On 12/02/2021, Decree-Law no. 14/2021 was published that alters the legal regime of the conditions of access to the residence permit through investment, the so-called Golden Visa or Golden Visas. At the base of the aforementioned Decree-Law is a “housing policy, which aims at dynamism and demographic balance”.

The changes will take effect on January 1st 2022 and will not be applicable to the renewal of residence permits or residence renewals for family reunification, when the investment residence permit has been granted before January 1st 2022 .

The aforementioned Decree-Law introduces changes with regard to investment:

1. For the acquisition of real estate:

• Non-housing properties:
  a) Rule: € 500,000.00;
  b) Low density territory: € 400,000.00.
• Residential properties: It will only be possible in the Interior Territories, Azores and Madeira: € 500,000.00. 

2. To acquire real estate and carry out rehabilitation works:

• Non-housing properties:
  a) Rule: € 350,000.00;
  b) Low density territories: € 280,000.00.
• Residential properties: It will only be possible in the Interior Territories, Azores and Madeira: € 350,000.00.

Interior Territories are those identified in the annex to Ordinance No. 208/2017, of 13 July, and low-density territories are identified in Law No. 23/2007, of 4 July, in the articles 3, paragraphs 2 and 3.

With the introduced changes, it will no longer be possible to invest in residential real estate in areas that have proved to be preferences for investors, namely the metropolitan area of ​​Lisbon, the metropolitan area of ​​Porto (with the exception of 2 parishes), as well as almost the entire territory from the Algarve.

Changes regarding investment are also introduced:

3. By transferring capital, this will change from the current minimum value of € 1,000,000.00 to the minimum value of € 1,500,000.00.

4. For research activities carried out by public or private scientific research institutions, integrated into the national scientific and technological system:

• Rule: € 500,000.00;
• Low density territories: € 400,000.00. 

5. For the acquisition of investment units in investment funds, this is currently fixed at a minimum value of € 350,000.00 and which will increase to a minimum value of € 500,000.00. 

6. For the constitution or capital increase of a commercial company and the creation of 5 jobs, going from the value of € 350,000.00 to the minimum value of € 500,000.00.

The conditions for accessing Golden Visa through other investment activities remain unchanged.

The legislative and fiscal instability experienced in the Portuguese system drives investors away to other markets, reducing the confidence in the Portuguese domestic market, which will have repercussions at various economic levels. Removing the prestigious metropolitan areas of Lisbon, Porto and Algarve that are undeniably our international business card will condemn the attractive and potential investment in Portugal, both in these areas that are now excluded and in others that are trying to organize, with tools that were not designed for a forced demographic balance.