The Golden Visa scheme allows non EU citizens to ultimately obtain a Portuguese passport, with the associated benefits, by investing in Portugal.
At the beginning of 2022, the relevant legislation was updated to restrict the areas in the Algarve where it was permitted to purchase a residential property in order to obtain a Golden Visa. This is now generally limited to areas away from the coast, in the interior of the Algarve, although there is still a (restricted) option to purchase commercial property in the entire Algarve.
There is a lot of information available in relation to the Golden Visa scheme on the internet, but much of it is confusing, unclear and gives the rules for the whole of Portugal, so we wanted to clarify the rules in the Algarve, as of 2022.
There are entire councils where it is possible to obtain a Golden Visa with the purchase of a residential property, and there are also specific parishes where it is also permitted. The councils are:
The parishes with the council of Loule are:
Within Silves council the parish of São Marcos de Serra
The parishes within the council of Tavira are:
The minimum investments amount to obtain a Golden Visa by the purchase of residential property is €500.000, but this is reduced to €400.000 in low density areas. All of the areas in the Algarve are low density, so the minimum investment for a Golden Visa in the Algarve is €400.000.
Just to complicate matters a little more, there are two routes to a Golden Visa by the purchase of residential property. Up until this point we have explained the requirements for the purchase of a residential property. There is a second option whereby a property that needs renovation or is of a certain age (more than 30 years old) can be purchased, and in this case the minimum investment is €350.000. However this value is reduced by 20% in low density areas, so in the Algarve the minimum investment is €280.000 (in the case of a property that needs renovation works the value of the works is included in this figure).
And just to muddy the waters some more, there is a possibility to purchase commercial real estate anywhere in Portugal, with a minimum purchase price of €500.000 (€350.000 in low density areas). Tourism developments (such as aparthotels) fall into this category, which is often confusing as they are seen as residential, but in fact they are classified as commercial (and you can not live in them full time).
It is still possible to purchase residential property in certain areas of the Algarve to obtain a Golden Visa. There are two options:
We often have suitable properties in the interior of the Algarve (Salir, Querença and Alte for example) for sale, so please contact us if you would like to know nore about Golden Visa properties in the Algarve countryside.