The Portuguese parliament on Jan 11, voted to further expand the golden visa scheme by introducing new golden visa option known as Green visa investment. Draft Law No. 1055 /XIII/4 establishes a system of residence permits based on investment in green projects – Green visas.
Law no. 29/2012, of August 9, began to list the institute of “authorization of residence for investment activity ” , commonly known as ” Golden Visa ” or ” Gold Visa ”
Golden visa incorporates a residence permit for activities investment aid granted to nationals of third countries, which is granted through the execution of a business or real estate investment in the territory of
Portugal
The Portugal Government launched the ” National Road Map of Low Carbon 2050″. This Roadmap is based on the need for deep de-carbonisation of the economy recognizing carbon neutrality as a national
intergenerational. It should be noted that, in 2016, the global private investment in energy renewable energy surpasses the combined private investment in fossil fuels (oil, gas and coal) and nuclear energy, a visible trend since 2015 and which signals a global change in the energy matrix, towards the transition
for renewable energies in the face of the challenge of climate change.
The Golden visa law to be amended for creation of a system of residence authorization based on investing in green projects (Green visas) any activity carried out in person or through a as a rule, at least one of the following national territory and for a minimum period of five years, for an amount equal to or more than (euro) 500,000 euros, such as:
- Organic Farming: Promotion and development of investments in organic farming not intensive;
- Carbon Neutral: Reinforcement and active contribution to the implementation of the Roadmap to Neutrality Carbónica;
- Renewable Energy: Creation of investments that focus on self-consumption with energies derived from renewable sources that are governed by Decree-Law 153/2014, by Ordinance No. 14/2015 and Portaria nº 15/2015;
- Energy and Renewable projects: Development of projects with manifest and high standards of energy efficiency with the mandatory consumption of more than 75% of energy from 100% renewable sources
- Ecotourism: Promotion and development of projects and investments in ecotourism.
In addition, Regulatory Decree No. 84/2007 should be amended, which Law no. 23/2007, of 4 July, which approves the legal regime for entry, stay, departure and removal of foreign nationals from the territory national level, in line with the amendments to the present initiative
Residence permit for investment activity in ecological projects
1 – A residence permit shall be granted for the purpose of carrying out an activity for investment in green projects, to third-country nationals who, cumulatively:
(a) meet the general requirements set out in Article 77, with the exception of (a) of paragraph 1;
(b) are holders of valid Schengen visas;
c) To regulate the stay in Portugal within a period of 90 days from the date of
first entry into national territory;
(d) meet the requirements laid down in Article 3 (vv).
2 – The residence permit shall be renewed for periods of two years, in accordance with this law, provided that the applicant proves to maintain any of the requirements
of Article 3 (v)