Are you looking to acquire European citizenship through ancestry or citizenship by investment? If so, it’s essential to stay informed about the latest developments in various countries’ citizenship programs. One such recent update comes from Portugal, where significant changes to the Golden Visa program have been approved by the parliament. As an aspiring European citizen, understanding these changes is crucial for your journey towards obtaining Portuguese citizenship.
Portugal’s golden visa program has long been popular among investors seeking residency in the country and, eventually, a path to citizenship. Until now, applicants could acquire residence permits by investing in Portuguese real estate or transferring at least EUR 1.5 million into a Portuguese bank account. However, the recent bill passed by the parliament will put an end to these specific investment pathways. Fear not, though, as other golden visa options will still be available.
The approved changes will still permit investors to renew existing residence permits. Additionally, the following investment pathways will remain viable:
- Creation of at least 10 jobs
- Scientific research contribution (EUR 500,000)
- Cultural heritage/artistic production (EUR 250,000)
- Venture capital/Investment funds (EUR 500,000)
- Business investment that creates or maintains at least five jobs
These proposed amendments are expected to become law, as the governing Socialist Party holds an absolute majority in the Parliament. The amendments also include the retention of the 20% discount for investments in low-density territories.
It’s worth noting that the proposal has undergone a series of discussions and will be voted on July 19th. While it may seem that some elements of the proposal were hastily put together, experts believe that the new law could take effect as early as August, without any stipulated transition period.
For those considering Portugal’s Golden Visa program as a path to European citizenship, this update holds significant implications. The termination of real estate investments and the bank transfer option under the Golden Visa program may prompt potential investors to explore other avenues to acquire Portuguese citizenship.
How Does EuroPassport Help?
If you’re interested in learning more about how you can acquire your Portuguese citizenship, we invite you to browse our website. Our comprehensive resources and expert guidance can pave the way for your journey towards becoming a Portuguese citizen. Contact EuroPassport today to get started on your path to European citizenship.