There are a few countries across Europe that allow non-EU citizens to gain residency by investing in the country. Portugal has been a hotspot for international buyers for decades, but it changed its golden visa scheme in 2023, meaning you can no longer gain residency by investing in real estate.

On October 6th, 2023, the Portuguese government enacted the Mais Habitação Law, a program designed to bring more housing to Portuguese residents and make it easier for them to get on the property ladder.

Said program documents a series of changes to the Portuguese golden visa scheme. The topline change is that international buyers can no longer invest in real estate or a real-estate fund to apply for the Portuguese golden visa program.

Viable Portuguese golden visa routes

There remain several viable options for those looking to gain residency in Portugal by investing money into the country or economy.

The remaining options include:

• A capital transfer of at least €500,000 for the acquisition of investment funds’ units or venture capital funds aimed at the capitalisation of Portuguese companies
• A capital transfer of at least €500,000 to be incorporated in a Portuguese business along with the creation of 5 jobs or €500,000 to increase the share capital of an existing Portuguese business along with the creation of 5 jobs or the maintenance of 10 jobs
• The creation of 10 jobs
• Scientific research or technology contribution of at least €500,000
• Investment or donation in the arts or into the reconstruction of national heritage with a donation of at least €250,000.

Source: https://www.globalcitizensolutions.com/portugal-golden-visa-ending/

These investments can be materialised individually or through a single shareholder limited liability company, also known as Sociedade Unipessoal por Quotas.

The Mais Habitação law now means that these investments cannot be aimed directly or indirectly at real estate.

For more guidance on the Portuguese golden visa scheme, please speak to your lawyer or a visa specialist.

 

Written by Property Guides for Rightmove

If you are considering an overseas property purchase, whether for lifestyle or investment, opening a no-obligation account with FCA-authorised Smart Currency Exchange will enable you to benefit from their competitive exchange rates and specialist currency knowledge. Ultimately saving you money and time. For more information, download Smart Currency Exchange’s free report or visit the Currency Zone.