Portugal’s new government just released its Action Plan for Migration on June 3, 2024, which lays out 41 measures including urgent action on improving the immigration agency AIMA and ending a system that allowed immigrants to enter Portugal on a tourist visa, find a job, and then be considered legal residents after paying social security for 12 months. Marcelo Rebelo de Sousa, the President of the Republic, enacted the change to the immigration law shortly after.
One of the most important changes for individuals interested in obtaining residency in Portugal by investment is Measure 32, which intends to create a new Solidarity Investment Option. Currently, the immigration category, more commonly known as the Golden Visa, is officially called Residence Permits for Investments (ARI). However, the new Portuguese government wants to widen the scope of this investment category to include Residence Permits for Social Investment, described as investments made in “reception facilities and infrastructure, and integration and support projects for immigrants in vulnerable situations.”
Measure 32 will also allow for a possible system of intermediation and accreditation of social investment through the Fund for Asylum, Migration and Integration (FAMI). This extension of the ARI is in addition to that planned in a program known as “Construir Portugal” (“Build Portugal”) for investment in affordable income or controlled cost housing.
Under Measure 32, the new Portuguese government would also apply the Social Impact Bonds model to the area of migration to increase opportunities for integration into the labor market and working conditions. The Portuguese investment would then share the development of responses with investors and with the philanthropy sector.
No details have been released yet regarding the amount of contribution required for this new Solidarity Investment Option. Whether you call it a new Golden Visa or not, investors with enough funds will still be able to obtain residency in Portugal through this method by paying for it rather than working directly in the country or spending significant time there. At least, there is now a way for investors to directly invest in helping migrants and vulnerable immigrants integrate into Portugal.
Considering Portugal’s Golden Visa Program? Everything you need to know + how to qualify with 325,000 EUR
If you’re interested in finding out the latest details about the Golden Visa program and want to take advantage of the new opportunities. Signup for a live Q&A webinar with an expert from Holborn Assets that will answer all your questions. The event is scheduled for August 13 at 6 PM Lisbon Time (2 PM EST). The live webinar will cover the following:
- Golden Visa basics, how to qualify, who can be included
- New Investment Criteria for 2024
- Golden Visa timeline and process
- How to qualify with just 325,000 EUR – this exclusive offer includes investment loan financing to bridge the gap to reach the 500k minimum investment
- What tax breaks are available?
- Live Q&A for all questions
*If you cannot attend the seminar or would prefer one-on-one, book a call here.
