Is Portugal Golden Visa Ending?
Given that the system of obtaining a residence permit by investing money in the country is in one of the top most common among wealthy foreigners, however, it can be ended. It became known from a government statement focused on Portugal golden visa changes. Authorities have claimed that they will thoroughly review its completion.
It makes it possible to become a legal owner of a residence permit for foreigners for investment. The amount of the fee varies. As a rule, paying 350,000 euros to institutions that make collective investments is necessary. This option gives not only a portuguese passport but also a significant profit.
The authorities have stood up to continue the policy of attracting depositors to this country. The technology sector is particularly interested in this. Therefore, we can say that the Portugal Golden Visa will not be discontinued, and it will not end in 2023. It opens the way to the fact that there will be a permit to stay in the country after specific types of investments, including the purchase of expensive houses, villas, or apartments.
Benefits of the program
There are many attractive aspects of life in Portugal. There is a mild climate, no drastic fluctuations in temperature, a wide range of entertainment, luxurious recreation, quality education, and the opportunity to make good money. In addition, this country offers a huge choice of ways to obtain a residence permit through a capital placement to make a profit. This way is excellent, and these are the reasons for that:
- no taxes;
- economy;
- diversification of risks;
- security;
- no additional costs.
The Portugal golden visa ending became known not so long ago, but according to Zlata Erlach, a representative of the Immigrant Invest agency, there is no need to worry about it. Nobody should have to feel nervous about it.
What exactly do the changes concern?
This investing program is excellent for those who want to get a residence permit and become the owner of an official identity document. Investing in the funds will help you save on various fees and maintenance of the house or apartment. This option is preferred by those who are not planning to be engaged in the management and resale of the acquired object, to understand the workings of financial markets, as well as to diversify income and minimize their losses.
The changes which concern the golden visa were developed to stimulate investment into the interior regions of the country. This was also done to reduce the pressure of metropolitan areas and to encourage foreign material investment. The results of the changes are the following:
- the lack of opportunities to purchase residential property in popular areas, including Porto, Algarve, Lisbon, and Setabul;
- it is allowed to invest in residential properties in the interior areas;
- there is an increasing demand for varied investment routes to obtain proof of long-term residence in the territory of the State of a person who is not a citizen.
There are no signs of an end of Portugal residence by investment program. It continues to be popular and successful among foreigners.
What has not changed?
There is an option of investing money, which has not been subject to any changes according to the rules of immigration law. We are talking about investments, whose amount is 250,000 euros in artistic production or national heritage.
In simple terms, when a person makes such a request under the Golden Visa programs, then he would be familiar with the current legislation. It includes the option of extending the status.
What is known at the moment?
Based on the results of significant studies, there is no question about the end of Portugal residency program. The described program is a reliable, profitable way to place capital for those who are citizens of a country outside the EU. Also, it is an excellent choice for people planning to open a business venture and invest in European real estate. What do you get in return? The right to stay for a certain period with the ability to enter the Schengen area without needing a visa. Moreover, according to the procedures of this regime, such options cover not only the person who applies but also his close relatives. Information indicates that the specified program will not be closed for at least another 12 months.
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