The cut-off date for the Golden Visa program in Lisbon, Porto and along the coastline has been extended from this month to Jun 31, 2021 — and the process then goes into a transitory period, during which some may still be able to buy in these areas as they are gradually phased out by 2022, Público reports.
Related: Golden Visas to End in Lisbon
Mariana Vieira da Silva, Minister of the State and Presidency, explained that the government has opted for a transitory period, as opposed to advancing with their original plan to end the residency investment program at the end of this year, in order to give the sector more time to adapt, recognizing that “Jan. 1 is too close,” according to Idealista.
During the transition period, the investment threshold will be gradually raised successively and fewer applications will be accepted for the stipulated regions, the web publication reports.
The new deadline and phase-out schedule were approved on Dec 22, with the intention of decentralizing foreign real estate investment from the two main major metropolitan areas and popular coastal regions such the Algarve toward less densely populated areas such as inland regions and the islands.
Currently, Golden Visas for real estate investment are granted via a €500,000 real estate purchase, or through investing €350,000 in a building that was built over 30 years ago that is located in an urban rehabilitation area and is then refurbished. For now, it’s unclear how during the transition period the government plans to raise the price thresholds or the limits it will place on the number of Golden Visas issued in the areas affected.