15 February 2016

Golden Visa in Portugal. Investment requirements

The Law 63/2015, in force since 1 July 2015, introduced changes to the “residence rules” and authorizations for the investment activity. It proceeds to the third modification to the Law 23/2007 of 4 July, approving the legal regime offoreign citizens entering, staying in and leaving Portugal and on their removal from the country.

Therefore, it was considered necessary to proceed to the regulation, amending the Decree 84/2007 of 5 November. In this sense, it was published in last 2 September, the Implementing Decree 15-A/2015.

Minimum Quantitative Requirements concerning investment activities

The main aspect of diploma to highlight consists in amendment of a new article 65.º to the Implementing Decree 84/2007, which defines the minimum quantitative requirements concerning investment activity.

For the purposes of residence authorizations to investment activities, it was considered minimum quantitative requirements to check, at least, one of the following situations in national territory:

a)Transfer of capital of at least EUR 1.000.000;

b)Creation of at least 10 Jobs;

c)Acquisition of real estate with a value of ate least EUR 500.000;

d)Acquisition of real estate with construction completed at least 30 years ago or located in an urban rehabilitation area, with execution of rehabilitation works;

e)Transfer of capital of at least EUR 350.000, invested in research carried out by public or private scientific research institutions that are part of the national scientific and technological system;

f)Transfer capital of least EUR 250.000, as investment or support for artistic production, or recovery or maintenance of national cultural heritage;

g)Transfer capital of at least EUR 500.000, destined to acquire units in investment or venture capital funds aimed at providing capital to small and medium-sized companies that meet certain requirements.

In the cases referred in points b) to f), the minimum quantitative requirement of investment activities can be lower in 20%, when the activities are carried out in “Areas of Low Population Density”. For this purpose, it was considered “Areas of Low Population Density” the level III of Nomenclatures of Territorial Units for Statistical Purposes (NUTS III) with less 100 inhabitants per km2 or a gross domestic product lower than 75% of the national average.

The minimum quantitative requirement can be realized individually or through of one private limited company with head offices in Portugal or in one EU Member State, and with permanent establishment in Portugal and shall be filled at the moment of the presentation of residence authorization's application.

It is required a temporal minimum requirement of 5 years to the maintenance of investment activities, counted from the date of residence authorization's concession.

Thus, the addition of these new investments activities (seven instead the previous three) enable foreign citizens to qualify for an investment residence permit, known as a Gold Visa.

Regina Sa. Auren Portugal

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