Following the legislative authorization granted to the Government in the 2020 State Budget, Decree-Law no. 14/2021, of 12 February (hereinafter referred to as "Decree") was published in the Official Gazette, reviewing the Investment Residence Permit - ARI ("Golden Visa") regime.
The Decree made the eighth amendment to Law no. 23/2007, of 4 July, which approved the legal regime for the entry, stay, exit and removal of foreigners from the national territory.
It should be noted that the Decree will come into force on 1 January of 2022, and the following changes will apply to applications filed after this date:
I. Minimum Investment Amounts
The minimum amounts for some investments have been increased as follows:
- Capital transfer – from EUR 1.000.000,00 to EUR 1.500.000,00;
- Capital transfers to Portugal for application in research activities – from EUR 350.000,00 to EUR 500.000,00;
- Capital transfer for the incorporation of a commercial company, combined with the creation of five permanent jobs– from EUR 350.000,00 to EUR 500.000,00;
- Transfer of capital, for the acquisition of participation units in investment funds or venture capital funds focused on the capitalization of small and medium-sized companies – from EUR 350.000,00 to EUR 500.000,00.
II. Real Estate Investment
Only real estate investments for housing purposes will now be eligible for the Golden Visa, limited to inland territories1 and the Autonomous Regions of the Azores and Madeira.
III. Acquired Rights
The changes introduced by the Decree should be without prejudice to:
- The possibility of renewing investment residence permits granted under the current legal regime.
- The possibility of granting or renewing residence permits for family reunification when the investment residence permit has been granted under the current legal regime.
IV. Aplication over Time
The Decree applies to all applications for investment residency permits filed after the Decree's effective date, which, as stated above, is 1 January of 2022.
António Vicente Marques – Sociedade de Advogados, RL.
Lisbon, February of 2021
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1 Listed in the annex of Ordinance no. 208/2017, of 13 of July.