The Portuguese government has released an important announcement stating it will limit the investments from its Golden Visa Residency Programme by 1st January 2021 and only accept real estate investments in the countryside.
Hence, the Portugal Golden Visa Residency Programme will not grant residency to investors purchasing real estate in Lisbon, Porto and the Algarve region.
The Next Generation Equity team highly advises investors seeking the Portuguese residency and who intend to secure real estate properties in these highly sought-after locations to start their applications immediately before the programme’s changes take effect.
Limited units are currently available for properties in The Algarve, which are only a 3-minute walk from the beach, from only EUR 250,000 after an initial return.
About 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.