Through Decree-Law No. 14/2021, of 12 February, the Portuguese Government has amended the legal framework applicable to residence permits for investment activity (“Golden Visa”), provided for in Article 90-A of Law No. 23/2007, of 4 July (Foreigners Law).

The changes now made public constitute a very deep limitation to this foreign investment attraction program, in force since October 8, 2012, particularly in real estate investment activities. Unlike to what was provided for in the legislative authorisation in the 2020 State Budget, approved by the Portuguese Parliament in February 2020 and that preceded this decree-law, it is not foreseen a favouring of investment in the inland areas of Portugal, since the investment conditions in these territories are also made stricter.

As of January 1, 2022, it will only be possible to obtain a Golden Visa based on real estate for residential purposes if this investment is carried out in the so-called Inland Territories of mainland Portugal and in the Azores and Madeira regions.

The measures now approved, which will enter into force on January 1, 2022, will only apply to Golden Visa applications submitted after this date. As such, it will not affect the Golden Visa renewal applications granted under the current regime, neither the granting nor renewal of residence permits for family reunification when the investor’s Golden Visa has been granted under the current regime.

André Miranda | Joana Ferreira Reis