Portuguese ‘golden visa’ rules relaxed
The Portuguese government is making it easier for overseas property investors to gain residency.The government has simplified its Golden Residency Permit Programme, known as the ‘golden visa’ to make it more attractive to foreign investors, says leading Anglo-Portuguese law firm, Neville de Rougemont.
The original scheme allowed golden visas to be granted to those conducting capital transfers of at least one million euros, creating 30 jobs or buying real estate worth at least 500,000 euros.
Now, the following amendments have been made, it has just been announced:
1) Possibility of co-ownership, with each co-owner making an investment of at least ? 500,000
2) Promissory Contracts of Purchase and Sale are now acceptable for the initial investor residency application, if a deposit of at least 500,000 euros is paid. In this event, the actual purchase of the property needs to be effected until the time of the first renewal of the residency permit.
3) Opportunity to finance the purchase of property over 500,000 euros
4) It has been clarified that the properties acquired can be freely rented and let for commercial, agricultural and tourism purposes
There have also been changes in categories of qualifying investments. Capital Transfer funds can now be used to invest in all types of companies and the job creation category has been reduced by one third, from 30 to 10 jobs.
Periods of mandatory stay in Portugal for the investors have also been eased and now stand at seven days for the first year and 14 days for subsequent periods of two years.
“These changes have addressed several of the concerns that had been raised over the last few months and will contribute towards making this programme even more appealing to international investors,” Neville de Rougemont explains.
Late last year, the government announced that Golden Visas could be granted to residents of countries that had signed the Schengen treaty.
http://www.opp-connect.com/index.php?option=com_postwebsites&view=postnews&id=770