Portugal’s parliament has rejected proposals to end or expand its golden visa program following moves by Bloco de Esquerda, the Portuguese Communist Party and the PAN (People, Animals, Nature) party, as well as right-wing party Chega.
According to Portuguese authorities, Chega proposes to implement a capital transfer option of €250,00 (currently €1 million) to invest in companies in specific sectors such as agriculture, research and development, and the tourism environment.
Deputy Pedro Anastasio of the Socialist Party pointed out in this regard during the plenary debate: "The path and time is to evaluate a successful legal amendment to protect the important existential dimensions of this golden visa programme."
At the same time, according to PS MPs, the parties that rejected all these proposals stated that the last legal changes applied to the scheme or responded adequately to the housing dimension, allowing the dimension of the scheme to be retained.
In this regard, Pedro Anastasio has said that the changes in the golden visa program are not important or fundamental for the country, namely the promotion of productive investment, as well as the creation of jobs, re-certification of cities, high Value investment. Activities and cultural heritage.
He stressed that "it is necessary to evaluate the effects of introducing this change to assess whether the desired balance has been achieved."
However, parliament passed a proposal, that of the Social Democrats, to immediately clarify the required regulations, to allow SEF’s online portal to once again accept new applications submitted for the County’s Golden Visa Program.
Golden visa advisers in Portugal will not be eligible to submit new applications on behalf of their clients for the first six months of this year after the SEF’s portal was not updated to reflect changes to the programme. According to a notice on the portal, new submissions cannot be opened until the new regulations.
However, the situation was resolved earlier this week after the State Secretary, President of the Council of Ministers, issued a statement stating that the law in question did not require regulation and could be "directly applicable".
Although new Golden Visa applications can now be submitted, there are still some difficulties for those who need to renew their Golden Visa after SEF did not accept renewal appointments, which will continue to present some challenges.
Recently, the Portuguese Foreigners and Borders Service (SEF) announced that Portugal’s golden visa program increased by 94% in May this year compared with the same period last year, reaching 53.8 million euros.
The Golden Visa program allows citizens from third countries to hold this type of visa, provided they meet certain requirements and make a specific amount of investment.
History of the Portugal Golden Visa
The Portugal Golden Visa Bill was first proposed in 2012. Portugal’s Golden Residence Permit Scheme (ARI) allows non- EU/EEA citizens to receive a special visa in exchange for a 5-year investment in Portugal. residence permit. The
license is unique in that investors only need to stay in Portugal for approximately 7 days per year to maintain residency, while still enjoying all the benefits of being an EU resident - including visa-free travel throughout the Schengen Area.
The program has benefited more than 6,500 foreign investors so far, but it is also good for the Portuguese economy. So far, the benefits of Portuguese investment immigration are around 5 billion euros.
This is good news for investors in the scheme, which has broad support from almost all political parties in Portugal. Although it was the Conservative government that launched the scheme in 2012, the current government has even expanded the scheme since the socialist coalition took power in late 2015.
So far, the most applicants for golden visas are Chinese citizens (the current share has been adjusted), followed by Brazil, South Africa, Turkey and Russian citizens.
Requirements for obtaining a golden visa
Who is eligible to apply?
Any third country national (i.e. anyone other than Portuguese and EU/EFTA citizens) can apply for a Golden Visa after making an appropriate investment in Portugal.
Investments can be made as an individual or through a corporate entity that meets certain requirements.
In addition, investors also need to meet the (minimum) hard conditions mentioned below. What requirements do
need to meet?
1. Stay invested for at least five years.
2. The duration of stay in Portugal is at least 7 days in the first year and no less than 14 days in every subsequent 2 years.
What investment options are available?
Portugal 350,000 house purchase immigration application conditions
1. The main applicant must be over 18 years old, and his spouse and children under 18 years old can apply together;
2. The purchase of a building can be traced back to more than 30 years or the renovation of real estate located in an urban renewal area. Value of at least 350,000 euros;
3. No criminal record.
Portugal 500,000 house purchase immigration application conditions
1. The main applicant must be over 18 years old, and his spouse and children under 18 years old can apply together;
2. Purchase a property of at least 500,000 euros;
3. No criminal record.
Portugal Golden Residence 500,000 Euro Fund Project Application Conditions
1. For investors, they need to meet:
The applicant must be over 18 years old;
The source of funds is legal;
Invest 500,000 Euros in a Portuguese local fund that meets the requirements of the Portuguese Immigration Bureau. The period is at least 5 years;
The applicant’s spouse, parents and children under 18 years old, and children over 18 years old who are unmarried, studying, and financially independent can apply together.
2. For invested funds , the following requirements must be met:
Venture capital funds invested by investors and fund managers must be supervised and registered with the Portuguese Securities Market Commission (CMVM);
investment funds are supervised by the Central Bank of Portugal and the European Central Bank; 60% of the investment in the
fund portfolio must be invested in commercial companies headquartered in Portugal and drive the development of the Portuguese economy and employment.
Portugal house purchase immigration advantages:
Advantages of Portugal Golden Visa
1. The processing speed is fast and it can be approved in 5-10 months;
2. There are no requirements for applicants such as academic qualifications, language, source of funds, business background, immigration supervision etc. ;
3. The whole family can enjoy free medical care and other high-quality social welfare systems ;
4. Children can enjoy free 12-year education, and can enter prestigious European universities with low scores and low cost;
5. One person applies, and three generations of the whole family benefit; the property belongs to Permanent property rights, passed down from generation to generation;
6. Can be transferred to permanent residence or naturalized after 5 years;
7. With a Portuguese ID card , you can live freely in the 26 Schengen member states in Europe; the passport allows visa-free entry to nearly 180 countries around the world. Countries (including the United States, Canada, Australia and other countries);
8, can work and do business;
9, non-global taxation.
