The Residency by Investment Authorisations (ARI), commonly known as Golden Visas, will no longer be available for property purchases, real estate rehabilitation, and related aspects such as investment funds or purchasing units in funds. See what’s new for Portugal Golden Visa Program 2024.
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In recent years, Portugal’s Golden Visa program, officially called Autorizações de Residência por Investimento (ARI), has been a popular choice for investors seeking residency in this beautiful European country. It allowed individuals to obtain residency permits by making various qualifying investments, most notably in real estate. However, in light of recent changes in legislation, the landscape of this program has been reshaped significantly. Consequently, it has become essential for both current and prospective participants to stay informed. So let’s see what Portugal Golden Visa program 2024 brings!
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The End of Real Estate-Related Investments
One significant change is the termination of ARI for real estate transactions. This means that investors can no longer acquire residency by purchasing property or engaging in real estate rehabilitation projects. Furthermore, the new regulations encompass all aspects related to real estate investments, including participation in investment funds or buying units within these funds.
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A Shift Towards Economic, Cultural, and Scientific Investments
Despite the end of ARI for real estate, Portugal remains committed to attracting foreign investment. The government has introduced a novel regime centered on investments of an economic, cultural, or scientific nature. While this new program bears some similarities to its predecessor, it completely severs ties with real estate. Investors can now explore alternative avenues for obtaining residency, including investing in businesses, contributing to cultural initiatives, or supporting scientific research.
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What About Existing Golden Visas?
It’s important to note that the implementation of the new law will not affect the possibility of renewing Golden Visas that have already been granted. If you currently hold a Golden Visa, you can continue to enjoy the benefits it provides.
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Ongoing Applications
For those who have already initiated the application process for a Golden Visa before the new law takes effect, there’s good news: These applications will continue to be processed under the previous rules. So, if you’re in the midst of securing your Golden Visa, the changes won’t derail your plans.
Important note: The implementation of this new law does not affect the renewal of existing Golden Visa or applications currently in progress up to the date of the law’s enactment.
In conclusion, while the Golden Visa program in Portugal is undergoing a significant transformation, the country remains open to foreign investors. The shift away from real estate-related investments toward economic, cultural, and scientific endeavors presents new opportunities for those seeking residency in this welcoming nation. As the law evolves, it’s essential to stay updated on the latest developments to make the most informed investment decisions.
Portugal’s appeal as a destination for investors and expatriates continues to shine bright, offering a vibrant European lifestyle and countless opportunities for growth.
Tavira is still a great city to live 💛
P.S. Curious about Tavira? Get to know more about my favorite city here:
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Isabel Romano | Lemon Tree Homes
Isabel Romano | + 351 933263788 | hello@lemontreehomes.pt
https://www.youtube.com/@isabelromanolemontreehomes
https://lemontreehomes.pt/properties/
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