Upcoming Amendments to the Portugal Golden Visa Residency Permit (GVRP)
On the 22nd December 2020 the Portuguese government approved amendments that will see Portugal Golden Visa Residency Permit (GVRP) qualifying property investments moved away from metropolitan and coastal areas.
Official legislation is yet to be published but we expect more details to be released over the coming months. We do know that from 1st July 2021, the location of qualifying property investments will be limited to low-density populated areas of inland Portugal.
This does not signify the end of the GVRP programme. The governments reason for making these amendments is to encourage increased foreign direct investment in low-density regions, in particular urban rehabilitation, cultural heritage, activities of high environmental or social value, productive investment and job creation.
The Portugal Golden Visa Residency Permit (GVRP) has a wide range of qualifying investment options, including:
- General real estate – Min €500,000 or €420,000 in a low-density area
- Renovated real estate – Min €350,000 or €280,000 in a low-density area
- A Portuguese regulated investment or venture capital fund- €350,000
- Transfer of a least into Portuguese based qualifying instruments (e.g. bank deposits, sovereign debt, traded securities, a company)- Min €1 million
- Creating at least 10 new permanent jobs in Portugal
- New or existing Portuguese company creating 5 permanent jobs- Min €350,000
- Private scientific research institutions- Min €350,000
- Donate towards restoration and maintenance of national cultural heritage- Min €250,000
The Sovereign Group is best placed to assist clients with all available investment routes as we have partners offering a wide array of options that meet all personal preferences.
If therefore you or your clients have any questions relating to this matter, we are available to provide a comprehensive and unbiased overview of qualifying options and assist with all matters relating to the preparation and submission of a successful GVRP application.
To those individuals whose preference is for a property investment based on the coast or within one of the principal cities of Lisbon or Porto, I’d suggest that you speak with us now. This will ensure that we have time to assist you in identifying a suitable solution.
Please get in contact if you would like to receive further information and/or discuss the Portugal Golden Visa Residency Permit programme and your options in detail.