A golden visa is an immigration program that allows wealthy individuals to obtain a residence permit in another country by purchasing a property or making a high investment.
What is the Golden Visa Program in Portugal?
The Golden Visa (also known as the Golden Resident Permit Program – GRPP) has been a popular option for non-EU citizens who wish to settle in Portugal for years. It allows non-EU citizens and their families to live in Portugal and travel freely throughout much of Europe.
The Golden Visa brought some advantages: traveling throughout the Schengen area, the possibility of applying for Portuguese citizenship after 5 years, including family members, and some other benefits.
However, after the presentation of a package of measures by the Portuguese government on February 16, 2023, the Golden Visa Program will soon come to an end.
What is included in the Portuguese government’s package of measures? In the package of measures, the Portuguese government announced that the Golden Visa Program will be terminated. This announcement was made in connection with several other measures to combat the current housing crisis and speculation in the real estate market. However, it remains unclear what specific conditions and exceptions will be put in place.
Although no specific timetable has been set, transitional provisions will be introduced for applications and investments that have already been made.
Important: These changes do not affect the NHR Program (Non-Habitual Residence Program).
The government’s plans are currently under public discussion. The Council of Ministers will meet again on March 16, 2023, to present its final version of the package of measures.
The draft law will then follow the traditional route of general voting and be discussed and adjusted in several stages. Only after all procedures are completed can the draft law be forwarded for publication and thus take effect. As each area has different deadlines, various measures of the law may take effect at different times. Many questions remain unanswered, but it is certain that the Golden Visa Program will no longer exist in its current form.
What are the alternatives to the Portuguese Golden Visa?
The Golden Visa is only one of several residence permits in Portugal. Depending on your plans, other residence permits such as the D7 visa may make sense.
The alternative to Portugal’s Golden Visa: Malta’s Golden Visa
Malta also offers a Golden Visa for residences through investment and citizenship. Applicants can enter the Golden Visa Program by investing at least 98,000 euros in a government-approved fund.
The advantage: individuals with the Golden Visa do not have to live in Malta to obtain their visa. After 5 years, such individuals can also apply for citizenship if they meet the naturalization requirements. In addition, individuals with the Golden Visa from Malta can travel visa-free to about 140 countries, retain their current citizenship, or acquire dual citizenship.
There is also the option to apply for a one-year citizenship by investing 750,000 euros in a national development fund approved by the government. You can also obtain a three-year citizenship by investing 600,000 euros in a nationally recognized development fund.
The big advantage of Malta’s Golden Visa Program is also that, unlike the Portuguese visa, the Maltese government does not plan to end the Golden Visa Program.
If you have any questions about the two Golden Visa Programs, our expert team is available to review your case individually. Please briefly describe your concerns, and we will get back to you as soon as possible: https://philippsauerborn.com/en/contact/
