NIENKE HEUTINK-POTTER, SENIOR CONSULTANT
Portugal’s Golden Resident Permit Programme, which offers an affordable route to Portuguese citizenship and EU membership, has been a popular choice for economic citizenship since its debut in 2012 with the programme attracting hundreds of millions of Euros of investment.
However, investors who want to benefit from Portuguese residency and with it, the freedom of movement throughout the rest of the European Union countries, will no longer be able to invest in the most popular tourist areas, including the cities of Porto and Lisbon, and the southern coastal area of the Algarve.
Portugal’s Council of Ministers announced this week the ruling will become effective in July 2021. It is an attempt by the government to instead promote the investment of foreigners in low-density regions, and in particular through urban rehabilitation, cultural heritage, activities of high environmental or social value, productive investment and job creation.
Citizens International is currently reviewing the potential newer investments in other areas and we will bring you our report in due course.