Restrictions on Golden Visas Delayed Until 2022

15 February 2021

Long-awaited changes to the golden visa programme, which had been scheduled to come into force on July 1st, have now been delayed until January 1, 2022. The decree, published on Friday, postponed the expected changes to the Investment Residence Permit (ARI) programme to the beginning of next year.

The decree also establishes new limits on investments for residence permits that are not directly related to real estate, a sector which has dominated visa issuance. With the new legislation, investment in commercial real estate, offices, retail and short-term tourist flats will no longer qualify for the programme. However, an official noted that venture capital investment funds that were being set up to attract Asian capital, particularly from Hong Kong, “remain eligible for the programme in Lisbon and Porto as well.

The new regulations also increase the needed investment for scientific research activities from 350,000 to 500,000 euros, while capital transfers will rise from one to 1.5 million euros.

Hugo Santos Ferreira, the executive vice-president of the Portuguese Association of Real Estate Developers and Investors (APPII), stated that “We see it as very positive that the changes will only come into force in a year, allowing a ‘respite’ to readjust any planned investments.” Mr. Ferreira also added that “this was not the best moment” for the government to restrict golden visas.

Original Story: Expresso – Hélder C. Martins

Translation: Richard Turner