The Authorization of Residence for Investment (ARI) regime, also known as Golden Visa is a type of residence visa in Portugal. This category of visa grants permission for foreigners who prove they are carrying out certain types of investment to live in Portugal.
On the 14th of April, Proposed Law no. 71/XV/1ª was presented which clarifies that the Gold Visa program will be terminated, but that all requests received until the new Law is in force will continue to be accepted.
According to the Proposal, all new processes and applications for renewal of residence permits through an investment activity, Golden Visa, will be processed until the new Law comes into force, without any change. There will be no retroactivity, and the Proposed Law will still be discussed in the plenary session of the Assembly of the Republic during the month of May, following, after approval, to the office of the President of the Republic. The President will be able to promulgate the law, veto it, or request a preventive review by the Constitutional Court.
The whole process will take about 45 days until the Law is published, and during this period new cases can be submitted.
After the Law comes into force no new processes will be admitted and the processes underway will be converted into residence visas for entrepreneurial immigrants, with the guarantee that the time requirement will be similar to the Golden Visa – an average of 7 consecutive or interspersed days in the first year and 14 days, consecutive or interspersed, in subsequent two-year periods.
The aforementioned draft law also allows for the maintenance of residence permit applications for investment activity or support for artistic production, recovery or maintenance of national cultural heritage. This was already one of the options provided for in the current Law on the matter and will continue to be possible to apply for in the future, provided that the requirements are met.
Under the terms of the changes introduced in January 2022, by Decree Law 14/2021 of February 12, regarding real estate investment, the acquisition of real estate will only bé eligible for Golden Visa purposes if it is located in inland territories or in the Autonomous Regions of the Azores and Madeira.
- Acquisition of residential real estate: the value of the investment is 500,000€, but the residential property can not be situated on the coast, Lisbon or Porto. The regions of the interior of the continent or buildings in the Archipelagos of Madeira or the Azores in their entirety are eligible. Commercial and tourist properties have no restrictions on location. (please see below the list of eligible regions). In low intensity areas investment can be reduced by 20%;
- Purchase of properties for rehabilitation, with more than 30 years or located in urban rehabilitation areas continues with a minimum value of 350,000€. The residential property cannot be situated on the coast, Lisbon or Porto. The regions of the interior of the continent or buildings in the Archipelagos of Madeira or the Azores in their entirety are eligible. Commercial and tourist properties have no restrictions on location (please see below the list of eligible regions). In low intensity areas investment can be reduced by 20%;
- Transfer to investment funds or capital funds of at least €500,000;
- Capital transfer to Portugal must be at least €1,500,000;
- Investment in scientific research activities should be at least €500,000;
- Minimum transfer of €500,000 for the formation of a commercial company, or for investment in a company already incorporated. Creation or maintenance of at least 5 jobs in each case for a minimum period of three years.
list of the Municipalities Covered
- Alentejo Central
Alandroal, Arraiolos, Borba, Estremoz, Évora, Montemor-o-Novo, Mora, Mourão, Portel, Redondo, Reguengos de Monsaraz, Vendas Novas, Viana do Alentejo and Vila Viçosa. - Alentejo Coast
Alcácer do Sal, Grândola, Odemira and Santiago do Cacém. - Algarve
Loulé: Alte, Ameixial, Salir e União de freguesias de Querença, Tôr and Benafim.
Silves: São Marcos da Serra.
Tavira: Cachopo and Santa Catarina da Fonte do Bispo - Upper Minho
Arcos de Valdevez, Melgaço, Monção, Paredes de Coura, Ponte da Barca and Vila Nova de Cerveira. - Upper Tâmega
Boticas, Chaves, Montalegre, Ribeira da Pena, Valpaços and Vila Pouca de Aguiar. - Porto Metropolitan Area
Arouca, Ave, Cabeceiras de Basto, Fafe, Mondim de Bastos, Póvoa de Lanhoso and Vieira do Minho. - Lower Alentejo
Aljustrel, Almodôvar, Alvito, Barrancos, Beja, Castro Verde, Cuba, Ferreira do Alentejo, Mértola, Moura, Ourique, Serpa and Vidigueira. - Low Border
Castelo Branco, Idanha-a-Nova, Oleiros, Penamacor, Proença-a-Nova and Vila Velha de Ródão. - Beiras and Serra da Estrela
Almeida, Belmonte, Celorico da Beira, Covilhã, Figueira de Castelo Rodrigo, Fornos de Algodres, Fundão, Gouveia, Guarda, Manteigas, Meda, Pinhel, Sabugal, Seia and Trancoso. - Cávado
Terras de Bouro and Vila Verde. - Douro
Alijó, Armamar, Carrazeda de Ansiães, Freixo de Espada à Cinta, Lamego, Mesão Frio, Moimenta da Beira, Murça, Penedono, Peso da Régua, Sabrosa, Santa Marta de Penaguião, São João da Pesqueira, Sernancelhe, Tabuaço, Tarouca, Torre de Moncorvo, Vila Nova de Foz Côa and Vila Real. - Lezíria do Tejo
Chamusca e Coruche. - Medio Tagus
Abrantes, Constância, Ferreira do Zêzere, Mação, Sardoal, Sertã, Vila de Rei and Vila Nova da Barquinha. - Aveiro Region
Sever do Vouga. - Coimbra Region
Arganil, Góis, Lousã, Miranda do Corvo, Mortágua, Oliveira do Hospital, Pampilhosa da Serra Penacova, Penela, Soure, Tábua and Vila Nova de Poiares. - Leiria Region
Alvaiázere, Ansião, Castanheira de Pêra, Figueiró dos Vinhos and Pedrógão Grande. - Viseu Dão Lafões Region
Aguiar da Beira, Carregal do Sal, Castro Daire, Mangualde, Nelas, Oliveira de Frades, Penalva do Castelo, Santa Comba Dão, São Pedro do Sul, Sátão, Tondela, Vila Nova de Paiva and Vouzela. - Tâmega and Sousa
Baião, Celorico de Basto, Cinfães and Resende. - Terras de Trás-os-Montes
Alfandega da Fé, Bragança, Macedo de Cavaleiros, Miranda do Douro, Mirandela, Mogadouro, Vila Flor, Vimioso and Vinhais.
