Limited Time Left For Portugal Golden Visa Real Estate
Despite the Portuguese Government’s initial proposal to scrap the Golden Visa programme in its entirety, this week a more positive proposal was put forward which seeks to retain the Golden Visa programme in some form. Sadly, the new proposal suggests closing two aspects of the programme, including the most popular real estate investment route and the least popular option, the capital bank transfer route.
The next step is for Parliament to vote on the proposal which is scheduled to take place on July 19th, 2023. If approved by Parliament, (and that is a big IF ), the President of Portugal then needs to make the final approval. A change in the law could potentially take place as early as August or September, which leaves a short window of opportunity for those who wish to invest in the current real estate routes from €280,000 upwards.
The proposal suggests that the new amended Golden Visa programme will consist of several other investment routes, including a job creation route (a model similar to the USA EB5 programme), a contribution to scientific research route, a cultural heritage investment, a business creation route and an investment fund option from €500,000. Nothing is finalised yet, but the newly proposed options are unlikely to be as attractive as the current real estate investment is for many, and the new options look likely be higher in price.
Portugal’s Golden Visa programme via real estate investment has been the most popular investment route since the programme started in 2012. This route has generated the country billions in foreign investment over the last 10 years. It has also helped with urban rejuvenation across the country, restoring and renovating hundreds of buildings that would otherwise be sitting derelict today.
If you have been considering investing in real estate for Portugal’s Golden Visa programme, then you need to act now. As it stands, this route is still active until at least the 19th of July. There is very limited time left, but we have several projects where investors can execute the property transaction in a matter of weeks. Get in touch with our advisors today to find out how to initiate the process.
