Legal Changes to the Golden Visa Program February 2021
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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. These amendments do not affect the renewal of residence permits or applications for family reunification that depend on residence per- mits issued under the previous law. Appendix I – interior inland territories as mentioned in point 1 Legal Changes to the Golden Visa Program Counties of Alandroal, Arraiolos, Borba, Estremoz, CRA – Coelho Ribeiro eÉvora, Associados, Montemor-o-Novo, SCARL Mora, Mourão, Portel, Central Alentejo Redondo, Reguengos de Monsaraz, Vendas Novas, February 2021 Viana do Alentejo, Vila Viçosa. Counties of Alcácer do Sal, Grândola, Odemira, Alentejo Coast Santiago do Cacém. Counties of Alcoutim, Aljezur, Castro Martim, Loulé Algarve (limited to the parishes of Alte, Ameixial, Salir, Union of Parishes of Querença, Tôr and Benafim), Monchique, Silves (limited the parish of São Marcos da Serra), Tavira (limited to the parishes of Cachopo and Santa Catarina da Fonte do Bispo), Vila do Bispo. Counties of Alter do Chão, Arronches, Avis, Campo Alto Alentejo Maior, Castelo de Vide, Crato, Elvas, Fronteira, Gavião Marvão, Monforte, Nisa, Ponte de Sor, Portalegre, 01 Investment made through a propertySouse. acquisition must be located in the Autonomous Regions of theCounties Azores of orArcos Madeira de Valdevez, or Caminhain the interior(limited to the inland territories (listed in AppendixUnion 1)of. Parishes of Arga and Union of Parishes of Gondar and Orbacém and the parish of Dem), Melgaço Moncão, Paredes de Coura, Ponte da Barca, Capital transfers must now be equal to or higher than 1.5 million 02 Ponte de Lima (limited to the parishes of Anais, euros, instead of 1 million euros.Ardegão, Freixo e Mato, Parish Associations of Vale do Alto Minho Neiva, Bárrio and Cepões, Beiral do Lima, Boalhosa, 03 Instead of 350.000 Euros, it is nowCabac osrequired e Fojo Lobal, an Cabracamountão e ofMoreira 500.000 do Lima, Euros, for capital transfers destined:Calheiros, Estorãos, Friastelas, Gemieira, Gondufe, Labruja, Labrujó, Rendufe e Vilar do Monte, Navió e Vitorino dos Piães, Poiares, Serdedelo), Valença a) To be applied in research activities developed by public or pri- (limited to the parishes of Boivão, Fontoura, the Union vate scientific research institutions,of Parishes integrated of Gondomil and in Sanfins,the national and the Union sci- of entific and technological system.Parishes of São Julião e Silva), Viana do Castelo (limited b) For the acquisition of participationto the parish units of Montaria in investment), Vila Nova de fundsCerveira. or ventureotlA capitalagemâT funds focused on theseitnuoC fo capitalization,sacitoB Chaves, Montalegre, of companies, Ribeira da which are incorporated underPena, Portuguese Valpaços, Vila law, Pouca have de Aguiar. a maturity, at Área Metropolitana do Porto Counties of Arouca and Vale de Cambra (limited to the the time of the investment, of at least five years and at least 60% parishes of Arões e Junqueira). of the value of the investment is made in commercial companies evA seitnuoC sariecebaCfo ed ,otsaB ,efaF seãramiuG based in national territory. (limited to the Union of Parishes of Arosa and c) Intended for the incorporationCastelõe of s)a Mondim commercial de Basto, Póvoa company de Lanhoso, with Vieira registered office in the nationaldo Minho. territory , combined with the creationoxiaB of fiveojetnelA permanent jobs, orseitnuoC forfo Aljustrel, the reinforcement Almodovar, Alvito, ofBarrancos, the Beja, Castro, Verde, Cuba, Ferreira do Alentejo, share capital of a commercial company with registered office in Mértola, Moura, Ourique, Serpa, Vidigueira 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. These amendments do not affect the renewal of residence permits