It was with the express objective of developing a housing policy that would “favor the promotion of investment in the interior territories, as well as investment in urban re-qualification, in cultural heritage, in activities of high environmental or social value, in productive and in job creation ”, which the Government recently approved Decree-Law No. 14/2021, of 12 February, thus revising the legal regime for residence authorization for investment activity (Golden Visa), effective since 2012 and provided for in article 90-A of Law No. 23/2007, of 4 July.

From the analysis of this review, the two major points of intervention are clear; the geographical limitation of investments in real estate assets for housing and the increase in the minimum amounts of eligible investment activities.

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In the scope of investment in real estate assets, the amount of the investment remains unchanged, setting the option to purchase in a minimum of € 500,000.00 or to purchase and rehabilitate in a minimum of € 350,000.00.

The great novelty of this new regime appears in the hypothesis of real estate investment for housing, which is, therefore, conditioned to properties located in the Autonomous Regions of the Azores and Madeira or in the interior territories, duly identified in Ordinance No. 208/2017, of 13 July.

This geographic limitation will not apply to the cases in which the property is intended for services, commerce, tourism, etc. In other words, for non-housing purposes, real estate investment in any region of the country will continue to be possible.


  • Capital transfers – from € 1,000,000.00 to an amount equal to or greater than € 1,500,000.00;
  • Capital transfer for the acquisition of investment fund units or venture capital fund dedicated to the capitalization of companies, which are constituted under Portuguese legislation, whose maturity, at the time of investment, is at least five years and at least 60% of the value of the investments is made in commercial companies based in national territory – from € 350,000.00 for an amount equal to or greater than € 500,000.00;
  • Capital transfer for application in research activities carried out by public or private scientific research institutions, integrated into the national scientific and technological system – from € 350,000.00 to an amount equal to or greater than € 500,000.00;
  • Capital transfer for the constitution of a commercial company with headquarters in national territory, combined with the creation of five permanent jobs, or for increasing the social capital of a commercial company with headquarters in the existing national territory, with the creation or maintenance of permanent job positions, with a minimum of five permanent jobs, and for a minimum period of three years – from € 350,000.00 for an amount equal to or greater than € 500,000.00.


The changes now known and published take effect on January 1, 2022.

Thus, the last Golden Visa applications to be processed under the current regime will be those submitted until December 31, 2021.

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