Immigration Law Updates – Portugal
Announcement: Recent Revisions to Immigration Laws in Portugal
We hereby inform you of the latest developments in the realm of immigration legislation within Portugal. The purpose of this communication is to apprise you of the recent modifications to the immigration laws of Portugal that have been enacted.
After a 6 months legislative process on habitation measures, Portuguese President of the Republic rejected the diploma and sent it back for amendments by the Parliament. This opens at least 1 more month window for Golden Visa Investors who were looking to apply under the current law, which still includes real estate options.
When the Parliament resumes works in the middle of September, they will vote again the diploma, reconfirming it – probably with no significative changes – and the President shall be obliged to approved it.
That will be the conclusion of the current legislative process and from that moment the available Golden Visa option will be the following ones:
i) The creation of at least 10 jobs;
ii) Capital transfer in an amount equal to or greater than 500 thousand euros, applied in research activities carried out by public or private institutions of scientific research, integrated in the national scientific and technological system;
iii) Capital transfer in an amount equal to or greater than 250 thousand euros, which is applied in investment or support to artistic production, recovery or maintenance of the national cultural heritage, through central and peripheral direct administration services, public institutes, entities that integrate the business public sector, public foundations, private foundations with public utility status, inter-municipal entities, entities that are part of the local business sector, municipal associative entities and public cultural associations, which pursue objectives in the area of artistic production, recovery or maintenance of the national cultural heritage;
iv) Transfer of capital in an amount equal to or greater than 500 thousand euros, intended for the acquisition of shares in non-real estate collective investment entities, which are incorporated under Portuguese legislation, whose maturity, at the time of investment, is at least five years old and at least 60/prct. of the value of investments is materialized in commercial companies headquartered in the Portugal;
v) Transfer of capital in an amount equal to or greater than 500 thousand euros, intended for the incorporation of a commercial company with headquarters in Portugal, combined with the creation of five permanent jobs, or to reinforce the social capital of a commercial company headquartered in Portugal, already incorporated, with the creation of at least at least five permanent jobs or maintenance of at least ten job positions, with a minimum of five permanent employees, and for a minimum period of three years.
Source: Prime Legal Firm
If you would like to learn more about the real estate market in Portugal or need specific information regarding buying, selling, renting, or investing, please feel free to get in touch with one of the consultants at MB Consulting.