The laws approved by the Portuguese Government open up the possibility of applying for a residence permit to third state Citizens. This new residence permit seeks to attract new investment into Portugal through the purchase of real estate for a minimum period of five years. The holders of the residence permit for investors will have the right to family regrouping and may gain access to a permanent residence permit, as well as to Portuguese citizenship in accordance with the current legal provisions. The investor must purchase one or more properties with a value of or above € 500,000.00 (five hundred thousand Euros). They may also choose to purchase a property in co-ownership as long as each co-owner invests more than € 500,000.00 (five hundred thousand Euros). The value of investment can be reduced to € 350.000,00 if the property is more than 30 years old, or if it is located in a regeneration area and it is subject to refurbishment works and certified by the municipality. The properties purchased can be rented out or leased for commercial, agricultural or tourist exploration.
The acquisition of the property should be completed by the time of the requisition of the permit. A declaration issued by a financial institution is also necessary to prove the transfer of the capital for payment of the property.