Ideal Homes Portugal reports golden visa changes do little to stem flow of buyers seeking property in Portugal

The latest figures from Portugal’s Foreigners and Borders service (SEF) show that 10,442 main applicants, along with 17,426 dependent family members, have been granted golden visas in Portugal to date. In February 2022 alone, 94 applicants and 100 dependents were granted golden visa status. So far, the scheme has reportedly brought over €5 billion of investment into Portugal.

The golden visa scheme provides a residency visa for anyone purchasing property worth €500,000 or more (or €350,000 or more in the case of urban renovation properties). On 1st January 2022, a number of geographical restrictions came into force, meaning that properties in Lisbon, Porto or mainland coastal towns will no longer qualify for the scheme. However, real estate agency Ideal Homes Portugal, which has released a video covering the golden visa restrictions, reports that buyers are still able to purchase homes along the sunny Algarve coastline and be eligible for visa status, despite the new restrictions.

“The golden visa rule changes include a specific exemption for ‘touristic developments,’ which means that buyers who choose resort properties can still buy in Lisbon, Porto and coastal towns and qualify for the visa, just as they could previously. And this is precisely what we’re seeing happen – buyers are using the exemption to seek out properties that get around the geographic restriction.” -Chris White, Chairman and Founder, Ideal Homes Portugal

Resort properties aside, other buyers are focusing on picking up coastal properties that qualify for the golden visa due to their more rural location. Along the Algarve, less populated areas including Alcoutim, Aljezur, Castro Marim, Monchique, Vila do Bispo, and some parishes in Loulé, Silves and the municipality Tavira still qualify for golden visa-eligible property purchases.