The Golden Visa scheme in Portugal has undergone significant legislative changes for 2024. This programme allows foreigners to obtain a permanent or long-term residence permit by investing in the country.

According to US News & World Report, "Portugal's appeal goes beyond its stunning landscapes and rich cultural heritage. It extends to everyday life, where the friendliness of its people and the ease of acclimatisation make the country an exceptional choice for those looking for a new home away from home."

Forbes also concluded that Portugal is one of the best countries to live in, especially for US citizens, due to its safety, low cost of living compared to the US and its climate.

However, the legislative changes planned for 2024 should be carefully evaluated. If, on the one hand, the aim is to correct loopholes and improve the efficiency of the programme, on the other, it is essential to ensure that these reforms do not compromise the integrity of the process or hinder the entry of potential investors.

Another important point is the diversification of investments beyond the property sector, into areas such as innovation, sustainability and technology. This will not only strengthen the economy more broadly, but also mitigate the negative impacts associated with the concentration of investments.

According to the recent changes, the following investment options are available to benefit from the Golden Visa programme:

1. creation of a company with a minimum of 10 jobs, which can be reduced to 5 if the company has a capital equal to or greater than 500,000.00 euros;

2. investment of 250,000.00 euros in the recovery or conservation of national cultural heritage;

3. Investment of 500,000.00 euros in research activities carried out by public or private research institutions;

4. Investment of 500,000.00 euros in qualified investment funds;

These amounts may be lower if the investment is made in certain areas with a low population density (less than 100 inhabitants per square kilometre), or with a GDP per capita of less than 75% of the national average.

This programme, which requires a stay in Portugal of just 7 days a year, offers the applicant and their family the possibility of obtaining an initial temporary residence permit of 24 months, with an additional renewal of 36 months, after which the applicant can apply for Portuguese citizenship, permanent residence or renew temporary residence for a further 3 years.

In short, we believe that the Golden Visa programme is extremely attractive for those looking not only to open the doors to Europe, but also to diversify their investments. However, it is important to analyse the advantages and disadvantages in tax terms, for which you can count on the experience of the Tax Law Department of Belzuz Abogados, S.L.P. in Portugal.

 Miguel Paixão

Departamento Derecho Fiscal y Tributario | Lisboa (Portugal)

Belzuz Abogados SLP

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