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Golden Visa Changes

24 Jan 2019
Golden Visa Changes
What did changed in the Golden Visa

Regulatory changes to the ´gold´ visa regime, which includes a permanent residence permit for those who maintain investment activity in the country, will enter into force on Monday.

Among the changes included in the regulatory decree is the granting of permanent residence permits to holders of authorization for investment activity.

In other words, a permanent residence permit was created only for holders of ´golden´ visas, which are exempted from the requirement of a minimum stay of two months per year in Portugal, explained José Miguel Albuquerque, associate of PLMJ .

"The regulatory decree exempts [the rule of minimum stay of two months], but is silent" regarding minimum requirements of stay in Portugal, he added.

The first holders of ´gold´ visas are now serving five years, minimum period that allows them to advance to the application for permanent residence permit in Portugal.

According to the lawyer, the law will grant permanent residence permits to holders of ´gold´ visas if they keep the investment in Portugal. That is, they maintain the investment and the "currency of exchange is to exclude the periods of residence," explained José Miguel Albuquerque.

Venture Capital Funds

Another of the amendments to the decree, which regulates the law that entered into force almost one year ago (28 October 2017), respects the investments in units of venture capital funds and companies based in the territory with the creation of job.

For the investor who invests in units of venture capital funds, it is regulated that a "statement issued by the management company of the respective investment fund is necessary, attesting the viability of the capitalization plan, the maturity of at least five years, and the application of at least 60% of the investment in commercial companies based in national territory ", according to the law.

Transfer of capital

The transfer of capital destined to the formation of a company in Portugal is also regulated, with the creation of five permanent jobs, "said the lawyer.
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