reading between the lines, what seems more likely is a tilting of the balance to make investment in property in the nation’s interior more attractive. But that doesn’t mean Lisbon, Cascais or the Silver Coast will be totally off-limits to foreigners. It’s just a move to other areas of Portugal made be made a little easier. However, if you prefer to deal with the programme as we know it now, it may be wise to get that
deal underway now rather than finding the rules have changed half way through your transaction. If you’d like more information on Golden Visas or even if you’d just like a chat about property we
have available right now, why not drop us a line or give us a call? Alternatively, why not have a browse through earlier blog posts?
Are Portugal’s Golden Visa Rules About To Change?
In the meantime, you may be able to find what you’re looking for on other pages of our website where you can read advice on how to obtain a Golden Visa in Spain, how to qualify for citizenship
in Turkey or to obtain a Golden Visa in Greece. Also, if you enjoyed this post and think others might find it useful, please feel free to pass it on.
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