Investment in venture capital funds will qualify a person for a golden visa in Portugal, under new legislation that stops the issuance of special residence permits for direct investment in real estate.
Foreign citizens who invest more than 500,000 euros in venture capital funds aimed at capitalising companies will be able to maintain the benefit of residence permits, commonly known as golden visas, according to Jornal de Negócios.
The same will apply to anyone who creates at least ten jobs or invests more than 500 thousand euros to create or reinforce the share capital of a commercial company that generates at least five jobs or ensures the maintenance of at least ten.
End of Portugal ‘Golden Visas’ leads to application rush in Hong Kong
Investment raised through ‘golden visas’ in Portugal last year rose to EUR 654.2 million, an increase of 41.9 percent compared to the previous year.
According to data from the Foreigners and Borders Service (SEF), in 2022, 1,281 Residence Permits for Investment (ARI), also known as golden visas, were granted.
In terms of the acquisition of real estate, visas granted so far total 10,593 and an investment of EUR 6,041 million, of which €534.1 million corresponds to the purchase of real estate for urban rehabilitation (1,485 ARI).
Real estate investment in Portugal increases by 39% in 2022 to EUR 3 billion
With regard to the capital transfer criterion, 920 capital transfers have been granted to date, amounting to EUR 712 million. The criterion for creating jobs totals the attribution of 22 golden visas.
By nationalities, China leads (5,247), followed by Brazil (1,168), Turkey (546), the United States (537), and South Africa (507).
Since the beginning of the program, 18,808 residence permits have been granted to reunited family members.
