Portugal has introduced a sweeping change to the renewal for its Golden Visa programme. The initial residence permit cards are now valid for three years, up from the previous two-year period. This update smoothens the process for investors after Portuguese residency and, ultimately, citizenship.
What's changed?
The Portuguese government has extended the validity of initial Golden Visa residence permits from two to three years. It applies to all new applicants no matter the investment option.
Why this matters to investors
This extension offers a host of benefits to Golden Visa investors. By reducing the number of renewals required, the administrative burden on investors has been lightened almost twofold.
Fewer renewal applications translate to less paperwork, fewer appointments with immigration authorities, and potentially substantial cost savings on renewal fees. Moreover, this streamlined process could pave the way for a faster route to citizenship.
The new timeline
Under the new system, the journey to Portuguese citizenship through the Golden Visa programme looks markedly different.
Let's consider an investor who receives initial approval in October 2024. They would receive a 3-year residence permit valid until October 2027. At this point, they would apply for their first renewal, receiving a second 3-year permit. Come October 2029, they would be eligible to apply for citizenship, having met the 5-year residency requirement.
This new timeline pulls away from the old system, which would’ve required initial 2-year permits and renewals in 2026, 2028, and 2029 before citizenship eligibility in 2030.
Even with the change, the minimum stay requirements remain unchanged:
7 days per year for the first year
14 days for the subsequent 2-year periods
Comparison with other Golden Visa programmes
Portugal's move sets it apart from other popular European schemes. While Spain continues to operate with 2-year initial permits, Greece has recently increased its investment thresholds.
Malta, on the other hand, operates on a different model with stricter residency requirements. Portugal's extension of the initial permit validity period positions its Golden Visa programme as one of the most attractive in Europe, offering a balance of accessibility and long-term benefits.
What's next for the Portugal Golden Visa?
While this change is undoubtedly positive for investors, the future of the programme remains a topic of discussion. Recent debates in the Portuguese Parliament have raised questions about potential further modifications or restrictions to the scheme. For now, it’s better than ever.
How we can help
Navigating the complexities of Golden Visa programmes can be challenging, especially in light of recent changes. International Wealth Ventures can provide you with expert guidance every step of the way.