The Portuguese government has extended the effective date for their new Golden Visa regulation: Investments will be limited to countryside properties by 1st July 2021, instead of the start of the year.
After which, Portugal’s Golden Visa Residency Programme will no longer grant residency to investors purchasing real estate in Lisbon, Porto and the Algarve region.
The new regulation, which was previously set to take effect by 1st January 2021, aims to encourage Foreign Direct Investment (FDI) in less densely populated areas of the country.
What does this mean for investors?
This is positive news for investors planning to obtain Portuguese residency and who intend to secure real estate properties in these highly sought-after locations. Investors are advised to start their applications immediately before the programme’s changes take effect.
Limited units are currently available for attractive properties in The Algarve, starting from only EUR 250,000 after an initial return.
What is the Portugal Golden Visa Programme?
Portugal’s Golden Visa Programme grants European residency to investors, offers visa-free travel to Schengen countries and provides access to high-quality healthcare and educational opportunities. Family members can be included in the residency application without further investment.
The programme’s requirements are also minimal. Residency can initially be renewed after 12 months and then every two years with a low requirement of residing in Portugal for seven days in the first year and 14 days for each of the following two-year periods.