Through the Residence Permit for Investment Purposes or “Golden Visa” program, Non-EU nationals can obtain a residence permit that grants them a residence visa waiver to enter Portugal and a visa exemption for traveling within the Schengen area, among other benefits. This successful scheme started in 2012 and it has since then offered residence in Portugal through investment to many citizens of countries outside the EU/EEA/Switzerland.
From January 1st 2022, a new law restricts the ‘qualifying’ areas and types of properties for real estate investment within Portugal.
For properties intended for 'habitation' purposes, these must be located in the islands of Azores, Madeira or in inland mainland Portugal, to qualify for the Golden Visa program.
In the Algarve, qualifying properties must be located in the municipalities of Alcoutim, Aljezur, Castro Marim, Monchique, Vila do Bispo and Loulé. However, within Loulé municipality, qualifying properties for the Golden Visa must be located in the parishes of Alte, Ameixial, Salir, Querença/Tôr/Benafim.
The Alcedo Villas are properties intended for ‘habitation’ purposes. Therefore, they qualify for the Golden Visa, as Ombria Resort is located inland, in the parish of Querença/Tôr/Benafim, although only 7km north of Loulé and 20km from the beaches and Faro airport.
For properties intended for ‘services’ purposes, properties can be located anywhere in Portugal, to qualify for the Golden Visa program. These types of properties can be commercial (e.g. offices) or touristic (usually located within resorts or tourist developments). The Viceroy Residences at Ombria Resort and the Oriole Village properties are touristic properties i.e. intended for ‘services’ purposes. Therefore, they also qualify for the Portuguese Golden Visa.
In summary, all the properties at Ombria Resort qualify for the Portuguese Golden Visa.
Regarding the minimum values for real estate investment, there were no changes to the rules. There is still a reduction of 20% on the minimum investment required for properties located in low-density areas. This means that, when purchasing a property located in a low-density area (defined as having less than 100 inhabitants per square km or a per capita GDP of less than 75% of the national average), the minimum investment is €400,000 (instead of €500,000) and if the property is over 30 years old and subject to renovation works, the minimum investment is €280,000 (instead of €350,000).
Ombria Resort is located in a low-density area. In consequence, the minimum value to invest in a property located at Ombria Resort is €400,000.
The Portuguese Golden Visa allows you to live, work and study in Portugal but you are not required to do so i.e. you can continue to live in your country. You only need to spend, on average, seven days a year in Portugal.
You can also extend your Golden Visa to immediate family members, including parents and children up to the age of 18, or children over the age of 18 who are unmarried and enrolled in full-time education. Once you’ve obtained your Golden Visa, you must maintain the investment as long as you and your dependents hold the Golden Visa residency status. After 5 years of holding a Golden Visa in Portugal, you may apply for permanent residency or citizenship. If you become a permanent resident or a citizen in Portugal, you no longer need to maintain the Golden Visa investment you made.
If you are looking to invest in Portugal in order to obtain a Golden Visa, do not hesitate to contact us or view our Golden Visa eligible properties and request a visit.