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Tag: business immigration

  • Portugal drew in €3.5 billion in foreign investment in 2023, marking the highest influx since 2016

    There have been 36 new investment decisions totaling €2.739 billion, resulting in the creation of 6,810 jobs. Among these, 14 projects are industrial in nature. Additionally, there are 12 investment projects from existing companies in Portugal, expected to generate an extra 1,500 jobs. AICEP is currently overseeing 50 PIN applications.

    Last year, AICEP secured a record-breaking €3.5 billion in investments, the highest amount since 2016. Of this sum, over €2.7 billion comes from new Foreign Direct Investment (FDI), encompassing 36 confirmed leads and the creation of 6,810 jobs. Notably, the industrial projects account for 14 of these, generating 3,555 new positions. The remaining 3,255 jobs pertain to service centers.

    Additionally, reinvestment projects by foreign and domestic companies contribute over €719 million to the total, promising an additional 1,526 jobs.

  • Portugal Golden Visa Latest Update

    On Portugal local time July 6, 2023, the special commission created for the analysis and preparation of the final draft of the “Mais Habitação” law approved the bill to be presented to Parliament.

    Despite the proposals presented by all parties to keep some options of investment, including the one initially presented by the government itself, the final draft does not contemplate the continuity of the ARI regime. Therefore, the present draft states that no applications will be admitted following the entering into force of the new law.

    Notwithstanding, there is relevant good news:

    • it was made clear that all applications submitted until the entering into force of the new law will be fully processed, and renewal rights will be fully assured;
    • The analysis of all files submitted up until the entering into force of any amends will follow all existing rules and regulations;
    • No changes will be implemented to the law regarding the adding of family members, which means that family reunification will still be possible after the changes are implemented
    • No changes were added regarding the access to citizenship and permanent residency were included.

    Regarding the timeline, we believe that the Parliament will vote on the current law up until July 19th, 2023.

    The final step of the process, if the current document is approved by the Parliament, will be sending the proposed shall be proposed bill to the President of the Republic.

    There is no way to determine how the President of the Republic will respond to the diploma, but three scenarios may take place:

    1.  Direct ratification and in this case, the proposal will come into force on the date set forth in the proposal.
    2. The President of the Republic does not accept the proposal as it is, and returns it to the Parliament for revision; or
    3. The President of the Republic does not issue an opinion on the document but requests its evaluation by the Constitutional Court.

    In any case, it is not reasonable to expect that, even if option i) takes place – direct ratification, the law comes into force before the middle/end of September. Our assumption is based both on the complexity of the package – which will require extensive analysis, and the current holiday period, which will for sure add time to the current process.

    Our advice to all our clients is to move forward as soon as possible with their investments. We believe the current timelines will fully allow investors to start and submit their process before the potential end of the Golden Visa program.

    In this sense, we must make our investors aware that the current average time to conclude the investment, with IAS, is around one week, which – under current timing, provides enough time to still invest and be part of the Portuguese investment program.

    We will continue to monitor the situation as closely as possible, keeping investors and partners informed of any developments while remaining available for any clarifications needed.

  • Looking for European Citizenship by Investment? Portugal Golden Visa Offers the Best Opportunity!

    Are you interested in obtaining European Citizenship by Investment? Portugal offers an excellent opportunity through the Portugal Golden Visa Program. By purchasing property in Portugal, you can become a European citizen and gain a second passport for enjoyable vacations with your family across Europe.

    Numerous applicants have already benefited from this world-renowned investment immigration program, with many on the straightforward path to obtaining Portuguese citizenship. However, you don’t have to wait for citizenship to experience the benefits of living in the European Union. You can become a Golden Visa holder in less than a year, allowing you and your family to live, do business, work, travel, and study in Portugal.

    Why the Portugal Golden Visa Program stands out as the optimal route for achieving European citizenship through investment?

    The Portugal Golden Visa Program stands out as the best path to European citizenship by investment. It offers a fast, direct, and secure route with minimal requirements for applicants. There are no language, management experience, or education credential requirements. Once approved, applicants receive residence permits in less than a year.

    Portugal does not tax worldwide income, and Golden Visa holders can enjoy the freedom to live, work, do business, study, and travel within the Schengen zone. Investors can easily apply for citizenship and access EU benefits for themselves and their families. The Golden Visa application can include the investor’s spouse, financially dependent children, and financially dependent parents.

    To qualify for the Portugal Golden Visa process, investors need to be 18 years or older, possess a valid passport, legally reside in a country, and maintain the investment for at least five years or until they obtain a Permanent Residence card or passport. Investors are also required to spend an average of seven days per year in Portugal (with a minimum of 14 days in each subsequent 2-year period) and comply with the Health Insurance Policy.

    After the fifth year, the investor and their dependents can apply for Portugal/EU citizenship or Permanent Residency. Additionally, depending on the project, the investment may be refundable after five years or upon obtaining permanent residency or citizenship.

    What is the Portugal Golden Visa Program?

    The Portugal Golden Visa program, officially known as “ARI” (“Autorização de Residencia para Actividades de Investimento”), allows investors to gain Portuguese residency and enjoy all the benefits of being part of the European Union. The program was created to attract more investments in businesses and real estate while promoting diversity through incentives.

    Under the program, residence permits are granted to third-country nationals who intend to perform investment activities in Portugal, such as capital transfer, job creation (at least ten jobs), or property purchase.

    What Investment Options Qualify for the program?

    When it comes to investment options for the Portugal Golden Visa program, purchasing real estate is one of the most secure and popular pathways. The current law requires buying a property valued at €500,000 or higher. Alternatively, investors can invest €350,000 in rehabilitating a building over 30 years old located in an urban rehabilitation area. For properties in rural areas, the required amount decreases to €280,000 for rehabilitation.

    While rehabilitation projects in rural areas may not yield high returns, they provide a safe pathway to obtain citizenship by investment under the Golden Visa program. Rehabilitation projects in central areas like Porto and Lisbon may offer higher returns, but it’s recommended to act swiftly due to potential changes in legislation in 2021.

    If you’re interested in the Portugal Golden Visa Program, Mercan Group has been closely involved with the program for several years. We assist investors in obtaining residence permits and immigrating with their families to Portugal, offering reliable projects that ensure a safe investment while obtaining the Golden Visa.

    If you’re interested in obtaining your European Citizenship by investment or learning more about the Lapa Hotel and Évora Hotel projects developed by Mercan Group, you can contact Mercan for further information.