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The ‘Golden Visa’ in Portugal is one of the best residency-by-investment programs in Europe and the entire world. The program was introduced in 2012, and more than ten thousand applicants have received their visas till 2021. Due to this program, thousands of people and their families have found their new homes in Portugal.
It has also provided the desired boost to Portugal’s economy, as the total direct investment generated because of the program has crossed six billion.
This is also known as the ‘Residence Permit Program.’ It’s a scheme for nationals that reside outside the EU. It lasts for five years, and after the term ends, the applicants and their families get the option to become Portuguese citizens.
It came into existence because the government of Portugal wanted to strengthen the economy by welcoming investors and high-earning professionals into the country.
Benefits of the program:
- You and your family get unrestricted access to 26 countries in the EU and also the chance to travel to 183 other countries without any visa.
- You only have to make a one-time investment of a minimum of five hundred thousand euros for acquisition and only three hundred fifty thousand euros in case of rehabilitation.
- A very sound investment in a flourishing market can give you huge returns.
- You can become a non-habitual resident at the end of the program and also enjoy ten tax-free years in the country.
- You must stay only one week every year in the country to be on track.
- Your whole family can be included in this visa as well. They’ll also enjoy all the benefits. You can add your spouse, legal partner, children under 18 years of age, financially dependent children under 26, parents of any spouse over 66 or 55 if dependent, and siblings under 18 years.
How to get it:
To enroll in the Portugal golden visa program, first, you must make a qualifiable investment in either real estate or capital funds. Then you need to take care of it and keep that investment for five years.
Before applying, consider a consultation with a lawyer or a consultant to understand the procedure better and know the exact documentation you must have to be eligible.
There are some basic requirements for qualification: you need to be a resident outside the EU, EEA, or you must be a non-Swiss person; you must have no previous criminal record, and you must fulfill the stay requirement of 7 days for your first year, and 14 days or more in every consecutive two-year period after which you’ll need to renew your visa.
The options for investments:
Portugal enjoys a stable economy with the potential for much expansion in the future.
An exciting European country with rich history and heritage and a blossoming startup scene makes it a perfect choice for many businesses trying to set shop in the EU. Portugal also boasts of a premium real estate market that has attracted a massive number of property dealers and real estate companies.
So, your investment won’t incur any loss; instead, you’ll be pleasantly surprised with the return. You can choose from many sorts of investment options:
- Residential property: You can buy any residential property in the selected areas of Portugal for a minimum of 5 hundred thousand euros. Alternatively, you can invest 3 hundred 50 thousand euros in any kind of rehabilitation. You’ll also receive a discount of 20% if you choose any of the selected ‘low-density areas. The best options among the selected areas are Azores and Madeira.
- Commercial property: You can buy commercial property anywhere in Portugal too. The minimum limits and the discount remain the same as it’s for residential ones.
- Transfer of funds: You can also choose to invest in any of the qualified funds of 5 hundred thousand euros at least.
- Transfer of capital: If you have the means, you can also transfer your capital worth 1.5 million (minimum).
- Research support: If you’re well-versed enough, you can contribute 5 hundred thousand euros least to Scientific or Technological research.
- Employment creation: If you own a company or incorporation, you’ll need to create at least ten jobs, amounting to a total of 5 hundred thousand.
- Donations: You also have the option to make a minimum donation of 2 hundred 50 thousand euros to support the arts and efforts to reconstruct the national heritages.
You’ll need to pay the initial fees to apply for the Golden Visa. To begin with the application, every applicant must pay 5 to 8 thousand euros. Children and any/all dependents below 18 years can be included utterly free of cost. But for the dependents above the age of 18, there’ll be an additional fee of 500 to 2 thousand euros.
The renewal process is pretty easy. Single applicants will need to pay 1 to 2.5 thousand euros. Additionally, for every dependent above 18, you’ll need to pay 500 to 2 thousand euros per head.
If you love the seas, the Mediterranean food, the charming weather, and all the financial flexibility with one of the most powerful passports on this planet (The EU) thrown in for good measure, you just can’t deny Portugal’s welcoming offer named the Golden Visa.
If you still can’t make up your mind, just think about Christiano Ronaldo. It’ll sure make you fall for all that’s Portugal.