Portugal Golden Visa properties were among the most affordable choices in one of the world’s premier residency by investment programs.
However, the new legislation enacted on 7 October 2023 makes this real estate option, along with all other property investments, ineligible for the Golden Visa in Portugal.
Despite the change in eligibility for €280,000 properties, other Golden Visa investment options are worth exploring if you want to live, work, or retire in Portugal.
As before the changes, the Portugal Golden Visa program for non-EU/EEA nationals offers foreigners several benefits. These include the possibility of permanent residency in a country with a high quality of life, extending all the advantages that entails to successful applicants and their family members.
This article explores the various investment options that remain valid for Portugal’s Golden Visa program in 2024.
IMPORTANT UPDATE: PORTUGAL GOLDEN VISA 2023
The Portugal Golden Visa program has recently undergone substantial changes. The new legislation, which took effect in October 2023, eliminated the purchase of real estate and real-estate-related funds as qualifying investment options for the program.
However, several attractive investment routes still maintain their eligibility for the program. To learn more, please refer to our comprehensive guide: Portugal Golden Visa
Portugal's Golden Visa €280,000 Real Estate Investment
Until October 2023, the real estate rehabilitation worth €280,000 was one of the most attractive investment routes for the Portugal Golden Visa.
However, the government changed Portugal’s Golden Visa Program, and real estate investment options no longer qualify for the program.
Alongside the 280k Golden Visa Portugal investment option, the following routes are unavailable for the program.
1. Real estate rehabilitation: €280,000 Golden Visa Portugal
The Portugal Golden Visa Properties for €280,000 option was one of the most sought-after investment routes due to its affordability.
Foreigners could invest in Golden Visa property that required renovation, rehabilitation, or restoration in one of Portugal’s urban rehabilitation areas. For the property renovation option, it was necessary to get the project approved in the Town Hall. Typically, it was the property owner or the architect who needed to get this approval from the Town Hall.
The minimum investment requirement for the property renovation option was €350,000 (note that this minimum investment value referred to the property purchase price and the renovation costs combined, which had to add up to at least €350k). You could not include other associated costs such as assistance fees, government fees, and taxes in the minimum investment amount.
2. Residential real estate investment
Investors could buy residential real estate in designated interior areas of Portugal worth at least €500,000. If the residential property was located in one of the low density areas in Portugal, a 20 percent discount was applied to the investment, so the property value only had to be €400,000 or higher.
Lower density areas were designated according to the population of the region. If the area had less than 100 inhabitants per square meter, it was considered a low density area. Also, for a region to be qualified as a low density area, the gross domestic product per capita had to be below 75 percent. The goal was to attract investors to less accessible areas and attract capital to underdeveloped areas in Portugal.
3. Commercial real estate
Applicants also had the option of buying commercial property (office space, shop, unit in a qualifying condominium, space inside a shopping mall, etc.) anywhere in Portugal worth at least €500,000. Again, for commercial properties located in low density areas, then a 20 percent discount was applied, bringing the investment amount down to €400,000.
Take a look at our Portugal Golden Visa 2024 Ultimate Guide by Experts
Alternative Options for the Portuguese Golden Permit
Although the Golden Visa Portugal 280K investment option is no longer available, applicants can still consider several other relevant investment options.
Below are the top alternative investment options for the Portuguese Golden Visa Program in 2024.
Portugal’s Cultural Production Golden Visa
Portugal’s Cultural Production Golden Visa is an excellent option if you are looking for an affordable route.
For an investment of €250,000 into a qualifying cultural production project, which will need to be approved by the Portuguese government, investors can be eligible for the Golden Visa in Portugal.
To qualify via this pathway, you must either invest in an artistic project—a Portuguese feature film, for example, could qualify—or make a non-refundable donation to a heritage and cultural significance foundation.
If the project is based in low-density areas in Portugal, then there is a 20 percent discount, making the minimum investment requirement amount €200,000. Please note that the criteria for low-density areas for the cultural production route are the same as those for the discontinued real estate route.
Portugal Golden Visa investment funds
While property investments were the preferred route for the Portugal Golden Visa, the Portugal Golden Visa investment fund option has become increasingly popular in recent years, with investors seeing it as a new, hassle-free way to acquire Portuguese residency.
Now, with the end of the real estate option, it is likely that the fund routes will continue to increase in popularity.
Property ownership was an attractive option to some, with many applicants opting to buy real estate in Portugal, especially because it could result in rental income or even the opportunity to acquire a holiday home. In practice, however, this was not a suitable option for everyone, as finding and buying a property could be tricky and time-consuming.
