Portugal Tightens Golden Visa Rules for Internationals
Such conclusions have been reached through the recent report for 2021, “on Migration Prospects for 2022,” according to the Organization for Economic Co-operation and Development (OECD), AtoZSerwisPlus.mt reports.
“Residence permits for investment will no longer be possible based on real estate investments in Lisbon, Porto, the Algarve, and on the coast. Once acquired, properties intended for housing only allow access to this regime if they are located in the Autonomous Region of the Azores and of Madeira or in territories in the interior of the country,” a part of the report for Portugal emphasizes.
At the same time, the report reveals that there is no change in the limit amounts for real estate investments which continue to be at €500,000 or €350,000 in case the building is over 30 years old.
“Residence applications for investment for other reasons will be subject to higher investment thresholds. The limit for capital transfers has increased from €1 million to €1.5 million”, says the OECD, according to a report published by the Portugal News.
Portugal’s Golden Visa Scheme permits wealthy internationals from other countries to acquire residency in this European country if they make a financial contribution to this country by investing and also meet specific requirements.
The Residency by Investment Program makes a significant contribution to the country’s economic sector, despite the fact that it is often criticized for being involved in many illicit affairs.
Last month, it was reported that Portugal’s Golden Visa scheme brought to the country a total of €397.7 million for a period between January and August this year, marking a total of 34 per cent increase compared to the figures of the same period last year.
The report provided by Lusa also revealed that in August this year, 77 Residence Permits for Investment (ARI) were granted, while of them, 64 were for capital transfers.
Recently, it has been reported that Britain’s, as well as Americans’, interest in Portugal’s Golden visa program has increased significantly.
In addition to the Golden Visa Program, OECD also revealed that Portugal continues to promote safe, orderly, and regular migration, stressing that the new version of the National Plan regarding the Implementation of the Global Compact for Migration is being prepared, which will take into consideration best practices but also the challenges.
