The restriction on the granting of Golden Visa to property investments in municipalities in the interior or autonomous regions of the Azores and Madeira was approved this Tuesday, in the Portuguese Parliament, according to ECO News.
Portugal is well known for its favourable climate and living environment. Golden Visa has also become the most popular way to immigrate to Portugal and to gain access in travelling throughout the Schengen area of Europe. Since 2012, a total of 8,207 residence permits have been granted, with a total investment of almost 5 billion euros. Of the total number of visas, 94% were obtained through the purchase of real estate. Obviously, immigrating to Portugal through property purchase is more favored by investor preferences. Lisbon and Porto, as two major urban centers, have always been the first choice for Golden Visa applicants. This has led to a sharp rise in house prices in Lisbon and Porto since 2014, putting tremendous pressure on the real estate market.
The measure aims “to promote investment in low-density regions as well as investment in urban regeneration, cultural heritage, activities of high environmental or social value, productive investment and job creation”. “With this measure, we seek to remove the pressure [on the real estate market] that exists in the metropolitan areas [of Lisbon and Porto]. This measure of ours will contribute to greater territorial cohesion,” said Ana Catarina Mendes, leader of the Socialists’ group.
However, under the current regime, this proposal may not affect the renewal of the residence permit granted, nor the issuance and renewal of the investment residence permit applied for family reunification as required by law.
In addition to real estate investment, foreigners can also obtain visas through investments in businesses (thus creating jobs) or investment funds, culture, art or science. For example, investors can create jobs by setting up companies in the metropolitan areas of Lisbon and Porto or in the country's coastal cities. However, among those investments, funds is the most favorable option for its convenience that clients need not actually spend much energy in the application process.
Immigration to Portugal through property purchase is popular for obvious reasons. The application for Golden Visa has minimum barrier with no specific language, education, and funding requirements. Applicants and their family members will be granted with a long-term visa, and a path to Portugal PR within 5 years and citizenship within 7 years, only 7 days of residence per year. GLOBEVISA gives clients the freedom in selecting any available real-estate projects in the market at the lowest price without inheritance tax, and the rental income can be obtained while maintaining the value. Immigrate with GLOBEVISA is your best choice.
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