Portugal's Golden Visa Program Shifts Focus to Investment Funds: What You Need to Know
In a crucial development on Saturday, September 30, 2023, the President of Portugal, Marcelo Rebelo de Sousa, approved the groundbreaking "Mais Habitação" law, marking a significant shift in the Portuguese Golden Visa program.
For many years, Portugal's Golden Visa program was synonymous with real estate investments, attracting investors from around the world. However, "Mais Habitação" heralds a new era, altering the investment landscape. Real estate will no longer be the sole pathway to obtaining a Golden Visa.
Enter the Golden Visa Investment Fund, a relatively recent addition introduced in 2017. This innovative route allows investors to secure residency and citizenship by directing their investments into qualified Portuguese investment funds.
To qualify for the Golden Visa, investors are required to commit a minimum of 500,000 euros to purchasing units in investment or venture capital funds. These funds must allocate a minimum of 60% of their portfolio to Portuguese companies and operate within the regulatory framework established by CMVM. Additionally, investors must maintain their investments for a minimum of five years.
Portugal's investment landscape is as diverse as its economy, encompassing sectors such as healthcare, agriculture, renewable energies, startups, and environmental initiatives. Looking ahead, dynamic fields like Artificial Intelligence, Fintech, and Cybersecurity are gaining prominence, with specialized funds likely emerging in these areas.
Portugal's shift away from a real estate-centric Golden Visa program aligns with a global trend observed in countries like the United Kingdom (with its Investor Visa program), the United States (EB-5 Immigrant Investor Program), and Australia (Significant Investor Visa). These nations are adapting to changing dynamics by diversifying their visa and immigration offerings, moving beyond traditional real estate-focused approaches.
Within the framework of "Mais Habitação," prospective Golden Visa applicants have the opportunity to explore alternative pathways apart from the Golden Visa Investment Fund:
Creating a minimum of ten jobs.
Allocating at least 500,000 euros toward scientific research activities in public or private institutions.
Investing a minimum of 250,000 euros in artistic production, restoration of national cultural heritage, or support for these activities.
Transferring a minimum of 500,000 euros to establish a company in Portugal, thereby generating at least five permanent jobs or reinforcing the capital of an existing company, resulting in at least five permanent jobs.
In conclusion, "Mais Habitação" signals the departure from real estate as the primary gateway to Portugal's Golden Visa program, for now. These reforms reflect a global trend towards innovation and job creation as alternatives to the traditional real estate-focused Golden Visa and investment immigration programs.
As Portugal charts a new course, it envisions a future where residency and citizenship are tied to investments in diverse, forward-thinking sectors, embracing adaptability and progress. If you're interested in exploring the various options available within the GV fund program, please don't hesitate to reach out to hillforte.com for additional details.
