The Portuguese government, after a long analysis of the investment program, has prepared a bill that does not cancel the Portugal Golden Visa route. But corrects the rules for immigration of applicants for an investment residence permit. Thus, the program will continue to operate, but the options for buying real estate (of any kind) or the capital transfer bank deposit option be excluded.
Here are the investment options of remastered Portugal Golden Visa route:
- Scientific research contribution (EUR 500,000)
- Venture capital/Investment funds (EUR 500,000)
- Cultural heritage/artistic production (EUR 250,000)
- Business investment that creates or maintains at least five jobs
- Creation of at least 10 jobs.
Also, the text of the amendments retains a 20% discount on investments for Portugal Golden Visa in areas with low population density.
It is known that on July 19, 2023, parliamentarians will discuss the amendments and, with a high degree of probability, will introduce them into the final version of the More Housing bill. There is no transition period in the text, which could mean that the law will come into force in early August this year.
The HQA Residence program (Portugal Golden Visa)
However, it is possible to obtain a residence permit in Portugal on other grounds. For example, the HQA Residence program, a residence permit without buying a property, allows investor to temporarily or permanently reside in Portugal and travel around the Schengen countries without visas for 90 days every six months.
The basis for applying to the HQA Residence program is participation in a business incubator or support for universities in Portugal. The total cost of registration on a turnkey basis is €170,000. After obtaining a residence permit by the main applicant, it is possible for dependent family members to join. Spouse, parents, children (unmarried adults are allowed). Although under this program you do not need to buy real estate, you do need a residential address. The status of a residence permit under the program can be maintained for 5 years, subject to the conditions.
Cyprus Fast Track Permanent Residence Permit
There are different options if investor wishes to reside on the South of Europe. To obtain permanent residence status in Cyprus, it is necessary to purchase real estate in the amount of €300,000 and confirm a certain level of annual income.
The Cyprus Fast Track Permanent Residence Permit program is valid for the applicant’s spouse and his unmarried children under 25 years of age. And also, a permanent residence permit in Cyprus can be issued for the parents of the spouses. The status gives the right to reside and open companies in Cyprus and is for investors a kind of pass to the European banking system..
