Although there were changes to the scheme in January 2022, the good news is that there are still areas and property options in the Algarve that will meet the criteria for the scheme.
The recent changes to the program are designed to drive foreign investment to low-density areas as the government seeks to expand investment to other parts of the country.
The investment of a minimum of €500K into residential or commercial property or €350K in rehabilitation projects still apply but the difference now is that the locations where you can invest has changed. There are a few areas in the Algarve where investment is permitted such as, Alcoutim, Aljezur, Castro Marim, Monchique, and Vila do Bispo, the Loulé parishes of Alte, Ameixial, Salir, the Union of Parishes of Querença, Tôr, and Benafim.
There is also the option of purchasing properties in touristic developments throughout the Algarve, offering you the unique opportunity to own a hands-off, turnkey investment property that will generate you rental income throughout the Golden Visa process.
Ideal Homes is currently sharing property for sale in a variety of locations as this may compel property buyers to focus their search in new areas instead of the more popular locations.
Along with the changes in areas, price points will vary depending on whether the property is located in a “low density” classified area in Portugal. When an area is deemed “low-density” it means a 20% discount rate will apply to your investment.
So what are the investment options?
- Purchase residential real estate in a designated interior area of Portugal that is worth at least €500,000
- Rehabilitation project - €350,000
- Residential property in a designated “low density” area - 20% discount will apply
- The islands of Madeira and the Azores are classified as high density, so a discount is not applicable when investing in these areas
Ideal Homes recently shared an update on the golden visa by a legal expert as they strive to assist as many people as possible to successfully apply for the Golden Visa in 2022.
Ideal Homes is planning a series of webinars this month and one of the topics featured will include information on Golden Visa investments. For more information, visit the Ideal Homes Portugal website, you can also subscribe to the official YouTube channel for all the latest property updates.
The team can be contacted on info@idealhomesportugal.com or give them a call on +351 289 513 434.