Certain changes in the regulation of the Portugal Golden Visa Program will be effective as of Jan. 1, 2022. The main changes in the investment options are as follows:
- It’ll no longer be possible to buy a residential property in Lisbon, Porto, or along the coast, to qualify for a Golden Visa.
- Fund subscription minimum amount will increase from €350,000 to €500,000.
You can still benefit from the current rules if you get your pre-approval until Dec. 31, 2021.
You can find the details about the upcoming changes below.
What Are the Portugal Golden Visa 2022 Changes?
As of Jan. 1, 2022:
- The minimum fund subscription amount will increase from €350,000 to €500,000
- Capital transfer investment will increase from €1 million to €1.5 million
- Some geographical restrictions will apply in real estate investment: Buying a residential property in Lisbon, Porto, or in a coastal town will not qualify you for Portugal Golden Visa. The qualifying properties must be located in rural, inland, or low-density areas. Or, in the autonomous regions of the Azores and Madeira. Note that the changes will only affect residential property purchases.
- The minimum investment amount in an R&D project will increase from €350,000 to €500,000
- Minimum incorporation amount in job and company creation: Will increase from €350,000 to €500,000. The required number of jobs will remain at five.
Which Requirements Will Not Be Subject to Change?
The following options will be the same after Jan. 1, 2022:
- The minimum required investment amount for a qualifying real estate will not change
- The €250,000 contribution in arts will be the same
- The establishment of a company in Portugal and employing at least 10 new local employees will not change.
What About the Previous and Current Applicants of Portugal Golden Visa?
Current applicants and the old applicants will not be subject to the new amendments. So, it won’t be retroactive if you’ve already applied until Dec. 31, 2021. Still, note that you need to get pre-approval until that date.
How To Start Your Application for Golden Visa to Portugal Before Portugal Golden Visa Changes
Certain documents are necessary for submission to be eligible to apply before Portugal Golden Visa changes in 2022. Find the step-by-step guide about the application process below.
First Step: Getting a Portuguese Tax Number (NIF)
NIF number enables you to make transactions in Portugal. It takes quite a short time to obtain a NIF number. On average, it takes one week to get one. It does not make you a tax resident right away though.
The following documents are required to get a NIF number. Note that these must be certified by a lawyer or a notary in Portugal. You can also appoint a lawyer to do this if you’re abroad.
- Address proof
- NIF application submission form, and
- Declaration forms for assigning NIF representatives
Second Step: Opening a Bank Account in Portugal
Main applicants of the Portugal Golden Visa program need to get a bank account in Portugal. You may need to open your account in person or remotely. It depends on the bank’s regulations.
It takes around three weeks to open a bank account. You’ll need the following documents to open a bank account in Portugal. Note that a lawyer in Portugal and a notary must sign these documents. Following this step, you can mail the documents to the bank.
- Proof of address
- Tax ID
- Tax return
- Employment letter
- Bank account opening forms
Third Step: Personal Documents
Personal documents include police reports, marriage, and birth certificates. You need to get them apostilled and translated into Portuguese. Next, you’ll get them certified. It may take around two to three months to complete this process.
Some other documents are also necessary to submit. These include the permission you give for authorities to get Portuguese criminal records. Also, proof of your fulfilling the minimum investment requirement will also be necessary. A declaration letter from the fund manager or property purchase papers is also needed in the application process.
Fourth Step: Submitting the Documents Online
You’ll submit the necessary documents to the SEF portal when you’ve prepared them. You may consider assigning a lawyer at this step.
What You Need To Do Now
If you don’t want to be subject to the new amendments, you’ll need to hurry. Note that the investment fund option will take less time. The reason is that this option is less complex and you don’t spend time visiting properties, for example.
Appointing a lawyer in Portugal will also save you time. In this way, you can fulfill other requirements in your home country.