Golden Visa: The New Regulatory Decree No. 9/2018 Of 11 September

Author:PLMJ Team

The fourth amendment to Regulatory Decree no. 84/2008 of 5 November came into force on 1 October 2018. This Decree regulates Law no. 23/2007 of 4 July, which approves the legal rules on entry, stay, exit and removal of foreign nationals from Portuguese territory.

With respect to Residence Permits for Investment Activity (the "Golden Visa"), this amendment regulates the new types of investment created in the latest amendment to Law no. 23/2007 of 4 July. It provides that:

For investment in a property built more than 30 (thirty) years ago or located in an urban rehabilitation area, upon making the application for the granting of a permit, it is necessary to submit documents certifying the date of construction of the property in question or a statement from the local authority certifying that the property is in an urban rehabilitation area (as applicable). In turn, upon renewal, it will be necessary to prove that the rehabilitation works are being or have been carried out; For investment in units in investment funds or venture capital funds intended to capitalise companies, applicants must submit a certificate proving ownership of the units, free of any burdens and charges. This certificate must be issued by the entity responsible for keeping an upto- date record of the holders of the units, in accordance with the law, the management regulation or the contractual instrument. Applicants must also submit a statement issued by the investment fund's management company, proving the feasibility of the capitalisation plan, the maturity of at least 5 years and the application of at least 60% of the investment in commercial companies with their seat in Portugal; and When the investment involves (i) the transfer of capital intended to incorporate a commercial company with it seat in Portugal, coupled with the creation of five permanent jobs, or (ii) to reinforce the share capital of a commercial company...

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