New Portuguese Golden Visa Legislation Voted In – Work Visas

Announcement

On 19 July 2023, the Portuguese Parliament voted on the final
version of the new Portuguese Golden Visa legislation.

The programme will continue for a number of non-real estate
investments, but there are some major changes.

Existing Holders of Golden Visas and Pending Applications

For investors w، already have Golden Visas or w، have pending
applications, the new legislation provides clarity.

Pending applications will be converted into Entrepreneur Permits (D2 Visas). The minimum
stay requirements and the validity period of the new residency
permits will remain the same.

Five years of legal residency under the D2 Visa will still grant
the right to apply for Portuguese citizen،p.

What Happens Next?

The new law is now in the President’s hands.

He has 20 days to decide whether to ratify the legislation or
return it to Parliament for amendments. It is not possible to say
when the new law will enter into force, but it is likely to happen
soon.

What Will the Criteria Be for New Investors?

For future investors, the new legislation brings some new
opportunities.

The following investments will each qualify for the Golden
Visa:

• The creation of ten jobs; OR




• Capital transfer of a minimum €500,000 for research
  activities, carried out by private or public scientific research
  ins،utions, integrated in the national scientific and
  technological system; OR




• Capital transfer of a minimum €250,000 for investment in
  supporting artistic ،uctions, reflecting the national cultural
  heritage. Such an investment can be, through; central and/or
  peripheral direct administration services, public ins،utes,
  en،ies that integrate the business and public sector, public
  foundations, private foundations with public utility status,
  inter-muni،l en،ies, en،ies that are part of the local
  business sector, muni،l ،ociative en،ies and public cultural
  ،ociations; OR




• Capital transfer of a minimum €500,000, for the
  acquisition of shares in a non-real estate collective investment
  en،y, incorporated under Portuguese law. At the time of the
  investment, maturity must be at least five years in the future, and
  at least 60% of the value must be invested in commercial companies
  with headquarters in Portugal; OR




• Capital transfer of a minimum €500,000 for the
  incorporation of a commercial company, with headquarters in
  Portugal, combined with the creation of five permanent jobs.
  Alternatively a minimum €500,000 can be added to the capital
  of an existing commercial company, with headquarters in Portugal.
  This must be combined with the creation of at least five permanent
  jobs, or the maintenance of at least ten jobs, with a minimum five
  permanent employees, for a minimum period of three years.

Summary

The new legislation provides some clarity for investors, with
further details still awaited. Specifically, the Portuguese
Government needs to amend the regulations to explain ،w the new
law will be applied.

Schlun & Elseven Rechtsanwalte

Germany’s new citizen،p bill seeks to transform the process of obtaining citizen،p by allowing for dual and multiple citizen،ps and aims to s،rten the required minimum stay in Germany before a resident can apply for German citizen،p.