You’ll be pleased to know that the Portuguese government has recently announced that the application period for the Golden Visa (6-18 months) will now count towards the 5-year qualifying period for citizenship. This will significantly reduce the time it takes to receive your Portuguese passport and rights to live in the European Union.
We can confirm that the non-habitual residence (NHR) tax regime has now been withdrawn; however, it remains available for clients who started their move to Portugal in 2023. The NHR granted a flat 20 percent tax rate to new expat residents for up to 10 years. Going forward, expats will participate in the country’s progressive tax rate system.
In 2024, the Golden Visa program remains open and in full flow. Jason Swan at Holborn Pass says, “We’re yet to see any slowdown in new applications, despite the new guidelines implemented in December. The only notable change to the program during 2023 was the removal of property investment as a qualifying option for residency.”
Expats applying to the Golden Visa program must make significant investments into Portugal in order to qualify. Investment routes available for 2024 are as follows:
Donation to Arts = 250,000 EUR
Venture Capital/Private Equity Fund = 500,000EUR
Donation to Research Activities = 500,000EUR
Company Creation = 10 employees or 500,000EUR + 5 employees
The Portugal Golden Visa remains the only route to an EU passport without a minimum six-month stay at this investment level. For reference, Malta is another option for EU rights whereas we can attain your passport within 18 months.
Portuguese venture capital and private equity funds account for the vast majority of new applications, as they have the largest selection of investment options. Also, it is the only option requiring no active management from the investor, nor a donation to the government.
Qualifying funds with incentives like a fixed return, guaranteed buyback, upfront interest payments and no fees are being subscribed quickly. Please let Jason Swan know if you would like to be notified of upcoming investment funds, prior to public marketing over the coming months.
To receive details of Holborn’s current pre-approved fund list, please check Mr. Swan’s calendar and schedule a convenient time to discuss your requirements – My Calendly
Holborn Pass continues to maintain a 100% success rate, with over 2000 successful applications for Portugal.
Jason is hosting a live event “Portugal Golden Visa 2024 – Everything you need to know” to provide all the latest information for this year and to answer questions during a live Q&A. There is no cost to join and it will take place on Thursday January 25th at 1:00pm Eastern Standard Time. For further information and to register, you can click HERE.
We’ll continue to share important information with you this year to help keep you up to speed with any changes in Portugal.
