I am looking to pursue the golden visa in Porto through the ā¬350k Real Estate rehabilitation route.
From my understanding, to be eligible you will need to make a minimum ā¬350k investment with a >30 year old home with approved plans for rehabilitation and funds for the rehabilitation project available. Iāve 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 youāre meeting the ā¬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 ā¬350k investment?
Any help towards this route would be tremendously helpful and very appreciated - thank you in advance!
I must admit I am not a Portuguese lawyer, but I hope you may find my responses below usefulā¦
I would also recommend to hire a lawyer for your transaction, but please be aware that even the best lawyers may and do make mistakes occasionally, therefore hiring them is in no way a substitution for your own proper research.
Everything below is based on my quick research online, I have not tested any of that in practice.
Just reading more into the SEF requirements, I think the payment for the rehabilitation works must be in liquid cash to be on the safe side.
Also, it seems like you donāt have to wait for the licence, as only the evidence of ārequestā is mandated by SEF:
āPrior notification or request for a permit to carry out the urban rehabilitation operationā
Just to add - the Pearls of Portugal site mentions that at least 20% of the overall budget should be in rehabilitation. I canāt find the SEF source on it, but it seems reasonable to me.
Anyone here already invest with SPARK CAPITAL PT Developers?
They have good deal with guarantee return in 5 years.
They have multiple 350k projects in Lisbon, but i canāt find their article/news in google.
I want to know more about this company, but there is no resources.
Thank you
this is a rule of thumb that our legal partners recommend. The SEF wants to see that the applicants make substantial renovations. So just painting for 5k will not do the job. Unfortunately, there is no official checklist or definition of what is substantial. That is why we recommend the āminimum 20%ā rule which made so far the investments of our clients 100% eligible for the application.
Hi. I have a question. Do I need to have a licensed contractor to pull the permit for works? Can I use the costs of my architect toward the total golden visa amount? Can my architect manage the project or do I need to hire a licensed contractor? According to SEF " Prior notification or request for a permit to carry out the urban rehabilitation operation or contract for the carry out of rehabilitation works on the real estates to be acquired between the legal person duly qualified by Instituto dos Mercados PuĢblicos, ConstrucĢ§aĢo e do ImobiliaĢrio, I.Pā¦ - So what is the first options request for a permit to carry out the rehabilitationā¦? I am just confused - Do I need to hire a contractor or can I get the permits myself or could my architect get the permits?
Hi Sharon, you have to hire officially a company through a contract with them. The contract should list the works to be done and the overall amount, which together with the property costs exceed the minimum requirements. The company needs to have an official license which you can check here. A normal company has this license and will also include the architect costs in the quotation. If you need an intro for a reliable construction company that also has experience with the the GV process send me a PM and Iām happy to help