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More Options for Portugal Golden Visa Property
Recently the
Portuguese government has reduced the minimum requirement for its golden visa for those trying to acquire residency through purchase of a property. Under the
old rules, one had to purchase real estate valued at €500,000 or more. Now there are more options.
The new
options allow for an investment of €350,000 in a property if the property falls
under an area designated for urban renewal. These areas are defined under law
and are supposed to boost regeneration in historical areas. For example, after
the recession in 2008, much of Lisbon’s city center was left in disrepair as
businesses left. The government along
with developers has targeted these areas and hope to renovate entire districts
to international standards. This will naturally draw more Golden Visa investors
and businesses to the area.
In order to
qualify under a designated urban renewal area, the rehabilitation work has to
comply with the following main requirements:
The architectural and structural elements deemed of heritage value have to be preserved. The number of floors cannot be changed. The structural resistance of the building cannot be negatively affected.
Each municipality has designed its own regeneration program. Make sure you consult a professional before purchasing a property.
The other new
options apply to properties that were built 30 years ago or more. If one
purchases a property
older than 30 years, the €350,000 can include renovations. The other way is
invest in properties in low density population areas. This is defined as areas
with a population of less than 100
inhabitants per square kilometer or a per capita GDP. If one purchases in a low density area, then
the amount can be reduced to €280,000.
