PORTUGAL’S GOLDEN VISA
As one of the most popular residence by investment programs in Europe and in the world, already 10.000 applicants have received their Golden Visas.
Since 2012, the Golden Visa makes it possible that, by maintaining the investment for at least five years, these foreigners are entitled to apply for Portuguese nationality. The program allows you to live in Portugal or just invest in the country, and the main purpose was to attract internacional capital into the country, which was still suffering from the 2008 economic crisis. Since the end of last year the locations for buying properties are now much narrow, as the residential properties in Lisbon, Porto, and coastal towns of the mainland do not qualify. However, you can choose a commercial property in these locations and still qualify.
Some benefits are:
- You can qualify for residence by investing between 280.000€ and 500.000€, which is one of the lowest investments in Europe.
- You only need to stay an average of 7 days per year to keep your residence permit. So, you basically don’t really need to move to Portugal.
- You can be eligible to become a Portuguese citizen within 5 years, which is one of the quickest in Europe.
Once you become a Portuguese citizen, you get visa-free access to a vast list of countries. You can travel in the Schengen Area Central System freely. Portuguese Visa ranks 4th place among all passports in 2021.
The Portuguese Golden Visa allows you to live, work and study in Portugal, and also have access to all public services, including healthcare and education.
You may extend it to your family members and the application process is simultaneous for the main applicant and the dependents, which includes the Spouse, children under 18, dependent children (under 26 that are not working full time and that are not married), and parents of the main applicant, if over 65 years old.
– Any non EU/EEA/Swiss nationality can apply for the Portugal’s Golden Visa.
– Be 18 years old at the time, have a clean criminal record, both at home and in Portugal.
– The funds should arrive from outside of Portugal.
Regarding UK citizens, who lost their freedom in the Schengen Area, in 2021, they are targeting Portugal for 3 reasons:
– European citizenship by investment.
– Travel rights across Europe
– A desirable lifestyle
So, UK citizens became eligible to apply for Portugal’s Golden Visa on the 1st of January 2021, which provides them the right to travel within the Schengen Area again.
A qualifying investment has to be made, which includes:
1. Real Estate Acquisition
– Acquisition of commercial property anywhere in Portugal – €500,000
– Acquisition of commercial property anywhere in Portugal – subject to a 20% discount if the property is in a designated low-density population – €400,000
– Acquisition of commercial property, more than 30 years old subject to approved renovation works, anywhere in Portugal – €350,000
– Acquisition of commercial property, more than 30 years old subject to approved renovation works and in a designated low density area – €280,000
At the Real Estate acquisition, the transaction may include the purchase of multiple properties.
Also, if two applicants – as an example – are purchasing one property of 1.000.000€, they can split it and pay each 500.000€, in order to combine their investments.
2. Capital Transfer
Capital transfer of a minimum of €1,5 million to Portugal.
3. Fund Subscription
A minimum of €500,000 subscription in a qualifying Portuguese fund.
– Create a minimum of 10 new full-time jobs in a Portuguese business that is owned by yourself as the main applicant.
– Create a minimum of eight new full-time jobs in a Portuguese business formed in a low-density area in Portugal, owned by the main applicant.
– Invest a minimum of €500,000 in an existing Portuguese business, where the business must create a minimum of five new full-time jobs for at least three years.
– Invest a minimum of €250,000 in preserving national heritage in Portugal.
– Invest a minimum of €500,000 in a research and development activity in Portugal
Are Loans Allowed For The Golden Visa Investment In Portugal?
Portugal expects you to bring in the minimum required amount from outside of Portugal. So the minimum amount cannot be taken out as a loan from a Portuguese financial institution. But you can take the amount as a loan from a non-Portuguese financial institution and then bring it into Portugal.
• Certified copy of valid passports
• Schengen Visa
• Three Original passport-size photos
• Original excerpt of Birth record or certified copy of Birth certificates with Official Portuguese or English translation and legalised/ Apostilled by the Portuguese Consulate in Country of issuance
• Criminal Record for all adults for both Country of Birth & Country of Residence (If different) (Applicants above 16) with Official Portuguese or English translation and legalised / Apostilled by the Portuguese Consulate in Country of issuance
• Flight Ticket Reservation to visit Portugal (issuance not necessary)
- Proof of accommodation from a hotel or invitation letter from a relative or friend in order to prove the destination and the purpose of the trip
Proof of evidence of the qualifying investment made by the main applicant individually
→ If real estate; a deed or promissory sale agreement with proof of deposit payment,
→ If investment fund; proof of fund subscription from the fund management.
• Declaration from Portuguese financial institution confirming the transfer of funds,
• Proof of healthcare coverage:
→ If in Portugal, from the National Health System in Portugal,
→ If outside of Portugal, from an internationally covered insurance company.
• A completed form authorising SEF to access criminal records in Portugal,
• A sworn declaration on compliance with the minimum investment requirements for the necessary time period of five years,
• Documents outlining good standing with the Portuguese Tax and Customs Authority & Social Security system,
• Receipt of ARI application payment,
Documents required only if married persons apply together:
• Original excerpt of marriage record or certified copy of marriage certificates with Official Portuguese or English translation and legalised/Apostilled by the Portuguese Consulate in Country of issuance
• Certified copy of divorce certificate with Official Portuguese or English translation and legalised/ Apostilled by the Portuguese Consulate in Country of issuance (if applicable).
After gathering all this documentation, you need to legalise and translate all the original documentation that are not in Portuguese, which is is typically performed by a notary.
Prices (just to give you an idea of the basic costs)
Main Applicant – 550€
Each Dependent either spouse, children or elderly parents – 80€
Initial Residency Permit per family member – 5.150€
Hope I could enlighten you regarding this subject.
Have a nice week!