The new Portuguese government has announced its plans to expand the categories of investment under which foreigners are eligible to obtain residence permits that are commonly known as Golden Visas.
According to the government, the new rules aim to change the scope of Residence Permits for Investments (Golden Visas) to Residence Permits for Social Investment so that the scheme includes additional investment possibilities, Schengen.News reports.
The Residence Permits for Social Investment will, among the other existing categories, be issued to foreigners who make investments in reception facilities and infrastructure and in immigrant integration projects.
By making such a change to the scheme, the government of Portugal wants to push more foreign investors who want to obtain the country’s residence permit to invest in projects that are directly related to immigrants.
The change is part of the new Action Plan for Migration, under which the country plans to revamp its current migration and integration policies.
Government Considering Intermediation & Accreditation for Social Investment
In order to make it easier for investors on Residence Permits for Social Investment to invest in the country and take advantage of the Portuguese residency, the government stressed that as part of its plan, it is considering intermediation and accreditation.
This means that it will take less time for foreign investors to be accredited and obtain Residence Permits for Social Investment if the plan is approved.
The amount of investment to obtain Residence Permits for Social Investment and other details have not been shared.
Portugal’s Golden Visa Scheme Most Popular Among Brazilians & North Americans
While many nationalities want to obtain Portugal’s Golden Visa, recent data shows that the interest in the scheme remains especially high among Brazilians and North Americans.
Even though the country has removed real estate investments for this scheme, it has been revealed that these two nationalities lead investments in Portugal in exchange for Golden Visas.
Interest continues to remain high among other nationalities, too. Since the beginning of January, consultations for the Golden Visa Program have increased by four times compared to the same period in 2023.
When applying for the Golden Visa, foreign nationals are required to meet several requirements, with the investment requirement being the most important.
Source: https://schengen.news/portugal-to-introduce-new-type-of-golden-visa-aimed-to-bring-social-investments-in-immigrant-support-projects/
