The deadline was postponed back in June, 2020, with the current COVID-19 pandemic however, it looks like this may not be the case for much longer.
The proposed changes won’t hinder Portugal’s Golden Visa Program but it will limit international investors buying a property in thriving urban cities such as Lisbon and Porto.
For investors wanting to buy property in the Algarve or other ‘low density’ areas, there is nothing to worry about and applying for residency in Portugal should be business as normal.
Exclusively focusing on the acquisition of real estate for either 500,000€ or 350,000€, the changes that have been proposed will not apply to the fund investment option or other investment options of the Golden Visa requirements.
Anyone who has already applied for the Golden Visa will not be impacted, more so it will only impact anyone wanting to purchase property in Portugal next year.
Recognised as one of the most popular and in demand residency by investment schemes in Europe, Portugal’s Golden Visa has seen foreign investors, and their families, from all over the world obtain Portuguese residency simply by buying a property.
The Algarve in particular is becoming more popular for the residency by investment scheme as the minimum requirements are lower due to it being considered a low density location.
So rather than forking out 500,000€ or 350,000€, investors can gain residency by buying a property in the Algarve for as little as 400,000€ or 280,000€.
For more information or to see properties that are qualified for the Golden Visa, speak to the experts over at Ideal Homes International. They have already successfully helped expats, primarily from the USA, get their new residency.