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PORTUGUESE GOVERNMENT SIMPLIFIES INVESTOR RESIDENCY PROGRAMME 

GOLDEN RESIDENCE PERMIT PROGRAMME – RECENT CHANGES

The Portuguese Government has just released an amendment to the regulations on the residency permit for investors.  This amendment has introduced very relevant changes to make this programme even more flexible and therefore more attractive to foreign investors. 

The most significant changes affect the Property Investment category, as follows:

a)    Possibility of co-ownership with each co-owner making an investment of a minimum of € 500,000;

b)    Promissory Contracts of Purchase and Sale are now acceptable for the initial investor residency application, provided that a deposit of a minimum of € 500,000 is paid.  In this event, the actual purchase of the property needs to be effected until the time of the first renewal of the residency permit.

c)     Possibility of financing to purchase the property above the € 500,000 investment;

d)    It has been clarified that the properties acquired can be freely rented and let for commercial, agricultural and tourism purposes;

As to the other categories of qualifying investments, the following was changed:

-         

Capital Transfers -  Funds can be used to invest in all types of companies;

-          Job Creation – reduced to the creation of 10 jobs;

In addition to the above, there is a significant change in the periods of mandatory stay in Portugal for the investors as these have been reduced to the following:

-

First year – 7 days;

-          Subsequent periods of 2 years – 14 days

These changes have adressed several of the concerns that have been raised over the last few months and will contribute towards making this programme even more appealing to international investors. 

(information from Neville de Rougemont)

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