Prime Legal will promote a Business Brunch on October 27 at 11 a.m. at Monsantos Open Air, where it will be discussed the recent amendments to the tax, real estate and immigration law, as well as the future of the immigration sector in Portugal and the impact in the international investment in our country.
All the ideas and contributions for this discussion are welcome and if you have new options and projects to present to the market feel free to join us.
Taking into consideration that from October 7th, 2023, new applications for the granting of Golden Visas related to real estate investments are no longer accepted, this issue will be one of the most discussed topics at this brunch with all the repercussions that it will bring in terms of changing the focus of foreign investment in our country.
Nevertheless, at this moment, we have to take in mind the following:
The program stays in force with 5 options of investment, starting on the €200K, related to job creation, collective investments (VC Funds), corporate Investment, cultural support, scientific and technological research. The regulation to this new law is not yet ready so some clarifications will be known in the upcoming weeks/months.
The possibility of renewing ongoing processes, based on investments now extinct, is safeguarded, both for investors and their family members as well as it is safeguarded the accessing of Permanent Residence Authorization and Portuguese citizenship through the Golden Visa, under the terms currently in force.
The renewal of Golden Visa processes will be converted into a Residence Permit for Immigrant Entrepreneurs, but its holders will only have to comply with the minimum period of stay of 7 days, consecutive or interpolated, in the 1st year and 14 days, consecutively or interpolated, in subsequent periods of 2 years.
Regarding the pending Golden Visa processes, grant and renewal requests already submitted and awaiting a decision from SEF on the date of entry into force of the aforementioned law remain valid, but will also be converted into Authorizations of Residence for Immigrant Entrepreneurs, but its holders will only have to comply with the minimum period of stay of 7 days, consecutive or interpolated, in the 1st year and 14 days, consecutive or interpolated, in subsequent 2-year periods.
For the purposes of the aforementioned Residence Permits for Entrepreneurs, the competent entities must verify the suitability of the investment for the respective entrepreneurial project.
Therefore, only the following types of investment are now eligible for golden visa purposes:
a) Creation of at least 10 jobs;
b) Transfer of capital in an amount equal to or greater than €500,000.00 which is applied to research activities carried out by public or private scientific research institutions, integrated into the national scientific and technological system;
c) Transfer of capital in an amount equal to or greater than €250,000.00 which is applied to investment or support for artistic production, recovery or maintenance of national cultural heritage, through central and peripheral direct administration services, public institutes, entities that make up the public business sector, public foundations, private foundations with public utility status, intermunicipal entities, entities that are part of the local business sector, municipal associative entities and public cultural associations, which carry out tasks in the area of artistic production, recovery or maintenance of national cultural heritage;
d) Transfer of capital in an amount equal to or greater than €500,000.00 intended for the acquisition of parts of non-real estate collective investment entities, which are constituted under Portuguese legislation, whose maturity, at the time of investment, is at least 5 years and at least 60% of the value of the investments is made in commercial companies based in Portugal;
e) Transfer of capital in an amount equal to or greater than €500,000.00 intended for the establishment of a commercial company with headquarters in Portugal, combined with the creation of 5 permanent jobs, or to reinforce the share capital of a commercial company with headquarters in Portugal, already constituted, with the creation of at least 5 permanent jobs or maintenance of at least 10 jobs, with a minimum of 5 permanent ones, and for a minimum period of 3 years.
Contrary to what was announced initially, the idea of completely extinguish the Residence Permit for Activity Investment (Golden Visa) was discarded.
The Golden Visa program is still in force and so the non-EU citizens can work and live in the country with their family members and even apply for citizenship after 5 years of legal residence in Portugal.
In this business brunch, we will cover these topics in more detail and all others related to them.
by Maria Margarida Torres