All you need to know about the Portugal Golden Visa in 2024

The Golden Visa is an economic strategy aimed at attracting foreign investments, particularly in countries struggling with economic challenges. Originally proposed by the International Monetary Fund (IMF) in 2008, the programme serves as a tool to fortify and rejuvenate economies. Its impact on the real estate market in Portugal has been notable and largely positive across the country'ss diverse real estate market offerings.

Introduced in 2012, the Portugal Golden Visa Programme allows third-country citizens to obtain a residency permit in exchange for a 6-year investment commitment.

With more than a decade of existence, the Golden Visa in Portugal has contributed more than 7 billion euros to the Portuguese economy.

The Portugal Golden Visa has gained immense popularity globally due to several factors, including property prices’ affordability, which are among the lowest in all EU capitals. Additionally, Portugal's attractive living conditions, renowned safety, high quality of life, and robust public healthcare system contribute to its allure.

The programme offers advantages such as visa-free travel within the Schengen Zone and the option to live, work, and study in Portugal, and many more, making it an appealing choice for investors. Portugal Golden Visa holders are also required to spend a minimum of 14 days in the country, either consecutively or intermittently, within each 2-year visa period.

The Portugal Golden Visa is open to almost all third-country nationalities. In this context, a third-country national is any citizen from a country not within the European Union or the European Free Trade Association - which collectively form the European Economic Area.

The main applicant must be a legal adult (18+). The Portugal Golden Visa also enables Family inclusion, meaning several family members can join the main Golden Visa applicant in Portugal.

• Spouse;
• Dependent children;
• Adopted children;
• Dependent parents from either the Golden Visa holder or spouse;
• Full-age dependent children who are still studying;
• Minor dependent brother or sisters who are under the guardianship of the main Golden Visa applicant.

Family members enjoy the same rights & benefits and will also be eligible for Permanent Residency or Portuguese Citizenship after 5 years of holding the Portugal Golden Visa.

In 2023, the Portugal Golden Visa underwent significant changes, including the discontinuation of the Real Estate option. Even so, the Portugal Golden Visa is still active, available through other investment options, and has remained one of the most sought-after European Residency by Investment programmes, revealing the international trustworthiness Portugal has gathered over the past years.

After the 2023 changes, the remaining investment options are:

• €500,000 - Investment Funds or Venture Capital Funds
• Creation of 10 jobs
• €500,000 - Scientific Research
• €250,000 - Supporting the Arts & Culture
• €500,000 - Company Creation with 5 permanent job posts

To obtain Residency by Investment through the Portugal Golden Visa in 2024, you need to make a financial investment in Portugal and fulfil a list of requirements, including a comprehensive list of financial documentation to demonstrate the funds are legitimately-sourced, and the main applicant's ability to fully support themselves and their family members during their Residency in Portugal.
Once the residency permit is granted, individuals will have the right to:

• Reside in Portugal during the whole duration of your visa;
• Work, live, and study within Portugal;
• Travel freely, without a visa, to the other 26 Schengen countries;
• The right to family reunification in Portugal and the European Union.
• Request Portuguese citizenship after 5 years, with the same rights as anyone in Portugal and the European Union; (Optional)

Holders of a Portuguese Golden Visa are given a temporary Residency Permit in Portugal for 2 years, which is renewable for another 2 years. By the end of the 5th year, they can apply for Permanent Residency or Portuguese Citizenship, if all other legal requirements are met.

There has been a growing amount of enquiries for the Portuguese Golden Visa programme, and Portugal has proven to be extremely attractive; its relatively low cost of living, beautiful landscapes, rich history and culture, and extremely high standards of safety and security have been decisive reasons why it has become so popular, especially with US citizens, who applied the most for the Portugal Golden Visa in 2023.

Our skilled professionals know the ins and outs of the Portugal Golden Visa landscape and are deeply familiar with the country's laws. Connecting with Portugal Homes is a time-efficient solution, and our consultants can also advise you on the best investments available on the market.

Portugal Homes is an internationally renowned expert in real estate and residency by investment advisory. Our team of professionals has over 30 years of experience, helping high-net-worth investors seeking secondary residency and real estate investment opportunities in Portugal.

Whether our clients are seeking a holiday home overseas, a relocation home, or even interested in future retirement in a sunny country. Portugal Homes has exclusive in-house services that go beyond the acquirement of real estate; starting with important services for overseas clients with Property Management, Tax Representation, Furniture Packs & Interior Design. Get your home key ready with Portugal Homes, your real estate & investment expert.