MADEIRA GOLDEN VISA
The Complete Guide For GOLDEN VISA In MADEIRA
Madeira Golden Visa
It’s the World’s Leading Island Destination (for several years in a row now) so we understand your interest. Its natural and stunning beauty, the Madeiran people and their hospitality, the local food, Madeira wine, culture, the amazing sea, the “levada” walks, etc. Whatever the reason may be for you, there are so many reasons people from all over the world want to move to Madeira.
Madeira Golden Visa: Let’s get right to the point…
Facts & Key Advantages
- A wide range of affordable investment options (real estate and others)
- A short (at least 7 days) yearly visit to Portugal is enough to maintain your residency status
- Free movement within the Schengen area/27 EU countries, without the need for a visa
- After 5 years convert your temporary residency status into a permanent option for full citizenship
- Madeira is a very affordable and safe place to live
- Good health and education (schools/university) standards
- An attractive tax system
Madeira Golden Visa: Property Investment Thresholds
There are two important investment thresholds you should take into account when investing for the Madeira Golden Visa.
Golden Visa Thresholds
For maximum flexibility in your property choices
This threshold allows for any type of property investment, anywhere in Madeira or Porto Santo. The property can be a brand-new house, an apartment, or any other kind of development, such as a traditional Madeiran farm house on the north coast, or a beautiful beachfront villa in the heart of the famous Lido area.
Allows you to invest in property for rehabilitation/renovation.
This threshold allows for property investment that requires a rehabilitation or renovation project.
The €350,000 Madeira Golden Visa investment threshold includes both the purchase price of the property and the cost of rehabilitation/renovation. This threshold option a good alternative if you don´t mind the renovation work required.
Property for rehabilitation can fall into one of two categories:
… 30 years old or more
… Located within one of the official rehabilitation zones (defined by the local council). In Funchal, the rehabilitation zone incorporates a large area in central downtown – making it a promising option due to its privileged location.
Portugal Golden Visa UPDATE (2023)
On February 16th, 2023, the Portuguese government announced the planned ending of its Golden Visa program, as one of the measures aimed to solve the country’s housing problem.
The Prime Minister of Portugal recently announced that measures will be implemented to change the Golden Visa program.
He hinted that the program may be discontinued for new applicants, and that existing Golden Visas will only be renewed if certain conditions are met.
Lets break down the potential end or significant change to Portugal’s Golden Visa program and what it means for investors.
Disclaimer: All information published on this website related to Golden Visa issues is for general purposes only and does not constitute legal advice in any form or intended as legal advice. ATT Signature is not a law firm nor does it intend to be a substitute for any legal advice.
Understanding the Potential Changes
There is currently a sense of surprise and uncertainty surrounding the potential changes to the Golden Visa program, given the contradictory and technically inaccurate statements made about housing. It is important to analyze the objective data in detail and approach any new information with caution.
Key Procedural Facts
It should be noted that the government does not have the legislative power to make changes to the Golden Visa program, as the assembly of the Republic is responsible for approving any proposed changes. A proposal outlining the measures will need to be submitted to the assembly for voting, followed by a one-month public hearing. The proposal will then be sent to Parliament on March 16th, and approval should take between 15 and 20 days. The President will then react by either ratifying the proposal, returning it to Parliament for amendment, or asking the Constitutional Court to evaluate it.
While the governing party holds the majority and can approve the measures without changes, other parties may propose alternative wording during public hearings that could influence the final wording of the law. If some of the proposed measures are approved, it may also require changes to other immigration programs such as the D7 Visa or Digital Nomad Visa, which could affect standard residence permits. The Government aims to renew existing Golden Visa cases while adding extra requirements to address the housing issue.
Assumptions in regards to the Points Above
Based on the points mentioned above, it is expected that the current law will remain unchanged for at least 45 days as of February 16th, 2023. However, the exact content of the final amendments to the law remains unknown to both the Government and the Parliament, and there is a high risk of the program being completely terminated in the short-to-medium term. The timing of the implementation of the amendments has not been announced yet. While there was room for interpretation that the residency program may still exist in some fashion, it remains uncertain.
The potential changes to the Golden Visa program could result in a rush of applications before the changes come into effect, legal action against the State to avoid the changes to the program, renegotiating ongoing investments to fit other residency programs in Portugal, withdrawing ongoing Golden Visa cases en masse and seeking compensation from the State.
Navigating Through the Transition Period by Securing Your Investment
If you are considering applying for a Portuguese Golden Visa before the changes come into effect, it is important to note that we have navigated through similar changes before in 2021 (the last significant changes of Golden Visa were implemented on January 1st, 2022.)
You can get in touch with us to discuss how we can help you navigate your application before any changes take place.
There's Always More To Discover...
If you want to know the essential information about Madeira and Porto Santo in a quick and practical way, check out the online brochure and find out the best that these Atlantic islands have to offer… because not all paradises are on the other side of the world!
Funchal City Center
Experience the city of Funchal. Beautiful and easy to explore.
Garajau Cable Car
Get a ride to the beach on the local cable car in Garajau.
Marina of FUNCHAL
The marina of Funchal opened in 1984, and is located in a sheltered area in Madeira’s main port, at 530 nautical miles from Lisbon and 36 nautical miles from Porto Santo Island.
Some Pictures of Paradise
Take a look at some pretty pictures of heaven on earth.
Madeira Islands, officially the Autonomous Region of Madeira, is one of the two autonomous regions of Portugal, the other being the Azores Islands. It is an archipelago situated in the North Atlantic Ocean, in a region known as Macaronesia, just under 400 kilometres (250 mi) to the north of the Canary Islands and 520 kilometres (320 mi) west of Morocco.
Its population was 251,060 in 2021. The capital of Madeira is Funchal, which is located on the main island’s south coast.
The archipelago includes the islands of Madeira, Porto Santo, and the Desertas, administered together with the separate archipelago of the Selvagens (Savage) Islands.
The region has political and administrative autonomy through the Administrative Political Statute of the Autonomous Region of Madeira provided for in the Portuguese Constitution. The autonomous region is an integral part of the European Union as an outermost region.
Madeira generally has a very mild and moderate subtropical climate with mediterranean summer droughts and winter rain. Many microclimates are found at different elevations.
Madeira, originally uninhabited, was claimed by Portuguese sailors in the service of Prince Henry the Navigator in 1419 and settled after 1420. The archipelago is considered to be the first territorial discovery of the exploratory period of the Age of Discovery.
It’s a popular year-round resort, particularly for fellow Portuguese, but also British (148,000 visits in 2021), and Germans (with 113,000 visits in 2021). It is by far the most populous and densely populated Portuguese island. The region is noted for its Madeira wine, flora, fauna, with its pre-historic laurel forest (Floresta Laurissilva) classified as UNESCO World Heritage Site.
The main harbour in Funchal has long been the leading Portuguese port in cruise liner dockings, an important stopover for Atlantic passenger cruises between Europe, the Caribbean and North Africa.
In addition, the International Business Centre of Madeira, also known as the Madeira Free Trade Zone, was created formally in the 1980s as a tool of regional economic policy. It consists of a set of incentives, mainly tax-related, granted with the objective of attracting foreign direct investment based on international services into Madeira.
Madeira Islands: The pearl of the Atlantic.
World's Leading Island Destination
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