golden visa portugal - https://www.investgoldenvisa.com/portugal-golden-visa/. The Portuguese government has tightened the rules after initially saying in February 2023 that it would scrap the golden visa scheme, which has been blamed for exacerbating a housing crisis. It had already sought to redirect property investments from big cities to depopulated areas."People are doing it not out of a desire to invest but out of necessity ... to get the golden visas," said Francisco Barata Salgueiro, a senior partner in charge of the foreign investment department at EDGE International Lawyers.
Prime Legal's Lima believes more funds will be created now that real estate is no longer an option - and that some existing funds will reorient themselves away from property - and that donations towards cultural projects will become more popular.
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Although there is no official data yet, three lawyers specialising in golden visas told Reuters they expected funds to soon represent 80-90% of all such investments. But with property closed off, some said less money was likely to make its way to Portugal overall.
Lawyers and advisory firms have long complained the golden visa process is slow and bureaucratic, and some wanted more clarity about the new rules, which bar both direct and indirect real estate investments.
The scheme, which offers wealthy non-EU nationals who invest in Portugal the right to live in the country, has attracted 7.3 billion euros ($8 billion) of funds since its 2012 launch. Most participants are from China, Brazil and the United States.
"We've already had (application) withdrawals because of legislative instability and the lack of certainty," Martins said. "(Others) prefer to invest now and start the process rather than wait for a change a new government might make." ($1 = 0.9111 euros)
Portuguese stock market regulator CMVM, which certifies funds, said it could not provide a list of those eligible for golden visa investments. Lima estimated there were around 40, although some may not still be open for investment.
Contributing at least 250,000 euros to cultural projects or 500,000 euros to scientific research - or generating 10 jobs - can also help secure a golden visa. Applicants must allow criminal records checks and show they have no outstanding debts.
Putting money into investment funds has been an option under the Portuguese scheme since 2015, but is now expected to be its principal channel. Other routes include donating to cultural or research projects.
Jim Davidson, a Pela Terra investor from the United States, said real estate was still an option when he started the golden visa process but that he had been aware of growing negative sentiment toward the scheme. He said Pela Terra was more aligned with his values and ethics.
But Nuri Katz of advisory firm Apex Capital Partners said excluding real estate investments would make Portugal less attractive to investors, who would turn to other countries' golden visa schemes. Neighbouring Spain is among those that still allow property investments.
LISBON, Jan 9 (Reuters) - Buying property in Portugal is no longer a route to a "golden visa" giving residency rights but foreigners who want to secure one can still put their money into investment funds, which now anticipate a boom in inflows.