Portugal’s Golden Visa program is a popular option for non-EU citizens looking to live, work, and invest in Europe. Before late 2023, you could obtain a Golden Visa by investing in Portuguese real estate.
Getting a Golden Visa through a real estate acquisition is no longer possible. However, you can still apply for a Golden Visa in Portugal through some other investment methods, such as investing €500,000 in one or more Portuguese Private Equity or Venture Capital fund. You can find the details in this article.
If you are still curious to find out what used to be possible, we’ll show you how you could make a qualifying real estate investment for a Golden Visa. From finding the perfect properties that qualify for the program to navigating the legal requirements, here’s some nostalgia.
Former Rules to the Golden Visa in Portugal in a Nutshell
Before the 2023 changes kicked in, the real estate acquisition rules were as follows:
- Buying a residential property was restricted to certain areas. A residential property does not cut it in Lisbon, Porto, or the coastal regions. It needed to be in rural areas.
- You could go nuts on non-residential real estate, anywhere in Portugal, though.
The limitations on where properties can be purchased may be more difficult to comprehend. This is why before you delve into the realm of Portugal Golden Visa, you’d better learn what low-density and high-density mean. Becoming familiar with interior and non-interior regions will be helpful too.
Depending on the “Density” of the regions they are investing in, the minimum amount of money you’ll be investing to apply for a Portugal Golden Visa differs. “Low-density” refers to a region with fewer than 100 people per square kilometer or a GDP per capita that is less than 75% of the national average.
Interior/non-interior areas define the type of property that qualifies for Golden Visa. You can invest in either residential or non-residential property in “interior areas.” Non-residential properties, such as commercial properties, offices, or hotels, are the only non-residential properties available in “non-interior.”
Real Estate Investments That Qualified for a Golden Visa in Portugal
You could qualify in one of the below methods:
Residential Real Estate
If you’re looking to buy residential real estate in Portugal to qualify for Portugal Golden Visa, you could still do so before late 2023. However, your options were limited to the “interior locations” of the country.
If the property was a part of an urban rehabilitation project, the investment amount would drop to €350,000. Another 20% discount was available too if the property was in a designated low-density area.
Commercial Real Estate
If you were looking for commercial real estate to qualify for a Golden Visa in Portugal, your options weren’t limited to certain places. You could buy commercial real estate for €500,000 anywhere in the country and qualify for Golden Visa.
If this commercial property was a part of an urban rehabilitation project, the investment amount falls to €350,000. A 20% discount was available too if the property is in a designated low-density area.
Commercial and Residential Real Estate
Were you looking for both commercial and residential real estate? Then look no further than Madeira Island or the Azores, where you could qualify for a Portugal Golden Visa both through commercial and residential real estate acquisition.
The investment amount was €500,000. If the property you’re interested in were a part of a rehabilitation project, the amount drops to €350,000. As these locations aren’t listed as low-density areas, no further discount were available.
Property Acquisition in Lisbon, Porto, or the Algarve
Lisbon, Porto, and the majority of the Algarve region are classified as “non-interior.”
As a result, investing in residential real estate in these areas would not qualify you for a Portugal Golden Visa. You could, however, invest in commercial real estate in these renowned destinations and still obtain a Portugal Golden Visa. Offices, hotels, and licensed Airbnb units are popular commercial property sectors that have attracted international investors even before the changes were introduced.
Popular Cities Where You Can Buy Residential Real Estate
Despite the elimination of real estate from the Portugal Golden Visa qualifying investments, it is still a great country to invest in property.
There are several spots where you can find your dream home. A good example is Aljezur, a little coastal city in the Algarve.
It’s a great spot to get away from the crowds but you can easily reach Faro, the region’s capital. A house in the Douro Valley, a popular spot in Northern Portugal, used to also qualify you for a Golden Visa.
