Portugal's golden visa programme has undergone quite some changes in the last year. The scheme previously allowed non-EU nationals to invest upwards of €500,000 in real estate to gain residency permits, but that option was removed in late 2023.
Now, Portugal has said it plans to reintroduce a version of the real estate investment component, but with a twist. Golden visa applicants will only be allowed to invest in affordable housing projects that will provide accommodation for locals and immigrants.
The Portuguese government has yet to release more detailed information about the so-called solidarity golden visa. Here’s what we know so far.
What is the 'Solidarity' Golden Visa?
The ‘solidarity visa’ is Portugal's new investment option within the existing golden visa programme. From what the officials said, it is designed to address the country's lack of affordable housing for locals and the need for adequate accommodation for migrants while providing a path to residency for non-EU foreign investors.
Investment Options
Under this new scheme, golden visa applicants will have two investment options:
1) Affordable Housing for Locals: Investors can contribute to the development of affordable homes that Portuguese residents can purchase or rent at reasonable prices.
2) Accommodation for Migrants: Investments can be directed towards building accommodation facilities for migrants in need or financing projects that promote their integration into society.
Eligibility and Investment Requirements
Although the investment amount for the new solidarity visa is yet to be specified, government officials say it would be lower than other options. At the moment, the lowest threshold is investing at least €250,000 toward the preservation of cultural heritage.
Complementing the Existing Golden Visa Program
The solidarity visa will complement Portugal's existing golden visa scheme, which has attracted over €7.3 billion in investments since it kicked off in 2012. The current program allows non-EU nationals to secure residency rights by investing at least €500,000 in funds, donating €250,000 or more to cultural or research projects, or generating 8 to 10 full-time employment opportunities.
Addressing Critics and Housing Crisis
Critics of the golden visa program have argued that it has exacerbated Portugal's housing crisis by fueling rising property prices and rents, particularly in major cities like Lisbon and Porto. The solidarity visa will likely address these concerns by directing investments towards affordable housing solutions and accommodating the growing migrant population.
Wrapping Up
The solidarity ‘golden visa’ is still in the planning stages. It helps to get ahead of the pack given that Portugal's golden visa programme has become increasingly popular. To understand how this or any of the changes to the scheme might impact your application, get in touch with us at International Wealth Ventures.