Portugal’s New Golden Visa Investment Option: Green Visa
Portugal has one of the best residence-by-investment programs around the world. Portugal Golden Visa as other European Visas, grants its holder visa-free access to the Schengen area. However, it requires residence for at least 7 days a year in Portugal to be able to renew the status. Portugal’s immigration program provides investors with 4 options of investment. The options of investment for the applicants are as they are listed below:
- Applicants may acquire property valued at €350,000 or more for properties more than 30 years old or located in urban regeneration areas designated for refurbishing
- Applicants may invest a minimum of €350,000 in research activities.
- Applicants may invest a minimum of €250,000 in the arts or in the reconstruction or refurbishment of national heritage projects.
- Applicants may invest a minimum of €500,000 for shares in investment funds or venture capital.
Portuguese government has recently performed a globally responsible move and added a new option to its residence by investment program. This new category named Green Visa requires investment into environmentally focussed projects to qualify for a Golden Visa. This new route also paves the way to Portuguese residency and eventually Portuguese citizenship.
What is Green Visa?
The Green Visa that is recently introduced by Portugal is a new investment category for Portugal Golden Visa. Green Visa requires an investment of €500,000 in environmental projects. These projects can range from non-intensive organic agriculture and ecotourism schemes, to renewable energies and other environmental initiatives. Specific areas of investment include:
- Organic farming
- Renewable energy
- Carbon neutral projects
According to the leader of the political party that is responsible for the introduction of Green Visa, this new category will attract many more investors to the Portugal. “The Green Visa will serve to reinforce Portugal’s role in attracting international ecological investment, while simultaneously ensuring the transition to a circular and carbon-free economy,” said André Silva.
What Comes After Obtaining Green Visa?
Portugal Green Visa has similar requirements with its Golden Visa. Once the applicant obtains their visa, they need to keep the investment for minimum five years. Also, there is a minimum residency requirement which is at least seven days in each year. After five years of continued compliance with the rules of the program, the applicant can apply for Portuguese residency. After one additional year of residency, the applicant will be able to apply for Portuguese citizenship. Therefore, this new eco-friendly route introduced by the Portuguese government allows investors to obtain one of the best passports in the world.