The Portuguese Government, having in consideration the policy of territory cohesion, decided to make some alterations in the legal requirements regarding immigration policies of foreign people in Portugal.
The new legislation: Decreto- Lei nº14/2021 of 12th of February, will review the program of residence permit with investments, so it can be directed to the inland territories of the country, and as well in Madeira and Azores Islands, with the purpose of increasing the number of new jobs, urban rehabilitation, cultural heritage, as well the social and environmental activities of higher value.
Having this in mind, the new legislation will require that all the applicants, should fulfill the follow obligations for January 2022:
- Transfer of capital from € 1,5 million:
- Transfer of capital from €500.000, to be invested in activities of scientific research, developed by private or public enterprises, integrated on the Technological and Scientific Portuguese Board.
- Transfer of capital from €500.000, to be invested in Investment Funds or in Venture Capital Funds, for capitalization of companies, that should be created according to the Portuguese law, and at the moment of the investment, the maturity of the company, be at least 5 years, and with minimum percentage of 60%, of the total amount of the investments, must be held in commercial companies based on Portuguese territory.
- Transfer of capitals from €500.000, for the foundation of a commercial company, with headquarters in Portugal, combined with the implementation of 5 permanent jobs, or, to reenforce the social capital of the commercial company already created and installed in Portugal, that will create or keeping as minimum 5 permanent jobs, within a period of 3 years
The new legislation also approaches the acquisition of real estate, that only allow the applicants to have access to the new regime of residency, if the purchase is in Madeira, Azores Islands, or in, the inland territories of Portugal. Nevertheless, all investments made in TOURISTIC properties (hotels, resorts, serviced apartments opted in with a touristic management…) or SERVICE destination (Commercial properties). In other term if you decide to invest in a hotel development you will still be able to qualify for the lower investment level at 280,000 EUR in the interior and 350,000 EUR in Lisbon, Porto and the Coastal areas.The Legislation: Lei nº 23/2007, 4th of July, with the present version, is extensible to all the applications for residence permit required after the date of entry into force of the present law.In other hand, does not prejudice the renewal of residence permits, or the concession or renewal of residence permit to family reunification, according with the article 98º, of the Lei nº 23/2007, 4th of July, when the residence authorization for investment was granted according with the current law until the date of entry into force of the present legislation.