June 25, 2019
The Green Visa is a new investment category just launched by the Portuguese government as part of its Golden Resident Permit Programme (GRPP).
Substantial investment in environmentally friendly projects will from now on be another gateway for foreign nationals to gain access to Portugal and the European Union.
Investments of at least 500,000€ in environmental projects. These projects can range from non-intensive organic agriculture and ecotourism schemes to renewable energies and other environmental initiatives.
Specific areas of investment include:
- Organic farming
- Renewable energy
- Carbon neutral projects
The foreigners will be allowed to gain a residency permit and eventually Portuguese nationality through these projects.
The approval of the Green Visa will serve to reinforce Portugal’s role in attracting international ecological investment, while simultaneously ensuring the transition to a circular and carbon-free economy.
The bill for the Green Visas contemplates the requirement of keeping the investment in the country for a minimum of 5 years and spend at least 7 days a year in Portugal.
In terms of perks, this visa will work very by giving the possibility of applying for Portuguese residency after 5 years or applying for citizenship after 6 years and getting a Portuguese passport. Also, the new category will include the option of applying personally or through society with several investors.
Portugal not only rejects the abolishment of the residency-by-investment Golden Visa Program but also shows its desire to expand the scope of these types of schemes, attracting thousands of foreign investors every year.