Carlos Pereira, Socialist Party (PS – Madeira) deputy to the Assembly of the Republic, confirmed that the Region will have, from the beginning of next year, a new set of advantages under the ‘gold visas’ scheme, and as such, we must prepare the way in order to attract foreign investors.
In a recent press conference, the parliamentarian recalled that an amendment was stipulated in the State Budget for 2020 that established positive discrimination for the autonomous regions and for the interior, to the detriment of the metropolitan areas of Lisbon and Porto. “The ‘gold visas’ were, in more than 80% of cases, directed towards investments in real estate made in Lisbon and Porto. Therefore, what seemed relevant to us was to be able to positively discriminate in favour of the regions that need this investment the most.”
However, the pandemic crisis has prevented the application of this guideline during 2020, forcing the postponement of the provisions made under the new legislation, especially as the Government of Portugal had to approve the measure and issue a decree-law.
As of the 1st of January 2022, the Region will continue to stimulate real estate investment and for ventures starting at 500 thousand euros will give rise to a residence visa, but now with an advantage. As he explained, the metropolitan areas of Lisbon and Porto are excluded from this measure, with the ‘gold visas’ now being applied only in Madeira, the Azores and the Portuguese interior.
Carlos Pereira went on to say: “From my point of view, this is a great advantage for Madeira, because it has significant potential in the real estate sector, especially as the Region must prepare itself this year to attract foreign investors who in the past would have looked only at Lisbon or Porto. Because of the change in law they will now be able to evaluate the potential of Madeira and the Azores.”
In addition to new real estate projects with a minimum value of 500 thousand euros, Carlos Pereira says that urban rehabilitations will also come under the scheme. Buildings over 30 years old or located in Urban Rehabilitation Areas and which will need more than 350,000 euros worth of investment, will also be eligible for a ‘gold visa.’ Furthermore, external investment in the areas of culture, digitisation, research and environmental activities that are in partnership with public or private regional entities, may also be eligible.”
Samantha Gannon
info at madeira-weekly.com
