Thursday, May 2, 2024

Portugal Golden visa scheme extended with New Green visa option

The Portuguese parliament voted on Jan 11, to extend the current golden visa scheme in Portugal and rejecting the call for closing the scheme.

Golden visa rejected

New option Green visa  to be introduced to the ARI/Golden visa scheme requiring  for €500,000 investment in eco-green projects including

  • Organic agriculture,
  • Ecotourism,
  • Renewable energy and
  • Other environmental projects

Portugal introduced golden visa scheme on Oct 8 , 2012  for non-EU persons to revive the economy requiring 500,000 in Lisbon real estate or €350,000 refurbished properties in Portugal.  One of the major benefits of the scheme was foreigners were not required to permanently move or live in Portugal after buying real estate, they only need to visit Portugal for one or two weeks.

The scheme in 6 years collected some €4.25 billion euro revenues, 90% flowed into real estate investment in Portugal. As of 2019, some 18,8777 residence permits issued under golden visa scheme to foreigners.  Chinese top for golden visas in Portugal followed by Brazilians and Turkish nationals.

Amendments to golden visa law, offered foreign investors a path to permanent residency and citizenship.

As of Jan 9, 2019, SEF Border service began issuing the new Permanent Residence Certificate of the European Union, identical to the national Citizen’s Card in a new standard format.

Portugal directly competes with Greece, Spain, Latvia, Malta, Italy operating similar golden visa schemes in Europe.

Prabhu Balakrishnan
Prabhu Balakrishnan
Founder of Citizenship by Investment Journal. Chief Editor with over 15 years experience in PR and News publishing. He Loves writing about citizenship, residency and wealth migration. CIP Journal is a Leading publication founded in 2017 bringing latest news from CBI/RBI market.

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