Context
The Council of Ministers has approved the Decree-Law no. 14/2021, of 12 February ("Decree-Law no. 14/2021"), which operates the eighth amendment to the legal regime for the entry, stay, exit and expulsion of foreigners from the Portuguese national territory.
Decree-Law no. 14/2021 amends the residence permit for investment purposes regime, with the aim that the investments made in Portugal under this regime shall now "be directed preferentially to inland territories, for the investment in the creation of employment and for the urban and cultural heritage requalification".
Thus, the following amendments were inserted:
A. Increase of the minimum investment amount
Decree-Law no. 14/2021 increased the minimum amounts of investment required in the scope of the capital transfer, namely:
i) Capital transfer
The minimum amount is increased by 500,000 euros, from 1 million euros to 1.5 million euros.
ii) Capital transfer for investing in research activities conducted by public or private scientific research institutions involved in the national scientific or technologic system
The minimum amount is increased by 150,000 euros, from 350,000 euros to 500,000 euros.
iii) Capital transfer for the acquisition of participation units in investment or venture capital funds for corporate capitalisation
The minimum amount is increased by 150,000 euros, from 350,000 euros to 500,000 euros.
iv) Capital transfer for the incorporation of a commercial company with head office in the Portuguese national territory or for the reinforcement of the share capital of a commercial company with head office in national territory, already existing, with the creation or maintenance of working jobs
The minimum amount is increased by 150,000 euros, from 350,000 euros to 500,000 euros.
B. Purchase of real estate property
Regarding the purchase of real estate properties (i) with a value equal to or above 500,000 euros or (ii) with its construction dating back more than 30 years or located in urban regeneration areas, for refurbishing, for a total value equal to or above 350,000 euros, whenever such properties are for residential purposes, such investment will only be eligible under the residence permit for investment purposes regime if the property acquired is located in the Autonomous Regions of the Azores and Madeira or in inland territories, as identified in the annex to Ministerial Order no. 208/2017, of July 13, which may be consulted HERE.
C. Entry into force
Decree-Law no. 14/2021 enters into force on January 1, 2022, being applicable to all residence permits for investment purposes applications submitted after such date.
The possibility of renewing the current residence permits or granting or renewing residence permits for family reunion purposes is not hindered by the entry into force of Decree-Law no. 14/2021, provided that the residence permit for investment purposes has been granted under the legal regime applicable up to the date of entry into force of the above mentioned amendments.
The above information is not intended to be an exhaustive analysis of all the changes to the current legal regime, but a selection of those that CCR Legal deems to be the most relevant, and does not dispense consulting CCR Legal and/or the diplomas to which they refer.
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