During a recent webinar, Scott Kirk of BuyProperty.com discusses Portugal’s Golden Visa with Joe Pyke Managing Director at Berkshire Hathaway HomeServices Portugal Property.
With all the news about Portugal shutting down the Golden Visa program, Joe states there is still time to submit your application should you be willing and able to move quickly, ideally come to Portugal to get all of your paperwork approved, open a bank account, etc. Being able to come in person gives the advantage of putting you before all the other applicants who are attempting to get into the program before it closes and thus gives you a better chance of success.
Joe discusses the €280k and the €350k options for investing in a fund that is revitalizing a commercial property into a hotel rather than purchasing a property in a low-density area. One of the biggest concerns of individuals is what happens when they invest and don’t get approved for the Golden Visa due to these new regulations? In this unlikely scenario the investor would receive a full refund. Joe states that the goal of fast-tracking your application is to get the application being processed quickly so that once they laws change, your application is already in process and the Portuguese government would not enact new laws retroactively, so as long as your application is in you should be good.
Investing in the funds gives you a return annually as well as a full refund after 5-6 years of investment once you’ve obtained your permanent residency and citizenship.
Joe mentions that the window of opportunity to apply for the Golden Visa in Portugal is closing fast. Those interested should contact Joe directly (Joe.email@example.com +351 918 276 752) and mention this video for faster processing and preferential treatment.