"More Housing" Package

The "More Housing" legislative package proposed by the Government was published and entered into force on October 7, 2023.

 

With the entry into force of Law No. 56/2023 of 6 October, there will be new rules on Golden Visas, and new applications for the granting of residence visas for Real Estate investment activity will not be admitted.

 However, this does not prevent the "possibility of renewal" of Golden Visas when such authorizations have been granted under the legal regime applicable until the date of entry into force of this law, nor will it affect pending processes or the possibility of residence permits for family reunification.

 On the other hand, investors can also apply for a Golden Visa in the following modalities:

 – Transfer of capital in an amount equal to or greater than 500 000 (euro), intended for the acquisition of shares in non-immovable collective investment undertakings, which are incorporated under Portuguese law, the maturity of which, at the time of the investment, is for at least five years and at least 60% of the value of the investments is made in commercial companies established in Portugal;

 – Transfer of capital in an amount equal to or greater than 500 000 (euro), intended for the incorporation of a commercial company with its head office in Portugal, combined with the creation of five permanent jobs, or for the reinforcement of the share capital of a commercial company with its head office in Portugal, already established, with the creation of at least five permanent jobs or maintenance of at least ten jobs, with a minimum of five permanent jobs, and for a minimum period of three years;

 – Minimum investment of 500,000 (euro) in scientific research activities;

 – Investment of at least 250,000 (euro) in artistic production, recovery or maintenance of cultural heritage. This value can benefit from a 20% reduction if carried out in low-density areas. Low-density territories are those defined in Ordinance No. 208/2017, of 13 July, with less than 100 inhabitants per km2 or a gross domestic product (GDP) per capita of less than 75% of the national average.

 Article of Martinez Echevarria & Ferreira                                                                                                                                                                      Lawyers