WELCOME TO PORTUGUESE RESIDENCY BY INVESTMENT
The Portuguese residency by investment program (Portuguese Golden Visa Program) was created in accordance with the Ministry of Foreign Affairs through the Department of Consular Affairs and the Portuguese Trade and Investment Agency (AICEP).
Officially known as the Portuguese Republic, the country is located on the breathtaking Iberian Peninsula. Its position as the westernmost nation of mainland Europe affords it an enviable Mediterranean climate.
If you’re looking for visa-free travel throughout Europe, EU residency and an attractive tax regime, then look no further than the Portugal golden visa program.
Portugal, beautifully poised on the western edge of Europe on the Iberian Peninsula, shares its border with Spain and is surrounded by the awe-inspiring Atlantic Ocean. As one of Europe’s oldest civilisations, Portugal boasts stunning architecture, rich culture and a long and varied history. Portugal is one of the world’s most developed and peaceful countries.
The country plays host to a large variety of wildlife including boars, wild goats, foxes and deer. It’s not just the mainland that makes up Portugal but also two significant island groups: The Azores and Madeira Islands. Together they offer a distinctive charm to Portugal’s overall allure.
Geographical Location and Climate
Located in Europe’s southwestern corner, Portugal’s geography is as diverse as its climate – from mountainous northern regions to low rolling plains in the south. The Tagus River acts as a climatic divide for this country offering distinctive seasons on either side- damp cool winters up north while retaining warmth further south.
Offering an Atlantic coastline known for exhilarating surf scenes in western parts while a haven of warm sandy beaches attracts masses down south! Apart from continental mainland features which include fishing havens such as Madeira & Azores islands give further leverage to its geographical assets.
Language and Culture
The official language of Portugal is Portuguese but English is widely understood especially in urban areas like Lisbon & Porto where almost a third population resides. Portuguese cities are historic marvels; Lisbon barely changed since late 18th century still backed by old constructions standing tall today!
Exquisite art forms like tile painting “azulejos” still practiced today shadowing their fondness towards heritage preservation speak volumes about their conscious choice towards traditional value retention chosen over blurred lines between culture-respecting innovation Vs cultural erosion observed elsewhere.
The Portuguese economy, a high-income developed market, is primarily service-based, encompassing sectors such as finance, telecommunications, and tourism. Agriculture, forestry, fishing, and manufacturing also contribute significantly. Major exports include vehicles, machinery, pharmaceuticals, and agricultural products such as olive oil and wine. As of 2023, the average salary in Portugal is approximately €1044 per month, with a relatively low cost of living compared to other Western European countries.
WHY CHOOSE PORTUGUESE RESIDENCY BY INVESTMENT?
FAST ACCESS TO A EUROPEAN RESIDENCY
You can obtain your European residency in just 6-12 months. After five years, you are then eligible to apply for Portuguese citizenship.
FREEDOM TO TRAVEL
Portuguese residency immediately grants visa-free travel throughout the Schengen States.
Portugal’s business environment is as welcoming as it is thriving, ranked 39th in the world for "Ease of Doing Business". The country is also a vital business hub for global trade and travel.
FAMILY SAFETY AND FUTURE SECURITY
Portugal is ranked 19th worldwide on quality of life and it is also one of the world’s safest countries. Your parents, spouse and children can also obtain the Portuguese Golden Visa and are thereby entitled to live/study/work in Portugal.
How to Qualify
For The Portuguese Residency By Investment Program
The Portuguese Golden Visa is a renowned residency by investment program provided to non-EU nationals who have made a significant investment in Portugal. This program has attracted applicants worldwide, offering them the opportunity to live and work in Portugal while enjoying visa-free access across Schengen states.
To qualify for the Portugal Golden Visa, applicants are required to fulfill specific requirements, including making a qualifying investment, maintaining it for five years, providing necessary documentation, and paying related fees. Also, they should possess a bank account and tax identification number in Portugal.
Before you can make your investment in Portugal, you will be required to set up a local bank account. Given that this is mandatory, it’s good news that the process is relatively straightforward and can be achieved in half a day!
To open a Portuguese bank account, you’ll also need to acquire a NIF number – a tax identification number specific to Portugal. Once both of these steps are completed, you’re ready to proceed with your main application.
Changes to The Portuguese Golden Visa Program
The Portuguese Golden Visa Program has proposed several significant changes. These include excluding real estate purchases and large capital transfers as qualification for the scheme. The focus will instead shift to other opportunities such as venture capital, heritage/cultural contributions, scientific research, and job creation through business investments.
