Although the path to Portuguese citizenship through property investment ended in October of 2023, the Golden Visa program remains open and in full flow. 2024 remains a promising year for investors looking to obtain an EU passport without a minimum 6-month stay.
Keep in mind that the only notable difference to the program in 2023 was the removal of property investment.
The Portuguese government has also recently announced that the duration of the application period for the Golden Visa (6-18 months), will now count towards the 5-year qualifying period for citizenship. This will significantly reduce the time it takes to obtain both your passport and the associated rights to reside in the EU.
Portugal Golden Visa Investment Routes for 2024
- Donation to Arts €250,000
- Venture Capital/Private Equity Fund €500,000
- Donation to Research Activities €500,000
- Company Creation 10 employees or €500,000 + 5 employees
According to Holborn Assets, Portuguese venture capital/private equity funds account for the vast majority of new Golden Visa applications, having the largest selection of investment options. This investment route is also the only option that requires no active management from the investor, nor a donation to the government.
The firm continues to maintain a 100% success rate, having completed over 2,000 applications for Portugal’s Golden Visa.
What is the Portugal Golden Visa?
Introduced in 2012, the Portugal Golden Visa is recognized as one of the most attractive options globally. Its primary goal is to encourage foreign investments, benefiting the Portuguese economy. The Portugal Golden Visa remains the only route to an EU passport, without a minimum 6-month stay at its investment level.
However, the program went through significant changes in October 2023, although these have no retroactive effect on existing applications. While real estate purchases have been removed, other investment routes are still available such as donations to arts, venture capital funds, donations to research activities, and company creation.
Is Portugal’s NHR tax regime still available in 2024?
Portugal’s NHR tax regime has now been withdrawn. However, you might still qualify if you started your move to Portugal back in 2023. You are still eligible if you fit into the following Grandfathering rules:
- Promissory employment agreement or promissory secondment agreement (or employment or secondment agreement) signed by 31 December 2023 to perform activities in Portugal or
- Lease agreement or other agreement granting the use or possession of property located in Portugal and concluded before 10 October 2023 or
- Reservation or promissory contract for the acquisition of property located in Portugal concluded before 10 October 2023 or
- Enrolment or registration for dependents at Portuguese educational establishment by 10 October 2023; or
- Residence visa or residence permit valid by 31 December 2023; or
- The procedure, initiated by 31 December 2023, is for granting a residence visa or residence permit with the competent entities in accordance with the current immigration legislation (e.g., visa appointment in 2023).