Harry & Meghan Purchase Property in Portugal, but Is This Enough for a Golden Visa?

Prince Harry and Meghan Markle have reportedly bought a property in Portugal's Comporta region, potentially eyeing the country’s Golden Visa Program.

This move further strengthens their ties with Portugal, and if they seek the Golden Visa, it could also deepen their connection to the wider European Union.

With the UK's exit from the EU, British nationals, including the royal couple, no longer enjoy the same freedom of movement within the EU. This means Prince Harry and Meghan, like all other non-EU citizens, must adhere to the immigration rules of the EU. "The royal couple neither enjoy any residency or citizenship exemptions in the EU," reports confirm, highlighting that they are treated equally to other non-EU nationals under EU immigration laws.

If they were to secure Portugal’s Golden Visa, it would grant them similar rights to EU citizens, such as the freedom to move freely within the Schengen Area. However, while they have bought property in Portugal, this alone does not automatically qualify them for the Golden Visa.

Portugal's Golden Visa, officially known as the Residence Permit for Investment Activity (ARI), is a popular residency-by-investment scheme. Recent reports suggested that Harry and Meghan may have purchased property in Portugal with the aim of obtaining the Golden Visa. However, this is not sufficient due to recent legislative changes.

In October 2023, President Marcelo Rebelo de Sousa of Portugal approved the "More Housing" bill, aimed at addressing the country’s housing crisis. Among the changes introduced was the removal of the real estate investment option from the Golden Visa program. This was once the most popular pathway for applicants, allowing them to qualify by purchasing real estate valued at €500,000 or more.

While this route has been closed, other pathways to the Golden Visa remain open. These include:

• Investment in funds

• Cultural heritage donations

• Investment in research and development

• Job creation

Notably, the commercial real estate investment option, as part of the investment fund route, is still available despite the changes. To qualify under the investment fund option, applicants must invest at least €500,000 in a Portuguese investment fund registered with the Portuguese Securities Market Commission (CMVM). "60 per cent or more of the fund’s capital should be invested in assets in Portugal," which can include real estate, technology startups, or other sectors that contribute to the country’s economic growth.

Commercial real estate investment can involve purchasing new properties or acquiring ones that require renovation. Additionally, the Golden Visa Program allows for family reunification, meaning that family members of the investors can also benefit from residency.

While Harry and Meghan’s purchase of property in Portugal may signal their interest in the Golden Visa, they would need to explore one of the alternative investment options available under the revised program to secure it. 

By fLEXI tEAM