Within the scope of the legislative authorization provided for in the State Budget of 2020, on December 22, the Council of Ministers approved a decree-law that alters the legal regime for residence permits for investment activities, with the aim of support the promotion of foreign investment in low density regions, namely in urban requalification, in cultural heritage, in activities of high environmental or social value, in productive investment and in job creation.
The new regime, which limits the granting of Golden Visa in the metropolitan areas of Lisbon and Porto, as well as on the coast (including the Algarve), comes into force on July 1, 2021. Implementation will take place in a phased manner, with a transitional period ending in 2022, which will allow applicants for residence permits through real estate investment in the areas under review to continue to benefit from the current regime.
However, during this period, the costs of accessing Golden Visa will be progressively increased and, at the same time, the investment possibilities in the metropolitan areas will be reduced.
In due course, it is reiterated that such changes will not affect renewals of the residence permit for investment activity already granted or the respective concessions or renewals of residence for family reunification.