The Golden Visa programme came into force in Portugal in 2012 with the objective of attracting foreign investors to the country. Since then, it has been a key instrument in Portuguese real estate investment. Recently, however, the Mais Habitação Program has significantly limited the Golden Visa attribution requirements as well as eliminated all forms of Golden Visa related to direct real estate investment, notably the following:
- (i) the purchase of real estate property for a value equal or above 500 thousand Euros;
- (ii) the purchase of real estate property regarding buildings older than 30 years or located in urban renovation areas, destined to renovation, for a total value equal to or above 350 thousand euros.
Applications for the granting and renewal of residence permits for investment activities that (i) are awaiting a decision from the competent authorities; or (ii) are pending prior control procedures with the municipalities, shall remain valid.
In order to apply for a permanent residence permit, applicants must hold a temporary residence permit in Portugal (including Golden Visa) for at least 5 years.
The granting of the permanent residence permit is subject to certain requirements, notably the applicant shall: (i) have not been convicted in Portugal during the last 5 years for a crime punishable with deprivation of liberty exceeding 1 year, (ii) have financial resources to live in Portugal, (iii) have a place to live in Portugal and (iv) show evidence of basic Portuguese language commands (to be proven through a written test).
In order to apply for Portuguese citizenship applicants must legally live in Portugal for at least 5 years.
The granting of Portuguese citizenship is subject to certain requirements, notably the applicant shall (i) be of legal age under the Portuguese law (parents may also apply for the citizenship of their children in certain conditions), (ii) have not been convicted in Portugal for a crime punishable with deprivation of liberty exceeding 3 years (iii) show evidence of sufficient knowledge of Portuguese language (to be proven through a written test) and (iv) a link with Portugal and with the Portuguese culture (to be ascertained by the immigration authorities on a case by case basis).