Read about the proposed changes for January 2022!
FARO, PORTUGAL , July 13, 2021 /EINPresswire.com/ -- Portugal is an amazing place to live and since 2012, there has been a new way to gain citizenship to the country through a minimum investment, the Portugal Golden Visa.
This method has been extremely popular with expats, as it allows families to relocate to Portugal with ease, with lenient benefits providing exciting future incentives that can secure your future.
Ideal Homes Portugal have seen many people who are looking at a property for sale in Portugal are doing so in order to obtain the Golden Visa especially with Brexit. Many UK residents have taken notice as, to qualify, you must be non-EU and non-Swiss.
However, the rules are changing at the end of this year, with several high-profile areas – including Lisbon, Porto and much of the coastal regions in the Algarve – being impacted from January 1st, 2022.
The proposed changes will see investment being channeled to the interior, low-density areas of Portugal.
What is the Portugal Golden Visa?
The Portuguese Golden Visa allows people to apply for permanent residency and citizenship after 5 years through investing in real estate, without having to reside in the country at any point. It’s such an attractive option due to its relaxed regulations, as the applicant and their family only have to visit for two weeks every year to renew the Visa.
This means that you can be granted citizenship without actually living in the country, which is different to many other countries worldwide. Once you have a second passport through being a citizen of Portugal, you can live, work and study anywhere in the EU, also making it an attractive proposition.
In order to obtain Portugal’s Golden Visa, there are some requirements that must be met to ensure a successful application. Some of these include:
No previous convictions on a criminal record.
Be at least 18 years old.
A non-EU or non-Swiss citizen.
Invest a minimum of €350,000 (€500,000 in real estate)
Once the application is successful, investors will be granted a Golden Visa for two years. In order to renew the Visa for the next three years, thus completing the required period, they have to visit Portugal for 14 days each year.
What are the changes for January 2022?
In the Algarve, investment in areas such as Alcoutim, Aljezur, Castro Marim, Monchique and Vila do Bispo, the Loulé parishes of Alte, Ameixial, Salir, the Union of Parishes of Querença, Tôr and Benafim, the parish of São Marcos da Serra in the borough of Silves, and the parishes of Cachopo and Santa Catarina da Fontes do Bispo in the municipality of Tavira, will still be permitted after January 1st, 2022.
There is also the option of purchasing properties in touristic developments throughout the Algarve, offering you the unique opportunity to own a hands-off, turnkey investment property that will generate you rental income throughout the Golden Visa process.
This gives investors lots of different options in the Algarve and may force many to look at hidden gems in new areas instead of the obvious seaside locations.
Source: Ideal Homes International / July 13, 2021