I am looking to pursue the golden visa in Porto through the €350k Real Estate rehabilitation route.
From my understanding, to be eligible you will need to make a minimum €350k investment with a >30 year old home with approved plans for rehabilitation and funds for the rehabilitation project available. I’ve tried to find resources what is required for the rehabilitation project for the golden visa application but its been difficult. My initial understanding is there needs to be corresponding documentation from bank that funds are available for such rehabilitation project.
My question to the Community:
- For the rehabilitation project to be eligible for the application, does the rehabilitation project have to be approved by a government agency? eg. Porto governing body must review/approve for the GV application. If yes, how long does this review/approval process typically take for construction projects?
- If you’re meeting the €350k investment threshold for the GV application with liquid cash and looking to take a mortgage out to fund the additional rehabilitation costs, do these rehabilitation funds must also be liquid cash or could the funding for the rehabilitation come in the form of a mortgage/loan if you already meet the €350k investment?
Any help towards this route would be tremendously helpful and very appreciated - thank you in advance!