Quarteira, Faro, Portugal – Investors seeking a Golden Visa in some of Portugal’s most popular hot spots have been given an extra year to apply and complete the paperwork. The government had decreed that the Golden Visa for foreign real estate investors on the coast and metropolitan areas of Lisbon and Porto, as well as other coastal areas, would come to an end this June, but have now extended the deadline to January, 2022.
Portugal’s Association of Real Estate Developers and Investors (APPII) said the move will hurt foreign investment during a difficult period. It comes after investment from Portugal’s Authorisation for Residency through Investment scheme (ARI) tumbled 26.2% in January this year (2021). Now, the deadline for the new rules governing the Golden Visa, which had stated that investment options involving property purchases in Lisbon and Porto will no longer be eligible from July this year, has been moved to January next year.
Nevertheless, the ARI program will change as part of the government’s tactics to attract investment into the interior of the country. From January 2022, Golden Visa applicants will find that buying a property on the coastline area of the country will no longer count for their application. Since the start of the Golden Visa program, over 22,000 visas have been issued and the numbers are still growing with American Citizens currently climbing to the top of the list of applicants.
A huge advantage of the Golden Visa program, as opposed to other programs, is the minimum stay time throughout. With other forms of residency applications, applicants will need to stay in Portugal for a prolonged amount of time (4 to 6 months minimum). With the Golden Visa, in the first year applicants only need to stay for 1 week and 2 weeks in the following years, which is a great option if they are planning ahead or do not want to commit to a move just yet.
The most important Golden Visa Update Portugal 2021 is the change in the overall cost of investment. These increased values for investment are eligible for this form of fast-tracked residency: capital transfers now will have to be €1.5 million (increasing from €1 million); investment in scientific investigation is to increase to €500,000 from the previous €350,000.
For property under 30 years old, the minimum investment amounts are 500,000€ in high-density zones such as Lisbon and Porto, and 400,000€ in low-density areas such as the Algarve.
The Government’s decision published on 12 February, 2021, states the changes have been made in order to give priority to the country’s more vulnerable territories, preferentially the interior territories, so that there could be an investment in job creation, urban regeneration, and cultural heritage.
Furthermore, in respect to housing policy, the government is committed to promoting balance and quality in the territories, whether in metropolitan, urban, or rural regions, ensuring access to dignified housing for all. There is no doubt that many believe that no one would want to invest in properties that are away from the central tourist cities such as the Algarve, and Lisbon.
About the Company:
With several years of experience in the Portuguese market, Ideal Homes International has established itself at the forefront of investment and second homes in both Portugal, Lisbon, and beautiful Investment properties Algarve. Their vision for Ideal Homes International is to offer an unrivaled service to their clients.
Led by Chris White, Chairman and Founder of the company, Ideal Homes International has been able to build a reputation for delivering the best Portugal property for sale as well as outstanding services to savvy buyers and expert investors who want to buy holiday homes, permanent residences, and investment properties around the world.
Their vision for the future is to build a client base that continues to work with them even after they have purchased which is why they have such an in-depth and detailed after-sales service, the reason the management has survived so long in the market is because of their recommendations from previous clients and repeat business. The overall staff at Ideal Homes International is professionally trained and they take great pride in the company.
Company Name: Ideal Homes International
Contact Person: Angela Worrall
Email: Send Email
Phone: +351 289 513 434
Address:Urb Vila Sol, Alto do Semino, Lote E, Lojas 1, 2 e 3, 8125-307