The terms and conditions of obtaining a Portugal Golden Visa will change from July 2021. This was announced by the Portugal Government, namely the Council of Ministers. There is no published legislation yet, so many questions haven’t got their answers now. Still, we can discuss its main amendments right now.
The changes will touch the eligibility conditions. To clarify, now you can apply for Portugal Golden Visa if you purchase a property of €500,000 and more all over Portugal. In other words, you can buy it in any part of the country. According to new rules, you will be eligible to get the visa only if you purchase a real estate unit in one of the specified areas.
The reason for this amendment is quite obvious. The Government plans to ensure equal development of all country regions. Therefore, it needs to facilitate the development of some particular regions, leaving others on their own. We are speaking about foreign investments in the real estate sector, of course.
There is no secret, one of the most sought-after regions for foreign investment in property is Lisbon, the capital of the country. Other ones are some cities and entire coastal regions, with Porto and the Algarve as good examples here. On the other hand, remote non-coastal regions are receiving much less or no investment from Golden visa seekers. Therefore, the Portugal Government decided to alter the situation.
This may be quite disappointing for foreign investors and even provoke them to turn their heads to other countries. So, if you are more interested in getting a visa of some G7 member country, we can help you with getting a golden visa in the UK.
Which exact regions will be allowed to enjoy an inflow of visa-targeted real estate investment wasn’t clarified yet. But the Government made it clear that, with new rules, Lisbon and Porto will be no one champions. For investors, this means they lose an opportunity to get a visa when purchasing a property in these beautiful cities. As well as when purchasing a property in some other coastal cities.
Yes, there will be a transition period to complete visa applications submitted before the amendments come into effect. The day X here is December 31, 2021. In other words, investors will have at least six months as a grace period. It seems the period is long enough to pass through the routine.
Still, you would better hurry to invest in Lisbon and Porto located property if you want to apply for a Portugal Golden visa.
We estimate a large increase in demand here together with decreased supply. In other words, property prices may significantly rise to May or June while the property range will narrow a lot. Perhaps the first months of this year will be the best for the deal with property units in the aforementioned prime locations.