I am thinking about buying commercial property in Faro for a Portuguese Golden Visa. Is Faro qualified as low density? To my understanding, SEF/ ARI Law judge low density by NUTS III level, which means any city in Algarve is low density. So buying property in Faro should have a 20% discount. Is this correct? Are there any other considerations?
There are no restrictions on buying a commercial property in Faro to be eligible for the Golden Visa. However, to answer all the other questions we need to know the precise location of the property. Only with that information can we assure with certainty whether or not it’s in a low-density area and if it’s considered an interior area of the country to have a 20% discount.
Currently, any city in Algarve is considered a low-density area. As such, you can benefit from the 20% reduction in the minimum amount of investment. Being a commercial property, it is not subject to any geographic limitation to be considered eligible for Golden Visa purposes.
Purchase of real estate, built more than 30 years ago or located in areas of urban regeneration, for rehabilitation, for a total value equal to or greater than € 350,000.00 (falling to € 280,000.00 if located in a “low-density area”). No area restriction for commercial property. We alert the program is being reviewed now and you should contact an expert to enquire about your case before moving forward with the investment.
If the real estate is for commercial use, it can be anywhere in Portugal. The present limitations are only for habitational use. Anyhow, the program is under public discussion, so we will only know the new rules (or the closing of the program) on the 16th of March.
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