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The programme has had enormous success, generating more than €7 billion in revenue for the Portuguese government. However, as with any programme of this scale and popularity, it has not been without its share of controversies and debates, including concerns about the impact on property prices in specific regions and debates surrounding the benefits of such programmes for the local economy.

This has resulted in various amendments and updates, designed to strike a balance between attracting foreign investment and addressing these concerns.

This article looks at the most recent changes to the Portugal Golden Visa programme, the reasons behind them and their implications for future applicants.

What are the remaining available investment avenues?

While investment in real estate and capital transfers are no longer permissible as investment options for the golden visa, there are several other avenues which still remain:

• A minimum capital transfer of 500,000 euros allocated to research activities conducted by either public or private institutions involved in the national scientific and technological system.
• A minimum capital transfer of 250,000 euros designated for investments in or support of artistic production, preservation, or maintenance of Portugal’s cultural heritage.
• A minimum capital transfer of 500,000 euros intended for the acquisition of shares in non-real estate collective investment schemes. These schemes must have a minimum maturity of five years, with at least 60% of the investment directed toward Portuguese-based companies.
• A minimum capital transfer of 500,000 euros to establish a commercial company in Portugal or increase the share capital of an existing commercial company based in Portugal. This investment must be coupled with the creation of at least five permanent job positions or the retention of a minimum of ten job positions, including at least five permanent employees, for a duration of no less than three years.

Existing residence permits and pending applications

The new law took effect on October 7th. However, it is important to note that the renewal process for any existing residence permits will still follow the original regulations and any

applications that are currently pending with AIMA (The foreigners and borders service) will still be assessed according to the laws in place at the time of their submission. With regards to any Golden Visa holders that wish to obtain residency for dependents, the rules that will apply will be consistent with those at time of original application.

Additionally, according to recent updates from the Portuguese immigration authorities, including AIMA’s Unidade de Apoio às Autorizações de Residência para Investimento (UARI), the submission date of the online Golden Visa application is now recognized as the official start of the five-year residency period for citizenship eligibility.

How can The Knightsbridge Group help?

The Knightsbridge Group has over 20 years of experience in the domain of corporate structuring and wealth management. We can help you obtain the Portugal Golden Visa, advising you on the latest legislation and the investment avenue which best meets your unique requirements and circumstances and how it affects your application, assisting with gathering all the necessary documentation and liaising with government bodies on your behalf to ensure a smooth and successful application. If you need help with this or any other immigration, financial or corporate structuring issue, please don’t hesitate to contact us on [email protected] and we will be happy to help.