&lt;p&gt;Timing could be critical for foreign citizens planning to get Portuguese residency through a Golden Visa, following news the scheme could soon be scrapped. Non-EU nationals intending to secure residency status here for themselves and their family through a Golden Visa are advised not to delay making their application, after Prime Minister Antonio Costa said in November 2022 that the visa scheme had fulfilled its role and suggested there was no justification for keeping it.&lt;br&gt;&lt;br&gt;&lt;/p&gt;
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&lt;p&gt;&lt;br&gt;No indication of when it might be stopped was given, with the government treating it as an ongoing matter. &lt;br&gt;&lt;br&gt;&lt;em&gt;“Prime Minister Costa appears to have sown the seed that the scheme will likely be discontinued,”&lt;/em&gt; said Chris White, chairman of Ideal Homes Portugal.&lt;em&gt; “We help many clients obtain their Golden Visa through property purchases, so understand the value of this option to third country nationals, which includes Americans, South Africans, Asians and now Britons. Our key message for anyone considering a Golden Visa in coming months or in 2023 is to get your application in as soon as possible. Otherwise, you could find yourself under unnecessary pressure if the end of the scheme is announced suddenly, or at worst missing the application deadline.”&lt;/em&gt;&lt;/p&gt;
&lt;p&gt;&lt;strong&gt;Golden Visa – the benefits&lt;br&gt;&lt;/strong&gt;A type of &#39;residency-by-investment&#39; visa, a Golden Visa gives Portuguese residency to successful applicants who invest in property or other capital investments. It is a suitable for third country nationals who are not entitled to automatic residency through EU citizenship or family connections. It is especially attractive to mobile entrepreneurs who don’t intend to spend long periods in Portugal or become tax resident there. This is because holders of a Golden Visa are required to spend just seven days in Portugal in their first year and not less than 14 days in subsequent years.&lt;br&gt;&lt;br&gt;Residency status is renewable and after five years the holder can apply for permanent residency or Portuguese citizenship. Not only do applicants obtain the usual benefits that come with residency in Portugal and the right to travel freely within the Schengen Area (most of the EU), but all entitlements can be extended to family members too.&lt;br&gt;&lt;br&gt;&lt;/p&gt;
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&lt;p&gt;&lt;br&gt;&lt;strong&gt;Eligibility for a Golden Visa&lt;br&gt;&lt;/strong&gt;The key requirement for getting a Golden Visa is making a qualifying capital investment or investing in property in Portugal. The rules changed at the start of 2022, making the visa more expensive and limiting the parameters for real estate purchases.&lt;/p&gt;
&lt;p&gt;Looking first at the capital investment option, today applicants must either transfer capital worth €1.5million to Portugal, or invest €500,000 in a Portuguese fund, invest in an existing Portuguese business (€500,000), invest in scientific research (€500,000), start a new company that employs a minimum number of people (€500,000), or invest €250,000 in the arts in Portugal.&lt;/p&gt;
&lt;p&gt;Turning to the property option, before this year’s rule change there were no restrictions on where in Portugal applicants could purchase their property to qualify for a Golden Visa. However, since 1st January residential properties within areas classed as densely populated and non-interior are no longer eligible. This means Lisbon, the Silver Coast, Porto and most of the Algarve are now not options. Instead, only properties in areas classed as ‘interior’ qualify for the scheme (there are also no limitations in Madeira and the Azores).&lt;/p&gt;
&lt;p&gt;The good news is that some less-populated rural parts of the Algarve still qualify. These include Alcoutim, Aljezur, Castro Marim, Monchique, Vila do Bispo, and some parishes in Loul&#233;, Silves and the northern part of Tavira municipality.&lt;/p&gt;
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&lt;p&gt;The minimum investment in residential property that qualifies within a designated interior area is €500,000. This drops to €350,000 if the property is part of an urban rehabilitation project, and if the location is also deemed ‘low density’ a further 20 per cent discount is applicable.&#160;&lt;/p&gt;
&lt;p&gt;There are minimal geographical restrictions for commercial property though, for the which the minimum requirement is €500,000, or €350,000 if the property is part of a rehabilitation project. This means that as well as hotels, increasing numbers of hotel-style resorts in coastal Algarve where properties are classed as tourist rental accommodation and therefore deemed commercial are valid for a Golden Visa purchase. Ideal Homes Portugal has a selection of investments that qualify, both in the Algarve and wider Portugal – don’t hesitate to get to touch.&lt;/p&gt;

Don’t delay applying for your Golden Visa

Timing could be critical for foreign citizens planning to get Portuguese residency through a Golden Visa following news the scheme could soon come to an end.