What could be better about Portugal’s residency-by-investment program? Well, the Portuguese authorities have made some updates in the program to help invite foreign investors in low-residency regions of the country. This investor visa program is widely known as the Golden Visa program.
Portugal’s Council of Ministers have decided to modify the program under the legislative authorization given by the State Budget Law of 2020. The aim of the Golden Visa program will be achieved through:
- Activities that have high social and environmental value
- Activities with significance to cultural heritage
- Productive investment
- Urban rehabilitation
- Job creation
The new program will come into effect in July 2021. There will be a transitional period imposed from then on that will extend to the year end.
Under the program, investors will get Portugal residency and will be free to move throughout EU countries. But they won’t be able to invest in big cities like Porto and Lisbon.
As of now, there are 8 types of investments deemed eligible under the Golden Visa program. The investors can obtain residency in Portugal if they invest €500,000 in ecotourism, renewable energy, organic agriculture, and similar environmental projects.
Though the move is aimed at attracting more foreigners and foreign investments, there are voices in Portugal that differ with the efficacy of this program. In fact, these people suggest that another scale of investment could have been decided for this program. They also warned against is the risk of corrupt people with doubtable integrity to enter the country, using the scheme to launder their money.
If you are looking to Study, Work, Visit, Invest or Migrate to Europe, talk to Y-Axis, the World’s No.1 Immigration & Visa Company.
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