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Tag: Portugal Golden Visa

  • Important Update: Release of the Amendment to the Citizenship Law

    We are delighted to announce that the amendments to the Citizenship Law have been officially published today. As previously communicated, these amendments bring about significant changes to the citizenship application process. One crucial aspect of these changes is Article 15, which states: “For the purposes of counting legal residence periods provided for in the present law, the time elapsed since the moment in which the temporary residence permit was requested, provided that the same will be granted.”

    There has been some ambiguity regarding what constitutes the “request” for a temporary residence permit, especially concerning the process of acquiring a golden visa for citizenship purposes. As outlined in our previous article, available here, several possibilities exist, including:

    i) The online submission date
    ii) The date of payment of the online application
    iii) The date of biometrics
    iv) The date of biometrics with no notice of further documents missing
    v) Other moments

    Given the legislator’s intention to address the backlog affecting immigration proceedings, we anticipate that the date of online submission or payment will likely be considered as the “request” for residency calculations.

    While the law is already in effect, the regulation will be implemented within the next 90 days. Once this regulation is finalized, we will have a definitive answer to the question of what moment constitutes the request for a golden visa in the context of acquiring citizenship.

    Please be assured that the team at IAS is fully committed to providing you with comprehensive support and guidance throughout this process. We will continue to keep you informed of any further developments.

  • Mercan Group’s Renaissance Porto Lapa Hotel has been elected as the ‘Opening of the Year’ at the Nit Awards 2024

    Mercan Group‘s Renaissance Porto Lapa Hotel, known for its distinctive charm and unique character, has been honored with the ‘Opening of the Year’ award at the 2024 NiT Awards. Situated in the heart of Porto, this prestigious recognition underscores the hotel’s exceptional performance since its inauguration in 2023, marking a significant milestone in the hospitality industry.

    Driven by Mercan Properties’ vision to revitalize Porto’s Lapa district, the hotel serves as a cornerstone for broader urban renewal efforts. This initiative reflects a dedication to luxury accommodations and the revitalization of an iconic part of the city, blending five-star hospitality with cultural and community engagement.

    Guest feedback consistently praises the hotel’s meticulous attention to detail, the warmth of its staff, and the unwavering commitment evident in every aspect of service. With its impressive 17-meter infinity pool and rooftop area offering stunning views and a superb cocktail menu, the hotel provides a memorable experience for all visitors.

    Looking ahead, the hotel is focused on elevating its culinary offerings, aiming to redefine Portuguese cuisine with a sophisticated flair and establish itself as a gastronomic landmark. As a vibrant gathering place for both locals and guests, the Renaissance Porto Lapa Hotel is positioned to continue playing a pivotal role in Porto’s urban landscape, with ambitious plans for the future promising even greater developments.

  • Important Update: Ruling by the Constitutional Court

    We are pleased to share an important update regarding proposed changes to immigration legislation in Portugal. Recently, the Portuguese Constitutional Law confirmed the compliance of these proposed changes with the Portuguese Constitution.

    The next critical phase in this process involves the document’s final ratification by the Republic’s President, a step we anticipate will occur shortly. Upon ratification, this amendment will significantly alter the calculation of the citizenship request timeline. Specifically, the five-year period required for submitting a citizenship request will no longer commence from the issuance date of your residency card. Instead, it will begin from the date of submission of the application. It is worth noting that the specific moment of submission of the application is yet to be defined by law but will be clarified in forthcoming regulations, expected to be published within the next three months following the publication of the law.

    We are fully prepared to offer our unwavering support and assistance with any inquiries or matters you may encounter throughout this process. Our steadfast commitment ensures you are well-informed and equipped to navigate these changes seamlessly.

  • 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.

  • Mercan Group to Invest 450M Euros in 8 New Lisbon & Algarve Hotels

    In an anticipated move, Mercan Group disclosed plans to commence construction this year on multiple hotel projects, including Portugal’s inaugural Hard Rock Hotel, set to grace Vau Beach. The Canadian conglomerate will inaugurate three hotels this year, solidifying their commitment to the country.

