Portugal’s Golden Visa Program Extended Until May: What You Need to Know

Portugal’s “Golden Visa” programme, a popular residency scheme for investors, was terminated on February 16 as the country looked to address a housing shortage. The programme, however, has been extended until the end of May, and new applications are still being accepted.

The “Mais Habitação” (More Housing) program, which is expected to be discussed in parliament, includes provisions that will ease the blow of the Golden Visa program termination.

What is the Portugal Golden Visa scheme?

The Portugal Golden Visa is a government-sponsored immigrant investor programme that grants residency to people who invest in properties worth at least 500,000 euros ($532,215) or create 10 jobs in Portugal.

The scheme began in 2012 and has received over 6.8 billion euros ($7.2 billion) in investments from over 20,000 people.

Golden Visa Applications Accepted Until End of May

According to some media reports, applications for Golden Visas submitted after February 16 will be processed, and new applications can even be filed until the end of May, based on the program’s new final wording.

The programme will end only when the new housing legislation goes into effect, which is expected to be at the end of May.

Christian Henrik Nesheim, the editor of the online newspaper Imidaily, commented on the new law, noting that under the new wording, the Golden Visa programme “would still be terminated, but the blow would be softened” in other ways.

Golden Visa Holders No Longer Required to Stay in Portugal for 183 Days

One of the changes is that Golden Visa holders are no longer required to stay in Portugal for at least 183 days per year in order to obtain a D2 visa.

Due to the termination of the Residence-by-Investment scheme, Golden Visa investors will only be required to stay in Portugal for seven days, as was previously the requirement for those obtaining residence through this programme.

Also Read: Portugal Ends All Covid-19 Entry Restrictions For Foreign Travellers

Investment-Based Residence Permits Still Available

Lastly, those who wish to invest in the support of “artistic production and the recovery or maintenance of cultural heritage” will still be able to obtain visas if they receive investment confirmation from one of the following designated authorities;

• the Portuguese Agency for Investment and Foreign Trade
• the Development Bank
• the Agency for Competitiveness and Innovation
• the National Innovation Agency
• the Office of Cultural Strategy, Planning and Assessment
• other authorities deemed appropriate

Since the program’s inception in October 2012, Portugal has issued Golden Visas to over 11,758 investors, and approximately 31,000 people have gained Portuguese residency through this scheme, including family members.

The decision to end the programme has been criticised, and a petition to reverse the decision was started. On the same day, Ireland also announced the end of its Golden Visa programme, without providing any explanation.