Portugal’s Council of Ministers recently approved and announced changes to their Golden Visa programme on 22nd December 2020. This Visa targeted investments between the €350 000 – €500 000 mark. The council has now introduced a new decree-law that will focus on property inland, shifting away from the densely populated, metropolitan cities of Lisbon and Porto.
The objective of this decree is to expand investment across the country, in an effort to redistribute the Portugal’s wealth and increase property development in high growth regions, including the island municipalities of Azores and Madeira that provide beautiful Mediterranean ambiance and views.
This decree will come into effect by 1 January 2022, leaving a short window period open for those that want to move to the bustling cities. Ideally ranked as one of the best European countries for South African expats, Portugal presents great quality of life, excellent weather, and unique business opportunities for those looking for alternative residencies. With a Golden visa, you can receive residency within 7-10 months and can travel visa-free to Schengen countries.
How does this affect you? Applications up to 31 June 2021 will be accepted and renewals will not be affected. New applicants will have little time to get their applications moving. There will be a transition period following the implementation of the decree in July 2021; so once your application is being processed, you will still be able to move to your city of choice including Porto or Lisbon.
Boasting 100% success rate with alternative visa applications, 12 Star Capital will assist you through every step when investing in Portugal. Use this short window period to secure your choice of city in Portugal, quickly and easily.