Since the introduction of Portugal golden visa program in 2012, foreign investments have been pouring into the country. Portugal’s two main cities, Lisbon and Porto/Oporto have been attracting the bulk of the investment coming into the country.
Portugal’s golden visas are one of the sought after program in the EU zone. What’s not to like about Portugal’s stable economy and her friendly residents. To apply for the visa, you will need to invest €500k into a property of your choice. Or you can invest as low as €280K into revitalizing an older property project in suburban areas. In exchange for the investment, Portugal will grant permanent residency status for you and your family. If you are in the market for an EU residency or a passport, Portugal is one of the cheapest countries for these residency visas.
Once you have the visa, you can decide if you want to live in Portugal. Should you prefer not to immigrate, you can still keep the visa and stay on in your home country.
More than €5 billion of overseas funds has been invested into Portugal, mainly in Portugal’s real estate market. Most investors prefer the easy and ‘manageable risk’ way of investing in properties rather than the headaches of investing in businesses. As a result, property prices has been increasing steadily.since the golden visa program started.
Without a doubt, investors are delighted with their investments and returns and are upbeat about the future.
Changes in Portugal’s golden visa changes
The program is currently still very popular among worldwide investors. However, as mentioned earlier, majority of the invested dollars are in the bigger cities, like Porto & Lisbon. Thus for several years now, the residential and the commerical property markets of these 2 cities has been red-hot. To help cool down the hot property market, the Portuguese government has proposed to exclude Porto & Lisbon from the golden visa program.
In announcing this proposal, the Portuguese government also hopes to channel all future investments into rural areas of the country. This is to give these areas a boost to their econmies and revitalize the outer suburbs.
For investors who are sitting on the fence, time is of essence, if you are interested to invest in these 2 major cities. Please free feel to reach out to us. We will be glad to answer any questions you have on Portuguese residency.