As the new deadline for the Portuguese Golden Visa deadline approaches, this is a good time to start scouring prime properties. The Covid-19 pandemic pushed back the deadline for visa applications to March 2021, giving investors more time. —
The Golden Visa in Portugal is awaiting prospective applications, and there have also been proposed some changes. For high-density areas like Lisbon and Porto or coastal Algrave, there could be limited applications, while for places like Algarve and other low-density areas, the regular rules will apply. The changes will also not be applicable to fund investment or other investment options, nor will they apply to those who have already applied. In addition, Places like Algarve are more attractive, since they would require low investments in the range of Euros 280-400K.
The Golden Visa program was launched in 2012 and is extremely popular with non-EU investors to become a resident or citizen simply by investing money, such as in real estate properties. The entire process can take five years, and the minimum stay needed is just one year. The new resident status would in turn allow visa-free travel to 186 countries.
The APPII (the Portuguese Association of Real Estate Promoters and Investors) has voiced its concerns about the proposed changes and requested a transition period up to 2022. This will give everyone ample time for companies and investors to align their strategies with the new program.
The new changes to Golden Visa will bring more focus to less frequent regions of Portugal. For instance, Algrave holds great potential and has been ranked as the top vacation destination for three consecutive years. For instance, Lagos on West Algrave offers many 2BHK, 3 BHK, or four-bedroom apartments in luxury condominiums.
As it stands, Golden Visa applicants can still apply under the current guidelines until June 30, 2021. From 1st of July 2021, changes will come into place, which will include increases to the current threshold amounts, as well as limited locations for investment. This means that for those looking for property in Portugal, as well as citizenship, now is the time to buy!
Those interested in applying for the Golden Visa and would like expert advice can get in touch with the Ideal Homes International team. Give a call on +351 289 513 434 or send an email on: email@example.com
For more information, please visit: www.idealhomesinternational.com
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