A residence permit in an EU country attracts the attention of many foreigners. Portugal launched the Golden Visa program in 2012. This option is available to citizens of countries outside the EU/EEA. The conditions for obtaining a Golden visa require candidates to invest in real estate from 280,000 euros or create jobs for residents of the country.
The main advantage of Portugal golden visa is the opportunity to obtain citizenship in this state after 5 years. At the same time, permanent residence in the country is not required. It is enough to spend only 1-2 weeks in Portugal. The golden visa allows using the visa-free regime when visiting the countries of the Schengen area and others.
The Portugal Golden Visa Program opens up many avenues for investors. But the conditions for obtaining it are not the easiest. Is it worth investing a large amount of money in a Western European country? To answer this question, expert Victoria Atanasova from Immigrant Invest outlined the main pros of a golden visa:
A Portuguese passport is one of the reasons to get a golden visa. Although it takes 5 years to become an EU citizen, you do not need to live permanently in Portugal to obtain it. Just an average of 7 days a year is enough. Having received a passport, an investor can work, travel, and live in any EU country.
Golden Visa holders and their families gain access to the public health system and school/university education programs.
Before obtaining a permanent residence, working and living in Portugal is allowed with a Golden visa. At the same time, food, education, and other services are available at very low prices compared to other European countries in the west.
The doors of the Schengen area countries are always open for Golden visa holders. Some other countries also provide visa-free travel.
Given the relatively affordable investment options for the Golden visa program, the offer may be of interest to foreign investors who are looking for a path to EU citizenship: https://immigrantinvest.com/blog/portugal-permanent-residence-en/.
The right to reside in the territory of the state with the help of a Golden visa can only be obtained by candidates who meet the following criteria:
In the Portugal Golden Visa application, the investor can designate family members who will be eligible for similar benefits. The following people can participate in the program:
The amount of money that must be invested in a Golden visa depends on the option that the investor prefers.
1) Purchase of real estate. The minimum amount is 500,000 euros.
2) Buying property in a sparsely populated area. The minimum amount is 400,000 euros.
3) Real estate investment in a Portuguese urban renaissance area. The minimum amount is 350,000 euros.
4) Investment in real estate in an area with low population density. The minimum amount is 280,000 euros.
5) Investment in the company. The minimum amount is 1,000,000 euros.
6) Purchase of company shares. The minimum amount is 1,000,000 euros.
7) Capital transfer to a Portuguese bank account. The minimum amount is 1,000,000 euros.
8) Creation of at least 10 jobs for the Portuguese.
9) Investments in the creation of a commercial company or replenishment of the authorized capital of a commercial company. Be sure to create at least 5 jobs. The minimum amount is 350,000 euros.
10) Capital transfer to research in science or technology by public or private research institutions. The minimum amount is 350,000 euros.
11) Capital transfer to support the arts or the reconstruction of the national heritage. The minimum amount is 250,000 euros.
Unlike similar programs in other countries, Portugal offers a wide range of options for investors.
If an investor decides to apply for a Golden visa, there are several steps to follow.
To invest, you must have a bank account and a tax number. The first one is pretty easy to open. It is enough to contact any bank in Portugal you like, and an account will be opened for you. You will need personal documents, confirmation of the address of residence, and source of capital. A tax number can be obtained from the tax and customs department by filling out the appropriate forms.
Having visited the country, the investor can inspect the property that they are going to buy or invest in (when choosing the real estate option). It is necessary to hold relevant meetings and sign documents.
After signing all the documents and completing the investment processes, the investor can apply to the Immigration and Border Guard Service. To do this, one needs to register on ARI, prepare and attach electronic copies of documents, pay fees, and wait for confirmation. The investor must then make an appointment in advance with the SEF to submit the application.
It takes up to six months to complete an application for the Portugal investment residency program. Initially, the Golden visa is valid for 1 year, so it must be renewed.
To obtain Portugal real estate residency, the investor must prepare for the additional costs of state fees.
Also, it will not be superfluous for the investor to plan the approximate costs for the services of lawyers and other specialists, which they can use depending on the chosen investment option, plus the costs of paperwork (for example, translation and apostille). Taxable residents are people who live in Portugal for at least 183 days a year.
Having received a Golden visa for a year, the investor can extend it for another 2 years, and then for another 2. To do this, in the first year, you need to spend 7 days a year in the territory of the country, then 14 days in two-year periods. After 5 years, the investor can obtain a Portuguese citizen’s passport with all its benefits.
The Golden Visa, which grants Portugal residency through property, is an interesting option for foreigners who want the opportunity to live and work in the EU. In addition, the prospect of obtaining citizenship in 5 years also attracts the attention of investors. Portugal is an excellent choice for a comfortable stay due to low prices and a good level of healthcare and education. In addition, this is a great place to relax on the ocean.