Since the beginning of this year, wealthy foreign citizens who wish to obtain a residence permit in Portugal under the Golden Visa program are subject to stricter requirements due to a change in the rules of the country’s authorities.
The recent 2021 report “Migration Outlook for 2022” published by the Organization for Economic Co-operation and Development (OECD) states in part: “Residency for investors will no longer be possible based on real estate investments in Lisbon, Porto, Algarve and on the mainland coast. The right to reside in Portugal will only allow real estate located in the Autonomous Region of the Azores and Madeira or in territories in the interior of the country.
At the same time, the report shows that the limit amounts for real estate investment have not changed. They are still €500,000, or €350,000 if the building is over 30 years old.
“Residence permit applications for other reasons will be subject to higher investment thresholds – the limit has increased from €1 million to €1.5 million,” the report continues.
Portugal’s golden visa system allows wealthy foreigners to obtain a residence permit in this European country if they invest in the economy and also meet certain requirements.
The Residency by Investment program makes a significant contribution to the Portuguese economic sector, despite the fact that it is often criticized for violating the law in a number of cases.
Last month, it was reported that Portugal’s Golden Visa brought in a total of 397.7 million euros for the country between January and August this year, up 34 percent from the same period last year.
In August this year, 77 residence permits for investors were issued.