Next month sees the introduction of new Portuguese laws aimed at attracting citizens outside the EU who wish to invest in the country. It amends an earlier law passed in 2007. The legislation was passed on August 9, and comes into force on October 9 and will allow non-EU citizens to receive a Portuguese visa enabling them to enter and stay in the country for a minimum of five years provided certain types of investments are undertaken.
These investments should either be the purchase of the property with a minimum value of €500,000, or transferring more than €1 million in capital, or creating a minimum of 30 jobs. At the moment the full details of the law haven’t yet been published.
Portugal wishes to raise its profile as being an attractive destination for highly qualified, wealthy individuals who want to invest and work in the country, and it faces tough competition as many other European countries are trying to do the same thing.
A lot of European countries are short of money, and are being forced to look outside the EU towards other world economies in order to attract foreign investment. This means EU policies regarding citizens from outside the euro zone are becoming more flexible in order to give member states an opportunity to attract investment in the most straightforward way possible. Key markets are seen as being Brazil, Russia and possibly China. Certainly Portugal has a lot to offer investors as it enjoys a temperate climate, low cost of living, and high quality medical care combined with a rich history and culture.