An excellent alternative option has emerged in recent years: You can put your capital in a qualified fund investment of or greater than €500,000. In addition to helping you qualify for the Golden Visa, this option also enables you to diversify your investment portfolio.
An investment fund is a type of financial product that collects investors’ money and invests it in certain assets to increase capital, depending on a pre-established strategy (which could be in the stock market or businesses; please note that real estate investment funds are not eligible). Funds are managed and operated by a management company working under risk controls.
The funds must be focused on the capitalization of companies registered under Portuguese law, with a minimum maturity of five years at the time of the investment and at least 60 percent of the value of the investments made in commercial companies on national territory.
Other options include investing in scientific research, investing in tourism projects, and creating employment opportunities in Portugal.
Investing in scientific research
This option entails channeling your investment towards cutting-edge research projects, from medical breakthroughs to environmental solutions.
The minimum investment for this path is €500,000, and the research project must be conducted by public or private scientific organizations that are part of the national scientific and technological system.
The other eligibility requirements for this option are:
- Investment duration: Maintain the investment for a minimum period of five years.
- Project eligibility: The research project should focus on areas of science, technology, engineering, or mathematics (STEM) that align with Portugal’s strategic priorities.
- Legality and transparency: The investment must be made through legal channels and should be transparent and verifiable.
Creating employment opportunities
For this path, you must establish or expand a business that generates at least ten full-time positions; this requirement is reduced to eight jobs in Portugal’s low-density areas.
The other eligibility requirements for this route are:
- Job retention: Maintain the created jobs for a minimum period of three years.
- Business viability: Establish or invest in a company that has a viable business plan and the potential to generate sustainable employment.
- Legality and transparency: Ensure that the investment and business operations comply with all applicable laws and regulations in Portugal.
What are the requirements for the Portuguese Golden Visa in 2024?
In order to qualify for the Golden Visa initiative in 2024, you need to meet the following criteria:
- You should be a citizen who is not from the European Union, the European Economic Area, or Switzerland.
- There’s a minimum required investment amount of €200,000 (via low-density cultural production investment pathway). There are, however, various investment alternatives to choose from.
- You must have a clean criminal record.
- There is a residency requirement: You need to spend at least seven days in Portugal during the initial year, followed by a minimum of 14 days for each subsequent two-year period.
Who We Are and How We Can Help You
Global Citizen Solutions is a boutique investment migration consultancy firm focused on finding the right residency or citizenship by investment program for individuals wishing to secure their future and become global citizens.
If you are interested in buying property in Portugal, then this is still an advantageous investment, even though it is no longer eligible for the Golden Visa.
From helping individuals secure their ideal investments with the help of our real estate division in Portugal — Goldcrest — to providing successful immigration and relocation services, our international team is with you every step of the way to assist you on your investment journey.
Frequently Asked Questions about the Portugal Golden Visa Propeties Option
Is the €280k real estate acquisition option still available in 2024?
No, the Portugal Golden Visa €280,000 property investment option is no longer available.
While you can’t directly qualify by buying property, new pathways offer exciting opportunities to contribute to Portugal’s growth and secure your own residency journey.
Is the Portugal €280k property Golden Visa option good for investors?
As of 2024, the Portugal Golden Permit program no longer permits real estate investments as a qualifying option due to newly enacted legislation. Potential Golden Visa investors can consider other options such as investment funds and cultural investments.
What are the alternative minimum investment options for the Golden Visa Portugal in 2024?
As you can’t buy real estate in Portugal to be eligible for Portugal’s Golden Visa process, you now need to focus on impactful investments, including tourism projects, cultural activities, and investment funds.
These options boost Portugal’s economy while granting you a residency pathway and a pathway to Portuguese citizenship.
What's the cheapest investment option for a Portuguese Golden Permit in 2024?
The cheapest option currently is a €250,000 investment into cultural initiatives or a donation to national heritage preservation. In low-density regions, this drops to €200,000.
Please note that as well as your Golden Visa investment or donation, you should factor in the cost of hiring a Portuguese immigration lawyer, application fees, as well as miscellaneous expenses throughout the application process when calculating the total costs of your visa application, which will increase with each family member that you include in your application.
Can I still buy €280k Golden Visa properties in Lisbon?
It is no longer possible to invest in real estate in order to qualify for the Portugal Investment Visa, following the new legislation that came into force on 7 October 2023.
Despite the changes to the legislation, purchasing property outside of the Portugal Golden Visa program remains an appealing option in major cities such as Lisbon and Porto as well as in locations including coastal areas such as the Algarve, around the Douro River, the Azores, and Madeira.
Buying property in these areas remains popular for investment purposes as well as for holiday homes or simply places to live.
