GOLDEN VISA PROGRAM: NEW PERSPECTIVES AND OPPORTUNITIES

Last Wednesday, July 19, 2023, an extraordinary communication brought to light the parliamentary vote on the final version of the proposed amendment to the law concerning residence visas through the investment program known as ARI (or Golden Visas).

The visa program will continue to exist, but some of the currently effective conditions have been eliminated, namely:

1. The requirement of capital transfer amounting to 1.5 million euros or more;

2. The need to acquire real estate worth 500,000 euros or more;

3. The purchase of real estate with at least 30 years of construction or located in urban rehabilitation areas, with the obligation to carry out rehabilitation works worth 350,000 euros or more;

4. The requirement of capital transfer amounting to €500,000 or more for the acquisition of participation units in investment funds or venture capital funds dedicated to the real estate sector.

After the new Law is published, it will be possible to obtain a Golden Visa under any of the following conditions:

1. Creation of at least 10 job positions;

2. Capital transfer amounting to 500,000 euros or more, intended for research activities carried out by public or private scientific research institutions, integrated into the national scientific and technological system;

3. Capital transfer amounting to 250,000 euros or more, invested in artistic production, recovery or maintenance of the national cultural heritage, through direct central and peripheral administration services, public institutes, entities of the public corporate sector, public foundations, private foundations with public utility status, intermunicipal entities, local business sector entities, municipal associative entities, and public cultural associations with responsibilities in the area of artistic production, recovery, or maintenance of the national cultural heritage;

4. Capital transfer amounting to 500,000 euros or more, intended for the acquisition of participation units in investment funds or venture capital funds focused on capitalizing companies established under Portuguese law, with a maturity of at least five years, directing at least 60% of the investment value to commercial companies based in national territory;

5. Capital transfer amounting to 500,000 euros or more, intended for the incorporation of a commercial company headquartered in national territory, combined with the creation of at least five permanent job positions, or for the reinforcement of the share capital of a commercial company already established in national territory, with the creation or maintenance of at least five permanent job positions for a minimum period of three years.

The final proposal will be submitted to the President of the Republic in the coming days, who will have a period of up to 20 days to decide, although not obliged to use the entire period. If no impediments arise, the Golden Visa program, along with the proposed amendments, may be published and come into effect during the month of August.

While awaiting the decision, it is important to remember that it is still possible to proceed with processes under the current legislation. However, it is prudent to bear in mind that it may be altered at any moment. Considering the timelines and procedures involved, an estimated average period of 15 to 30 days is expected for possible publication.

For those wishing to proceed with processes under the current law, we recommend seeking legal counsel before making any decisions. Be prepared to explore new perspectives and opportunities that may arise with the implementation of the new amendments to the Golden Visa program.