Golden Visa - Portuguese Government confirms massive improvements on the approval of applications

Following the recent news about the improvements in the rate of approvals of Golden Visa applications, the Portuguese Minister of Foreign Affairs has informed Parliament that the recent measures that were put in place to tackle the problems with the delays in the processing of applications are already starting to produce significant results and that the Portuguese Government expects the rate of approvals to return to normal.

These statements have been the subject of different news articles released by multiple sources and can be seen here:
 

http://www.jornaldenegocios.pt/economia/financas_publicas/orcamento_do_estado/detalhe/santos_silva_governo_aprovou_850_vistos_gold_num_mes.html

http://www.publico.pt/politica/noticia/tramitados-850-processos-de-vistos-gold-1725013

http://www.dn.pt/portugal/interior/mne-850-novos-vistos-gold-tramitados-em-pouco-mais-de-um-mes-5057543.html

http://www.rtp.pt/noticias/economia/governo-autorizou-mais-de-800-vistos-gold-nos-primeiros-dois-meses-do-ano_v900660

We have confirmed these massive improvements on our daily work and we are now receiving approvals on a daily basis.  

Golden Visa Update - Improvements in the rate of approvals

Golden Visa back on track

 

The year of 2015 was particularly challenging  for the Golden Visa programme and for the Portuguese Immigration services SEF.  The changes introduced by several new regulations in the qualifying investments and on the internal procedures to be undertaken by the authorities gave rise to serious delays in the approvals of new applications and on the renewals.

However, a series of measures put in place by SEF over the last few months specifically designed to tackle these difficulties have started to show clear results and the problems are now being overcome at a rapid pace.

We at NDR have witnessed these very significant improvements, particularly since January 2016.   We have received numerous approvals for our clients over the last few weeks and we are receiving multiple daily emails from SEF with client approvals, requests for document and other correspondence.

In addition,with the introduction of the measures mentioned above SEF is aiming at having the issue of the delays resolved around March/April and at returning to the previous approval time frames of 2 to 3 months. 

 

In this respect, we are also doing our part in the improvement of the situation by complying with the administrative requests from SEF and by making a big effort to follow entirely their guidelines about submission of applications and biometrics. It is of the utmost importance that the applications are submitted properly completed and in accordance with the applicable regulations.

Although we are still taking a cautious approach on the communication with both our clients and partners, the positive signs are very clear and the rate of approvals is increasing rapidly. 

Being such an important programme to Portugal, the Golden Visa is now back on track and remains one of the best investor residency programmes in the world. 

Francisco Barata Salgueiro

Senior Partner

Golden Visa - Latest Figures

Statistics on the Portuguese Golden Residence Permit Programme were recently disclosed by SEF (Immigration and Borders Service), evidencing the success of this Programme.

According to the figures, in the period from 8^th October 2012 to 31^st August 2015, 2.465 residence permits for pursuing investment activities were issued in Portugal, which corresponds to more than two per day.

Amongst this, 2.332 were granted by acquiring real estate, 130 by transferring capital and 3 by creating 10 job positions, showing that the preference for property is still well ahead at the top of the list.

The figures also show that those who obtained residence permits for pursuing investment activities were mostly Chinese, followed by Brazilians, Russians, South Africans and Lebanese.

The total investment made reached € 1,496,193,478, being a great boost to the Portuguese economy.

The Portuguese Golden Residence Permit Programme is unanimously a huge success and it tends to increase as five new types of investment were recently created, broadening the options of those interested in applying.

NDR continues to be the top law firm in Portugal in the Golden Visa programme and we are very proud to be actively contributing towards the improvement of the Portuguese economy.

Golden Visa Programme - Clarity restored

In light of the recent announcement made by the Portuguese Immigration Services (SEF) related to the regulations of the recently approved changes to the Golden Visa programme, it has now been officially confirmed that the said detailed regulations have just been formally approved by the Council of Ministries of the Portuguese Government.

