PORTUGAL GOLDEN VISA
PORTUGUESE GOLDEN RESIDENCE PERMIT
The current Golden Visa Programme places Portugal as the most competitive country in the awarding of residency permits for investment purposes when compared with countries offering similar programs.
What is it?
The Golden Visa Programme, launched by the Portuguese Authorities in October 2012, is a fast track way for foreign investors from non-EU countries to obtain a fully valid residency permit in Portugal.
What are the main advantages of the Golden Visa Programme?
– No need to obtain a visa to enter Portugal
– Enter and travel freely in Europe (Schengen Area)
– Live and work in Portugal, even with residency in a different country
– Residency extended to family members
– Extremely low minimum stay periods
– Permanent Residency after 5 years
– Citizenship after 6 years
– Favourable tax treatment for maximum period of 10 years
What is the Schengen Area?
The Schengen Area is a group of 26 European countries that have abolished passport and immigration controls at their common borders. They include Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, The Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and Switzerland.
How long is the Golden Visa valid?
Once issued, the Golden Visa will be valid for 5 years but it is necessary to renew it after the first and third year.
Who may apply?
Non-EU citizens involved in an investment activity in national territory, either individually or through a company. It also covers shareholders of companies already set up in Portugal, or in another EU State, with a stable residence in Portugal and with tax obligations fulfilled.
What type of investment activity is necessary?
I) Capital investment: transfer of funds in the minimum amount of €1,000,000 – this may include direct investment into any company in Portugal.
II) Job creation: minimum of 10 work positions.
III) Real estate investment: acquisition of real estate in the minimum amount of €500,000.
What are the general requirements the investor has to comply with?
– Only investments effectively made after 8th October 2012 are eligible
– Investment must be maintained for a minimum period of 5 years
– Funds for investment should come from abroad
– Absence of references in the Portuguese Immigration and the Schengen services
– Absence of conviction of relevant crime
– Entry in Portugal with a valid Schengen visa
– Residency application made within a maximum of 90 days after entry in Portugal
– Minimum stay in Portugal: 7 days during the first year and 14 days during each subsequent period of two years
What are the specific requirements for real estate investment?
– Acquisition of one or multiple real estate assets with a total value equal to or above €500,000
– Signature of a Promissory Contract of Purchase and Sale with a deposit payment of €500,000 also entitles the investor to apply
– Joint acquisition of properties is also possible provided that each co-owner invests €500,000 or more
– Properties acquired free from any charges or mortgages
– All property types qualify (commercial and housing)
– Freedom to use, rent or lease
– Acquisition completed before the application for residency permit
How long will the application and renewal take to be processed?
If the application is complete, this will be validated in a maximum of 72 hours.
What rights does a resident of Portugal have?
A person authorized to live in Portugal has the right to education, health care, the justice system and maintain professional activity.
What is the process regarding family reunification?
The family reunification is quite straightforward and simple and it applies directly to spouse, children and dependent family members. It can be requested at the same time or after the application for the Golden Visa.
What are the costs involved in obtaining a Golden Visa?
Please note that while we have taken every effort for the above to be accurate many parts of this information can change by law or be out of our hands. We cannot be responsible for these changes and ask that up to date specialist advice always be sought in each case.