On October 9 2012 the Portuguese government passed a new law that will enable investors from non-EU countries to gain residency if they either transfer one million or more euros in capital into Portugal, form a business that creates a minimum of 30 jobs, or purchase a property to the value of a minimum of €500,000.
Dubbed the “Golden Passport,” this new visa will allow non-EU citizens to receive a Portugal visa, permitting them to enter and stay in Portugal assuming at least one form of investment is undertaken for a minimum period of five years. The holders of Golden Residence Permit for Investment Activity have the right to family regrouping, and may gain access to a permanent residence permit, as well as to Portuguese citizenship in accordance to the current legal provisions.
Of course this initiative is in its infancy so the Portuguese government may make some changes but for now it’s looking good if you dream of becoming a Portuguese and European Union citizen in the future.
Portugal is working hard to attach rich, qualified individuals who are willing to invest in the cash stricken country. With countries around the world working harder and harder to secure foreign investment, competition is fierce.
Andrew R. Coutts is the Managing Director of ILM Asset Managementis, a company operating in Portugal since 1990, specializing in providing strategic advice, development and asset management in the resort and hospitality real estate sector. According to Coutts, the new laws are expected to “…catalyze demand for our resort and second home market from outside the Euro Zone, where there is an economic dynamic, with emerging middle classes wishing to travel and invest in second home properties”.
Coutts believes Portugal has plenty to offer to people, many with extra cash who are just waiting for the right prospect to invest in. Portugal has “…wonderful natural resources and other assets to offer, such as a strategic location, history, culture, a temperate climate, a hospitable host community, low cost of living, quality medical care, a value for money property market, and Portuguese gastronomy.”