It’s no surprise since we already knew from last December 22nd, 2020, of the possible changes to the current legislation that regulates the issuance of Golden Visa in Portugal.
As mentioned in our Newsletters of February 19th, 2020, and January 18th, 2021, Decree-Law No. 14/2021 was published on February 12, which changes the legal regime for the granting of Golden Visa in Portugal.
The most significant change that could have a greater influence on how to obtain this residence permit (Golden Visa) and later Portuguese nationality, will only allow real estate investment in the interior areas (called “NUT III Zones”) and in the Islands. Excluding urban areas (Lisbon and Porto) and the coast, which is more attractive in terms of real estate.
This change will have major consequences for the Golden Visa Portuguese Program, as 95% of this investment was in real estate in the cities that are more attractive and profitable.
Further changes are foreseen in other areas, namely in capital transfers, investments in scientific research, in the acquisition of capital in investment funds, and in the constitution of companies in the national territory, which are not significant, as they represent about 5% of the global investment in this program, in the last nine years.
These changes come into effect on January 1st, 2022, which means that anyone who wants to make this real estate investment in the most attractive areas, within the scope of the Law currently in force, will have to do so during this current year 2021.
It should be pointed out that this time window coincides, due to the current pandemic state conditions, with a significant price reduction in property prices in Lisbon, Porto, and the coast.
GETiN has advised its customers, who are considering taking advantage of the Portuguese Golden Visa program, to make their decisions in order to be able to make investments before the end of the year.
For further information, please contact:
Duarte Jardine
duartejardine@getin.pt
