The European Commission has been moving against the Golden Visa Programmes in the past months while calling on EU governments to stop with the Golden Passport deal and increase the regulations on the Golden Visa Programme. Since the beginning of 2022, European countries such as Cyprus, Bulgaria, and Latvia have announced their intention to end the Golden Visa programme, but the Portuguese Parliament refused to end it.
Is the Portugal Golden Visa suspended?
While the European Commission keeps pressuring its Member States to tighten up and eventually end the Golden Visa Programmes, the Portuguese Parliament voted, in 2022, in favour of the programme, putting an end to the rumour that the Golden Visa Portugal was suspended. The Portuguese Parliament turned down the proposition to extinguish the Golden Visa Programme and voted in favour of keeping the programme alive instead.
The Portuguese Parliament's decision reinforces Portugal as one of the Best Countries to Invest In in 2022, especially for the purpose of obtaining a Golden Visa. With the decision, the Portuguese government also widened the Portuguese Golden Visa Programme, by adding a new category called “Green Visas”, and making a review of other categories.
Portugal Golden Visa Programme reinforced in 2022
In 2022 the Portuguese government changed the Golden Visa Programme slightly so that it would encourage people to invest in other areas of its territory. For that reason, from January 2022, investments in residential properties in the main cities of Portugal do not qualify for the Golden Visa anymore. Instead, those investments in a residential property keep qualifying for the Golden Visa if they are made in the “Interior Regions’’ of Portugal.
The Golden Visa Programme has already raised a total of 6.46 billion euros for Portugal since the law took effect on October 8th, 2012, according to official numbers. Just in the first seven months of 2022, the SEF (Portuguese Border Control Service) has approved 729 main applications, a number that can indicate a higher volume for 2022, that will surely exceed last year's total of 865 applications.
European countries discontinue the Golden Visa Programme
While Portugal reinforces the efficiency of its Golden Visa Programme, other European countries such as Cyprus, Bulgaria, Malta and Latvia have struggled with the pressure from the European institutions, such as the European Commission and European Parliament.
Recently, with the beginning of the conflict between Russia and Ukraine, Bulgaria has announced its intention to regulate and eventually end its Golden Visa Programme. In the same line, authorities in Latvia have announced that their Golden Visa Programme, much criticised by the EU institutions, would be put to an end.
Who is eligible for the Portugal Golden Visa Programme?
All third-country citizens who conduct an investment activity, as an individual business person or through a company set up in Portugal or in another EU Member State and who, in addition, are stably settled in Portugal, provided these citizens fulfil the quantitative requirements and the time requirements set out by the relevant legislation, may apply for a Residence Permit for Investment.
The Portuguese Golden Visa Programme 2022 works for the holders as a temporary residence permit to live in Portugal for two years, which is renewable for another two years. By the end of year 5, holders of the golden visa can apply for a permanent residency or Portuguese citizenship, if all other legal requirements are met.
About Portugal Homes
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