New portuguese immigration law invites non-eu property investors

Photo credit: Pedro Moura Pinheiro

Portugal is set to invite property investors in from outside the EU with new immigration laws. The draft regulation, approved in March, was presented to Parliament this month.

The move will "expand some issues related with the statute of the immigrant entrepreneur who wishes to invest in Portugal", the Deputy Secretary of State Barreiras Duarte told Portugal Daily View.

Duarte oversaw the introduction of immigrant entrepreneur visa changes in 2007. Five years on, he is continuing that drive to include new temporary residence permits for investors and create an EU Blue Card permit for "highly qualified professionals".

As a result, investors from outside of Europe's Schengen Area will be able to access residency permits without having to apply for a visa beforehand. To be eligible, investors will have to buy €750,000 worth of real estate, invest €1m in capital over at least five years and create a minimum of 30 jobs.