Portugal’s Golden Visa Program has been for years the most successful and talked about citizenship by investment program in all of Europe, and for good reason. It is everything every citizenship by investment program should be and more.
Because of the massive impact it has created in the economy of Portugal and because of the Pandemic the Golden Visa Program will look a little different in 2022. What has long been rumors and speculations is now officially true and the changes are now coming.
One of the first major changes that the reformed Golden Visa Program will bring is that now you will be limited in where you can purchase property in Portugal. Before the changes the only stipulation was that the property had to cost at least €350,000 Euros and you could choose freely where you want to live.
When the changes go into effect you won’t be able to buy property in Lisbon, Porto, or in any of the many coastal towns that surround the mainland. You can buy property in these places, but you won’t qualify for the Golden Visa Program.
Another major thing that will change is the cost of the investment you must make in order to qualify. Portugal currently has one of the most economic citizenship by investment programs out there with €350,000, but come 2022 and the number will rise to €500,000.
Reasons for the Changes
The main reason for these changes is because the government wants you to invest in areas that usually do not get the attention they deserve from foreign investors. The continuing success of the Golden Visa Program in 2022 can create a massive impact for these low density areas located all over Portugal.
Real estate is not the only thing that will change in 2022. The amount of investment in other areas will also heighten. Investment fund donations, scientific research charity grants, and investment into an existing business in Portugal will also go from €350,000 to €500,000.
The only program that will stay the same is the arts donation which will continue to be set at €250,000. One major change, related to money, will be that the transfer amount requirements will go from €1,000,000 to €1,500,000.
Even though the money will go up in almost all of the different investment areas offered by the Golden Visa Program the requirements to obtain the visa and the due diligence will pretty much stay the same. You will still have to prove where the money is coming from and have a proper financial statement to support your earnings. Any income irregularities or detected risk factors and your application will go down the wayside.
Portugal is a fantastic place and the reason these changes even exist is due to the massive response that the original Golden Visa Program received for more than a decade. I believe the new changes won’t diminish the massive impact the citizenship by investment program brought to the country.