Portugal is finally closing the Golden Visa program. Or rather, two options within the scheme. 

Today, October 6, 2023, the Diário da República published the “More Housing” package. According to it, the following options are closed: real estate investments from €280,000 and €1.5 million on deposit. The decision comes into force on October 9, 2023. 

Important. It is possible to renew the existing documents; it is the new applications that will not be accepted. 

What investment opportunities remain under this program:

  • Creation of at least 10 jobs.
  • Non-refundable investments of €500,000 in science and €250,000 in culture.
  • Transfer of €500,000 in non-real estate mutual funds.
  • An investment of €500,000 or more to launch a commercial firm (head office must be in Portugal). Plus, five jobs will need to be organized there.

Otherwise, everything will remain the same: the status of the holder of the “golden visa” can be maintained, you can stay in the country for 7 days a year, and you can apply for citizenship after 5 years of residence.

Tax benefits in Portugal for expats remain. Why is it important?

For reference. The program “Golden Visa” in Portugal was created in 2012. The number of investments that have come into the country's budget over the entire period of the program's existence reaches 6.9 billion euros. Among the main investors in the program were residents of China, Brazil, Turkey, the USA, and South Africa.  

Plans to abolish the Portuguese Golden Visa have been discussed for more than three years. Criticism of the EU authorities played a major role in making this decision, which, however, also applies to other EU member states that issue “golden passports.”