At the end of 2021 The Portuguese Golden Visa went through some significant changes. In 2023, direct property investment into residential property in Lisbon, Porto and the vast majority of the Algarve region is NO longer Golden Visa eligible. Golden Visa Portugal properties in these locations are still available, yet much harder to come by given that only commercial property is Golden Visa eligible in the major cities.

After raising over €6 Billion in investment through the Golden Visa program since 2012, the government is now focused on attracting foreign direct investment outside of the major cities and into the ‘interior areas’ of Portugal while also encouraging investment into the commercial and touristic property that can significantly benefit the local economy.

1. In which part of the country would you like to invest: Firstly, Commercial property remains fully Golden Visa eligible throughout the country including in Lisbon, Porto, and the Algarve. Commercial property that is Golden Visa Eligible includes touristic property such as hotel projects and serviced apartments that have a valid ‘touristic license’. If the property is located in a low-density area then a 20% reduction on the minimum investment requirement is applied (amounting to €400k and €280k respectively).
2. Would you prefer to invest in residential or commercial property? Investors who wish to purchase residential property are limited to investing in the interior areas of Portugal. This means that Porto, Lisbon, and the vast majority of the Algarve are out of bounds. However, in the Algarve the municipalities of Vila Do Bispo (including the upcoming beach down of Sagres), Aljezur and Monchique remain Golden Visa eligible for residential real estate investments. Investors can also consider the Portuguese countryside including the popular region of Alentejo which has some beautiful scenery and charming Portuguese towns and cities like Evora and Comporta.
3. Your investment budget  Perhaps the most important thing to ask yourself is how much capital you can set aside for your Portuguese Golden Visa Real Estate Investment. This will greatly impact the other points on the list such as where you can invest. Those with a smaller budget may want to consider investing in one of the low-density areas of Portugal for the 20% reduction on the minimum investment requirement.
4. Are you willing to invest in something pre-construction/pre-refurbishment? Those with a lower investment budget may also want to consider the refurbishment category which allows investors to qualify for the golden visa with an investment of just €350,000. However, in this case, the investor needs to be comfortable investing in a project prior to the refurbishments. Generally, investors will get a much better deal per square meter investing into off-plan property.
5. How Important is Individual Freehold ownership? There are many interesting Portugal Golden Visa hotel projects on the market. However, in such projects, the co-investors will each own a fraction of the entire project and not a specific unit. For those that prefer to own a freehold unit rather than a fraction, the options are more limited.
6. Guaranteed Buyback – The commercial hotel projects described above often come with a guaranteed buyback offer from the developer. Such guarantees are generally only offered for co-ownership investment opportunities into new projects.
7. Capital growth Potential – While a guaranteed buyback offers the investor the security of the return of their investment other investors will be more focused on the potential capital growth of their investment which will be somewhat limited with a fixed return guaranteed.
8. Returns – What sort of yield are you looking for? We have projects that offer both viable and fixed annual returns.

1. 1. Commercial Property Investments of at least €500,000 (or for Portugal golden visa renovation properties €350,000) anywhere in Portugal: Commercial property remains fully Golden Visa eligible throughout the country including in Lisbon, Porto, and the Algarve. Eligible commercial property includes touristic property such as hotel projects and serviced apartments that have a valid ‘touristic license’. If the property is located in a low-density area then a 20% reduction on the minimum investment requirement is applied (amounting to €400k and €280k respectively)
   2. Investments into residential property in the interior areas of Portugal of at least €500,000 (or for Portugal golden visa renovation properties €350,000) The Interior areas include the popular tourist destinations in Alentejo and the towns of Alcacer Do Sal and Sagres. If the interior area is also considered low density then the 20% discount is also applied (amounting to 400k and 280k respectively).
   3. Investments into residential or commercial property of at least €500,000 (or for refurbishment category projects €350,000) in the Autonomous regions of Madeira and Azores. The Islands of Portugal have essentially been unaffected by the recent Golden Visa changes in January.
   4. Investments of at least €500,000 into real estate through a Golden Visa Eligible Investment Fund: Investors can also purchase Golden Visa property through eligible Investment Funds. Eligible investment funds must have at least 60% of their capital invested in Portugal. There are a small number of funds on the market offering investors the chance to directly acquire a property deed through their investment at the end of their fund subscription.