The British royal couple, Prince Harry and Meghan Markle, have purchased a property in the Comporta region, Portugal, “eying” the Golden Visa Program.
The Duke and Duchess of Sussex have, therefore, tightened their connections with Portugal, Schengen.News reports.
If the purpose of purchasing the new property in Portugal is the Golden Visa Program, their connections would be tightened with the rest of the European Union countries as well, in addition to Portugal.
With the UK’s withdrawal from the EU, Britons no longer have the same freedom of movement in the EU. The royal couple neither enjoy any residency or citizenship exemptions in the EU, thus being treated equally to other non-EU nationals in terms of EU immigration rules.
Since they are non-EU citizens, they are required to meet the visa and residency requirements when planning to reach the bloc. The acquisition of the Portugal Golden Visa would mean that they would be able to enjoy the same rights as the other citizens of the EU, including free movement.
Purchasing a Property Does Not Guarantee a Golden Visa
A famous option granting residency to non-EU nationals in exchange for financial investments is Portugal’s Residence Permit for Investment Activity (ARI), known as the Golden Visa Program.
Some recent reports indicated that Prince Harry and Meghan Markle purchased a property in Portugal to obtain a golden visa. However, buying a property does not give them the right to benefit from the Golden Visa Program.
This is because, in October 2023, the President of Portugal, Marcelo Rebelo de Sousa, approved the “More Housing” bill to deal with the housing crisis, thus imposing new changes to the Residency by Investment program.
Among them was abolishing the real estate investment option (the most sought-after option) from the Golden Visa scheme, which allowed the acquisition of a real estate property worth €500,000 or more.
Acquisition of the Golden Visa Through Investment Fund Option
While Portugal ended its real estate investment route, there are several other options eligible for foreigners to benefit from Portugal’s Golden Visa Program, among them:
• Investment in Funds
• Cultural heritage donation
• Investment in research and development
• Job creation
The commercial real estate investment option, as part of the investment fund option, continues to remain effective in spite of new changes.
The investment fund option of the Golden Visa Program requires investments of €500,000 or more into eligible Portuguese investment funds. The investment fund should be registered with the Portuguese Securities Market Commission (CMVM).
In addition, 60 per cent or more of the fund’s capital should be invested in assets in Portugal. This includes real estate or technology startups, or similar sectors that help Portugal’s economy grow further.
Investing in commercial real estate can be done by purchasing a new real estate or an object that needs to be renovated.
Family members can also benefit from the Residency by Investment Program of Portugal after it permits family reunification.
Source: https://schengen.news/harry-meghan-buy-house-in-portugal-but-does-this-make-them-eligible-for-golden-visa/