or applications for family reunification that depend on residence per- mits issued under the previous law. Appendix I – interior inland territories as mentioned in point 1 Legal Changes to the Golden Visa Program axiaB arieB axiaB seitnuoC oletsaCfo ,ocnarB ,avoN-a-ahnadI ,sorielO CRA – Coelho Ribeiro ePenamacor, Associados, Proença-a-Nova, SCARL Vila Velha de Ródão Counties of Almeida, Belmonte, Celorico da Beira, FebruaryBeiras and Serra2021 da Estrela Covilhã Figueira de Castelo Rodrigo, Fornos de Algodres, Fundão, Gouveia, Guarda, Manteigas, Meda, Pinhel, Sabugal, Seia, Trancoso Counties of Amares (limited to the parishes of Bouro - Cávado Santa Marta, Goães Union of Parishes of Caldelas, Sequeiros and Paranhos, Union of Parishes of Vilela, Seramil and Paredes Secas), Terras de Bouro e Vila Verde Counties of Alijó, Armamar, Carrazeda de Ansiães, Freixo de Espada à Cinta, Lamêgo, Mesão Frio, Moimenta da Beira, Murça, Penedono Douro Peso da Régua, Sabrosa 01 Investment made through a propertySanta M acquisitionarta de Penagu mustião, São be João located da Pesqu ineira, the Autonomous Regions of theSernan Azorescelhe, or MadeiraTabuaç or ino, the interiorTarouca, inland territories (listed in AppendixTorre de 1) .Moncorvo, Vila Nova de Foz Côa e Vila Real ojeT od airízeL od ojeT seitnuoC acsumahCfo , Coruche and Santarém (limited Capital transfers must now beto equal the Union to of or Parishes higher of Casével than e 1.5Vaqueiros) million 02 Counties of Abrantes, Constância, Ferreira do Zêzere, euros, instead of 1 million euros. Mação, Ourém (limited to the parish of Espite, Union of Parishes of Freixianda, Ribeira do Fárrio and 03 Instead of 350.000 Euros, it is nowFormigais, required Union ofan Parishes amount of Matasof 500.000 and Cercal, Euros, Médiofor capital Tejo transfers destined:Union of Parishes of Rio de Couros and Casal dos Bernardos), Sardoal, Sertã, Tomar (limited to the a) To be applied in research activitiesparishes of Olalhas,developed Sabacheira, by publicUnion of orParishes pri- of Além da Ribeira and Pedreira, Union of Parishes of vate scientific research institutions, integrated in the national sci- Casais and Alviobeira, Union of Parishes of Serra and entific and technological system.Junceira), Vila de Rei, Vila Nova da Barquinha b) For the acquisition of participationCounty of unitsÁgueda in(limited investment to the Union funds of Parishes or of ventureRegion of capitalAveiro funds focusedBelazaima on the do capitalization Chão, Castanheira ofdo companies,Vouga and Agadão which are incorporated underUnion Portuguese of Parishes of law, Préstimo have and a Mmaturity,acieira de Alcoba) at and Sever do Vouga the time of the investment, of at least five years and at least 60% Counties of Arganil, Condeixa-a-Nova (limited to the of the value of the investment is made in commercial companies Region of Coimbra parish of Furadouro), Góis, Lousã, Miranda do Corvo, based in national territory. Mortágua, Oliveira do Hospital, Pampilhosa da Serra, c) Intended for the incorporationPenacova, of a Penela, commercial Soure, Tábua, company Vila Nova de with Poiares registeredRegion of Leiria office in the nationalCounties territoryof Alvaiázere,, combinedAnsião, Castanheira with dethe Pê ra, creation of five permanent jobs,Figueiró or dosfor theVinhos, reinforcement Pedrógão Grande, of Pombalthe share capital of a commercial(limited company to the parish with of Abiul),registered Porto de Mósoffice (limited in to the parish of São Bento). the national territory, already existing, with the creation or Counties of Aguiar da Beira, Carregal do Sal, Castro maintenance of jobs, with aDaire, minimum Mangualde, of Nelas, five Oliveira permanent de Frades, jobs, Penalva Regionand of for Viseu a Dãominimum Lafões period ofdo three Castelo, years. Santa Comba, Dão, São Pedro do Sul, Sátão,