    Miguel Gomes, Mercan Properties’ Construction and Development General Manager, indicated that construction for these hotels, constituting 1,400 rooms in total, will initiate in 2024. Acknowledging the challenges inherent in predicting the exact start date due to licensing procedures, Gomes affirmed the group’s leadership in Portugal’s real estate landscape.

    While exact locations for the eight upcoming hotels remain undisclosed, the Hard Rock Hotel at Vau Beach, Portimão, is one confirmed project. Expected to open in 2026, this flagship hotel will generate 400 job opportunities and showcase 452 luxurious rooms and suites. Boasting direct beach access, the hotel will offer an array of amenities, including a Kids Club, multiple restaurants and bars, outdoor pools, a Rock Spa, a gym, a Rock Shop, sports facilities, and a beach club. Additionally, the Hard Rock Hotel Algarve will provide a conference room.

    Before 2024 summer, Mercan Properties will inaugurate three hotels, representing an investment of around €54.6 million. These include Holiday Inn Express Porto-Boavista, featuring 91 rooms with a €21 million investment, Holiday Inn Express Évora – Mercan’s second unit in the city – with 76 rooms and an investment of €16.8 million, and Holiday Inn Beja, comprising 95 rooms with a similar investment of €16.8 million. These hotels will fall under the management of AHM – Ace Hospitality Management, a subsidiary of the Mercan Group.

    Upon completion of these projects, Mercan Properties, which has entered Portugal since 2015, will possess a portfolio of 30 hotels spread across various Portuguese locations. These encompass Porto, Vila Nova de Gaia, Matosinhos, Lisbon, Amarante, Santiago do Cacém, Évora, Beja, Algarve, and Madeira Island. Beyond Portugal, the Canadian Mercan Group maintains a global presence in China, India, the United Arab Emirates, and the United States of America.

  • Change of Law – Golden Visa | Recent News

    We would like to inform you that today the President of the Republic has vetoed the “Mais Habitação” law.

    The next step in this process is the return of the “Mais Habitação” law to the Parliament where it can be i) changed by the Parliament and sent again to the President or ii) confirmed by the majority of the deputies at the Parliament and in this case the President will need to accept it.

    In any case, it is unreasonable to expect that the Parliament makes any decision before the end of September 2023, since at the moment the Parliament is closed for the summer break.

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

    In this sense, it is essential that we 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 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.

  • International market with an eye on Portugal’s tourism sector

    The hospitality sector continues to surprise and surpass pre-pandemic numbers.

    There is a new focus on the international tourism market map, with Portugal remaining at the top of the world’s most popular European destinations, where the cities of Lisbon, Porto, and the Algarve region fit in.

    Hotel accommodation capacity is far from slowing down and this is an obvious fact in the city of Porto, with the latest openings from Mercan Properties. The highlight goes to the elegant and colossal Renaissance Porto Lapa Hotel, with 163 rooms and suites, which debuted in the Lapa area, shortly after the opening of Arts Hotel Porto, Tapestry Collection by Hilton. An innovative urban hotel with artistic influences, right in the center of Porto, with 53 exquisite rooms and suites of different types.

    Data from the National Statistics Institute (INE) show that, in the first four months of this year alone, the municipality of Porto recorded a total increase of 1,569,543 overnight stays in the city.

    The regions of Lisbon and Algarve also led the top of the most sought-after destinations during the Easter season, with the Portuguese capital already in ninth place of Spanish residents’ preferences as the European destination of choice for the summer of 2023.

    This positive contribution is due to Mercan Properties’ performance in Portugal, where in the first 6 months of the year, Mercan Properties’ hotels grew significantly compared to last year, a positive contribution to the economy, and the tourism and hospitality industry in Portugal.

    The success of the Canadian group company is demonstrated by consecutive satisfaction ratings of 9.4 on Booking, 4.5 on Tripadvisor, and 9.6 on Expedia. Mercan Properties has, at the moment. over 30 projects in Portugal, with 8 hotel properties currently in operation.

  • 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.