Interesting changes to the ARI/Golden Visa regime have been introduced by Law No. 63/2015 effective from the 1st of July. In practical terms, the Law has broadened the concept of investment activity.
The investor may now opt for one of the following investments alternatives:
- An amount equal to or higher than € 350,000.00 for the acquisition of real estate whose construction has been completed for at least 30 years or for developing urban rehabilitation works;
- Capital transfer in an amount of € 350,000.00 or more in scientific investigation activities,
- Capital transfer in an amount equal to or higher than € 250,00 applied in arts projects or in the recovery or maintenance of national cultural or heritage estate in Portugal;
- An amount equal to or higher than € 500, 000.00 for the acquisition of investment funds or venture capital for the capitalization of SME’s.
Investors in less populated regions of Portugal (basically in Portuguese inland or in interior regions as opposed to the most densely populated areas of the sea costs) can expect a reduction of 20% of the minimum amount of investment required to obtain an ARI/Golden Visa.
Nonetheless, the investors may continue to invest on:
- Capital transfer in an amount equal to, or higher than € 1.000.000,00, including any sorts of capital investments, such as in the share capital of companies or any other securities or financial investments; or
- Creation of at least 10 job positions, which is deemed fulfilled when there is proof of the register of all workers at the Portuguese Social Security system; or
- Acquisition of real estate properties with a minimum value of € 500.000.00, in-clouding the following situations:
- Purchases of several real estate properties as long as the joint value is equal to, or higher than € 500.000,00;
- Purchases made in a joint ownership regime as long as each of the co-owners invested at least € 500.000,00;
- Signing of promissory-contracts where a non-refundable deposit has been paid for € 500.000,00 or more, provided the final deeds are exhibited be-fore renewing the residence permit.
Once the property is purchased the applicant is free to encumber or mortgage it above € 500.000,00 and, without restrictions, lease it or in any way commercially manage the property.
The time periods for the administrative decisions on applications for residence permits and their renewals were also changed.