Portugal tightens rules for obtaining “golden visas” for foreigners

Portugal tightens golden visa rules for foreigners

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 investment 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 euros», — the report goes on.

Golden visa system Portugal allows wealthy foreigners to obtain a residence permit in this European country if they invest in the economy, and also meet certain requirements.

The program “Residency by investment” is a significant contributor to Portugal's economic sector, despite often being criticized for violating the law on a number of occasions.

It was reported last month that Portugal's Golden Visa brought the country a total of 397.7 million euros for the period from January to August this year, which is 34 percent more than in the same period last year.

In August this year, 77 types of residency for investors.

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