Here is the link to the official website of the Council of Ministries where this approval is formally announced: http://www.portugal.gov.pt/pt/os-ministerios/ministro-da-presidencia-e-dos-assuntos-parlamentares/documentos-oficiais/20150716-cm-comunicado.aspx

For easy reference, please see below the announcement and the corresponding translation:

3. O Conselho de Ministros aprovou o decreto regulamentar que executa e desenvolve as alterações feitas na Lei de Estrangeiros, de modo, nomeadamente, a consagrar as alterações no regime das  Autorizações de Residência por Investimento (ARI), alterações que visam reforçar, por um lado, oportunidades mais alargadas de investimento e, por outro, os instrumentos de fiscalização externa e interna dos procedimentos.

Com este diploma fica completo o processo legislativo das ARI, o que é também relevante para a respectiva normalidade e ceceleridade.

______________________________________________________________________________

3. The Council of Ministries has approved the regulatory decree that carries out and develops the changes made to the Law of Foreigners in order to, namely, establish the changes to the regime of the Residency Permits by Investment (Golden Visa), changes that aim to reinforce, on the one hand, wider investment opportunities and, on the other, the instruments of external and internal control of procedures.

The legislative procedure of the Golden Visa is completed with this regulation, which is also relevant for the corresponding normality and speed.

The approved regulations will now be published in the Official Gazzette and become effective very shortly. 

In light of the above, it is now absolutely clear that the wrongly called "suspension" of the Programme will now end and the processing and approval of applications will return back to normal. 

The Golden Visa programme continues to be the most sucessful and attractive residency programme in Europe and its popularity is expected to raise even more with the opening to new forms on investment and new minimum investment requirements.

Portugal gateway to investment in Europe

According to a recent interview published in Portuguese newspaper Diário de Notícias, Mr Guo Guangchang,  executive director and chairman of Fosun, the Chinese group that recently acquired the Portuguese insurance company, Fidelidade and health care group, Luz Saúde,  said that the attraction of Portugal "is not only in the financial area, expanding to the tourism, fashion, leisure and entertainment." 

Mr Guangchang also stated that "Portugal has become a gateway to Europe and that it welcomes Chinese investment.". Furthermore, he mentioned that  "the costs in Lisbon are not as high as in other European cities”.

In accordance with this article, the data from the Ministry of Foreign Affairs of Portugal confirms that the real estate sector is being the target of a big portion of foreign investment in Portugal in the recent months, mainly throughout the Golden Visa Investor Residency Programme and other investment incentive programmes.

The Golden Visa programme has also been an excellent vehicle to promote further investments in Portugal as it opens the door for foreign investors to know the country and understand its investment potential.

Golden Visa Portugal - Latest numbers

The Portuguese Immigration Services have just released the latest numbers regarding the Golden Visa programme. The latest statistics reveals a very impressive number for the total direct investment made so far under this programme, which was as of 31st January 2015 over 1.25 bn Euro.

This level of investment is very significant for a country such as Portugal and is a true reflection of the importance of the programme for the country.  In reality, this investment would not have come to Portugal should it not be for the Golden Visa Programme.

The latest numbers also show that property acquisitions represent the vast majority of the selected investments, with a total over 1.1 bn Euro. Nonetheless, there has been a relevant increase in capital investments, which have risen to almost 120 million Euro.

The Golden Visa programme is clearly the preferred investor residency programme in Europe and continues to be the top choice for foreign investors. As shown in the latest numbers, the Portuguese Immigration Services have issued since the launching of the programme 2100 residency permits for investors and over 3100 to family members.

NDR continues to be the top law firm in Portugal in the Golden Visa programme and we are very proud to be actively contributing towards the improvement of the Portuguese economy.

NDR in the Emirates - Dubai and Abu Dhabi

RESIDENCY BY INVESTMENT PORTUGAL - SESSIONS

NDR LAWYERS – Leading Golden Visa Specialists

8,9,10 December 2014

 

Jumeirah Emirate’s towers and Jumeirah at Ethiad Towers

The Golden Visa programme launched by the Portuguese Government is a fast track for investors to obtain a fully valid residency permit in Portugal and free access to the vast majority of European countries (Schengen-area). It is now one of the most competitive and attractive investor residency programmes in the world.

We will be promoting questions and clarification sessions in Dubai and Abu Dhabi and our expert legal team will fully available to meet you and answer all your queries.

Register your interest by mail to: emirates@ndr.pt