Legal Changes to the Golden Visa Program February 2021
Legal Changes to the Golden Visa Program CRA – Coelho Ribeiro e Associados, SCARL February 2021 The highly anticipated decree-law amending the “Golden Visa Program” was finally published on the past February 12th. The changes, listed below, will come into force on January 1st, 2022 and include not only an increase of the value of some investments but will also channel the investment to the interior of the country: 01 Investment made through a property acquisition for habitation purposes must be located in the Autonomous Regions of the Azores or Madeira or in the interior inland territories (listed in Appendix 1). 02 The acquisition of properties with a different non-habitation purpose (commercial, industrial, …) remains eligible for Golden Visa purposes in all national territory. 03 Capital transfers must now be equal to or higher than 1.5 million euros, instead of 1 million euros. 04 Instead of 350.000 Euros, it is now required an amount of 500.000 Euros, for capital transfers destined: a) To be applied in research activities developed by public or pri- vate scientific research institutions, integrated in the national sci- entific and technological system. b) For the acquisition of participation units in investment funds or venture capital funds focused on the capitalization of companies, which are incorporated under Portuguese law, have a maturity, at the time of the investment, of at least five years and at least 60% of the value of the investment is made in commercial companies based in national territory. c) Intended for the incorporation of a commercial company with registered office in the national territory, combined with the creation of five permanent jobs, or for the reinforcement of the share capital of a commercial company with registered office in the national territory, already existing, with the creation or maintenance of jobs, with a minimum of five permanent jobs, and for a minimum period of three years.
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