Due to the recent Government announcements, Hongkongers are finding their way to purchase Portugal Golden Visa before the changes come into place in 2022
The new changes which were, once again, extended from July 2021 to January 2022 are meant to exclude Lisbon and Porto from the Portugal Golden Visa programme, where the volume of capital is just enough, and rather favour low-density regions as a residency by investment option, focusing on the territory of the Intermunicipal Communities of the Interior, as well as the Autonomous Regions of the Azores and Madeira. These changes come into force in January 2022.
In the beginning of the year, the Portuguese Government had already introduced a deadline for the changes to come into place in July 2021. This is when Hong Kong buyers were hesitant to commit as they felt they may not have enough time to do the transaction and then fly to Portugal to complete the necessary documentation. Gladly, the extension removes this barrier and investors are now able to invest in the main cities until January 2022. Better still, at Portugal Homes, we help investors secure their investments even if they’re overseas. Learn more about how our After Sales services can help you take care of your property whilst you’re away.
All in all, these changes mean that rather than allocating €500 million or €350 million into the scheme in Lisbon and Porto and other central cities, investors can gain residency by buying a property in a low-density region for as little as €400k or €280k.
Low-density qualified regions
It becomes important to mention that despite the pandemic, in May 2020 alone, the Golden Visa programme recorded an incredibly high income, heavily compensating the first third of 2020. Statistics released by SEF show that in a single month, foreigners invested over €146 million, bringing Portugal back on track for a statistically normal year. The scheme’s performance remained on the positive side of the spectrum, and, once again, the Golden Visa programme proved its value for the Portuguese economy. In fact, the Portuguese Golden Visa remained unaffected despite the pandemic as it motivated many people to re-evaluate their personal circumstances and lifestyle.
Watch the video below produced by CNBC and The Worldfolio, where David and Gary discuss the Portugal real estate market, and the country as a safe haven for incoming investors to take advantage of the country’s generous Golden Visa programme.
If you’re an investor looking to purchase a Golden Visa in Portugal, contact Portugal Homes’ team of experts and we will address any queries you might have, giving you the best advice to move forward with your process.
We have had the privilege to successfully help clients from over 35 countries, providing them with the best eligible properties for the Golden Visa scheme. See all our Golden visa properties here!