Note that these are not yet enacted changes; they remain proposals subject to legislative approval in Parliament.
As of August 21st, 2023, Portugal’s President vetoed this proposal, sending it back for further legislative review and discussions.
The Portuguese Golden Visa program remains an attractive solution for potential investors, with several investment options still available.
It is important to note that these changes, once confirmed by Parliament and published in law, won’t affect existing applications or renewals in a retroactive manner. Until the legal proposal takes effect, current rules continue to apply and will govern all submitted applications or upcoming renewals.
Pending applications and scheduled renewals will shift towards the D2 Entrepreneur’s Permit condition. This offers applicants an amended residency requirement – down to only seven days per year.
Eligibility Criteria for the Portuguese Golden Visa Program
For an applicant’s successful eligibility in obtaining a Portuguese Golden Visa:
– Must be at least 18 years old
– Must be non-EU/EEA/Swiss national
– Have clean criminal record
– Funds used for investments must come from outside Portugal.
Furthermore, once you receive your Portuguese Golden Visa you can apply for citizenship after five years of holding your visa and fulfilling certain requirements.
Investment Options for the Portuguese Golden Visa
Selecting a suitable investment that aligns with your unique financial circumstances is crucial to your application process for the Portuguese Golden Visa Program.
Here are the Investment options:
Real Estate Investment (Ending Soon)
This is a popular route that involves a real estate investment worth over €500,000 in Portugal.
- For properties in low-density regions, the minimum drops to €400,000. Acquiring older properties requiring renovation of at least €350,000 also qualifies.
- Multi-property acquisitions collectively reaching these amounts or co-purchasing a pricier property (e.g., two related applicants buying a €1 million property each meet their required minimum investment of €500,000)
Note: Residential properties within Lisbon and Porto and coastal mainland towns aren’t eligible.
Capital Transfer (Ending Soon)
Transferring funds of at least €1.5million directly into Portugal’s economy also secures eligibility for this program.
By creating 10 new full-time jobs in an investor-owned business or investing a minimum sum of €500k while ensuring creation of five full-time positions for three years respectively, qualify you under this category.
For businesses within low-density areas, creating eight jobs suffices too.
Contribution towards National Heritage and Research Activities
Investments amounting to a minimum value of either 250k Euros directed towards preserving national heritage sites or at least 500K Euros towards funding research initiatives.
Portuguese Golden Visa Program Steps And Timeline
Obtaining a golden visa involves several stages:
- Consultation with an immigration expert like Next Generation Equity
- Selecting & finalizing your preferred Investment option.
- Completing necessary paperwork & payment of application fees.
- Appointment at immigration office.
- Receiving a Temporary Visa (valid initially for 1 year)
- Renewal of visa every two years, requiring a minimum stay of 14 days in Portugal within that period.
Remember: After five years, you can apply for permanent residency or citizenship in Portugal.
Advantages of the Portuguese Golden Visa Program
The Portuguese Golden Visa is more than just a residency permit; it is a gateway to numerous opportunities and advantages.
– Acquisition of resident status in Portugal, enabling you to live and work freely in one of the most compelling economies in the EU.
– The opportunity to apply for Portuguese Citizenship after maintaining the Golden visa for five uninterrupted years, subject to certain stipulated criteria.
– The privilege of unlimited visa-free travel access across all Schengen states without restrictions.
– Family Reunification provisions that not only cover your immediate family members but extended relatives as well. They, too, can reap similar benefits upon inclusion within your Golden Visa.
Moreover, income acquired abroad is not subjected to tax if you do not primarily reside in Portugal. Portugal also provides an attractive tax regime promoting foreigners’ relocation and becoming tax residents.
Portuguese Golden Visa FAQs
Who qualifies for the golden visa in Portugal?
The Golden Visa in Portugal is open to any individual who meets the following conditions: You must be a non-European Union, non-European Economic Area or non-Swiss national who is at least 18 years old. It’s essential that you possess a clean criminal record and have funds sourced outside of Portugal for making the investment.
How much do I need to invest in Portugal to get permanent residency?
The minimum investment required for permanent residence varies depending upon your chosen route. For instance, direct real estate purchases require an investment worth over €500k (lowered to €400k in low-density regions), while capital transfers necessitate a minimum of €1.5 million into Portugal’s economy. On the other hand, business dealings must either create at least 10 jobs or involve an existing business and establish five full-time positions over three years based on a minimum capital expenditure of €500K.
What is the easiest way to get residency in Portugal?
This prominently depends upon the personal circumstances and the financial capability of each investor. However, the most widely preferred entry points have typically been through acquiring property or making significant direct investments within its economy.