A Complete 2024 Guide To The Portugal Golden Visa (Residency By Investment)

The Portugal Golden Visa, an appealing vehicle to Portuguese residency for non-European Union investors, has gained global traction since its inception in 2012. This guide serves as your in-depth introduction to this program and the wealth of benefits it presents. From visa-free travel across the cherished Schengen area to the prospect of immersing oneself in Portugal’s thriving cultural and economic climate. Read on to get the clear, practical guidance you’ll need to confidently move forward with this investment opportunity.

Residency by Investment in Portugal: Become A Legal Resident of Portugal through an Economic Citizenship Application

Launched by the Portuguese government in October 2012, the Portugal Golden Visa Program is designed to attract citizens from outside the EU/EEA seeking permanent residency through investment. The program has significantly boosted Portugal’s economy, attracting more than €7 billion in foreign investment and becoming one of the leading residency-by-investment initiatives globally.

The residency granted through the Golden Visa is a major milestone—it allows investors to live, work, and study in a country renowned for its high living standards and affordability. Portugal is a favored destination for many, and the residency permit facilitates easier travel, providing visa-free access to 188 countries, including all European countries within the Schengen Area.

The program emphasizes investments in qualifying funds, capital transfer, and cultural heritage donations. Applicants can choose from various investment options such as fund investments, private equity funds, and contributions to national heritage projects. The minimum investment requirements vary depending on the chosen route.

Learn more about Portugal Residency by Investment

2024 Update on CBI Real Estate Investments in Portugal

In January 2024, Portugal’s Parliament enacted legislation bringing notable changes to the Golden Visa program, particularly in the eligibility criteria and investment requirements. As of October 2023, the option to secure a Golden Visa through real estate acquisition has been removed, steering foreign investors towards alternative routes.

The revised regulations now feature a more efficient application process that counts the residency waiting time towards eligibility for a Portuguese passport. Balancing various qualifying investment types with legal compliance, the program continues to offer diverse investment routes for obtaining a Golden Visa.

What Does this Mean for Investors?

The updated process includes a variety of investment avenues such as investment funds, donations to cultural heritage projects, and equity stakes in Portuguese companies. Applicants can now expect quicker processing times, with the entire process potentially taking just a couple of months. Moreover, the new regulations provide clearer guidelines on the necessary documentation and fees, including the application processing fee and the residence permit issuance fee.

Applicants from diverse countries of origin, including Chinese nationals and residents of Hong Kong, can benefit from these changes, ensuring a smooth path to Portuguese tax residency and eventual citizenship. The program’s appeal is further enhanced by the potential for dual citizenship, allowing investors to retain their original nationality while enjoying the benefits of being a Portuguese resident.

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Eligibility Criteria for the Portugal Golden Visa

To initiate the process of obtaining a Portugal Golden Visa, applicants must fulfill specific criteria aimed at ensuring their potential contribution to the country’s economy and society.

1. Pre-requisites for the Golden Visa Program

The initial application requires submitting an online application form, a valid passport, and additional documentation through the online portal. The principal applicant must be over 18 years of age, capable of making independent financial decisions, and demonstrate a trustworthy character.  Following preliminary approval, applicants must attend a biometric appointment. Once approved, they receive residence cards, which must be renewed periodically.

2. Clean Criminal Record

A clean criminal record is essential. Applicants must not have any criminal history in their country of residence or in Portugal. This requirement is in place to maintain a safe and secure environment for all residents.

3. Non-EU Citizens, Non-Swiss, or Non-EEA Nationality

The program is open to individuals from outside the EU, Switzerland, and the European Economic Area. Portugal seeks to attract foreign investment and expertise, similar to other European countries.

4. For Americans Eyeing Portugal

The Golden Visa is particularly attractive to Americans, allowing them to diversify their investments internationally and potentially benefit from favorable tax conditions. American businesses can also enjoy significant tax breaks when operating in Portugal.

5. UK Citizens Looking at Portugal

Post-Brexit, UK citizens can apply for the Golden Visa as a means to regain travel freedoms within Europe, enjoy Portugal’s high quality of life, and pursue the possibility of obtaining Portuguese citizenship. This has become an appealing option since the beginning of 2021.

6. Minimum Investment Requirement of €250,000

Applicants must make a minimum investment of €250,000. There are various investment routes available, such as investing in Portuguese funds, venture capital funds, or choosing the cultural donation option. 

This flexibility allows applicants to choose the investment form that best suits their financial capabilities and interests.

7. Residency Requirement

The residency requirement is minimal, requiring applicants to spend roughly a week in Portugal each year. This rule accommodates individuals with busy lives and commitments in other countries, making it easier to maintain the residency permit and strive toward becoming a permanent resident without significant disruption.

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Advantages of the Portugal Golden Visa

The Portugal Golden Visa program offers a unique blend of advantages for those seeking not just an investment opportunity but also a gateway to Europe. Its benefits range from travel freedoms, and a chance to set up a new home in a welcoming country, to financial incentives that are hard to match. Below, we take a closer look at each of these benefits.

1. Wide Range of Investment Routes

The Golden Visa program offers a diverse range of investment routes, allowing investors to choose from capital transfer, investment funds, support for artistic production, cultural donations, and investment in commercial companies. This ensures that investors can select the form of investment that best suits their financial capabilities and interests.

2. Free Travel Across the Schengen Zone

The Portugal Golden Visa offers seamless access to the Schengen Area. This advantage means that Golden Visa holders can freely move across 27 European countries without the need for a separate visa, staying for up to 90 days within any 180 days.

3. Path to Citizenship

The Portugal Golden Visa provides a clear path to Portuguese citizenship. After a five-year period of residency, investors can apply for permanent residence permits and eventually Portuguese nationality.

This makes it an appealing option for those seeking European Union citizenship, offering the benefits of a Portuguese passport and the ability to live, work, and travel freely within the Schengen Area.

4. Low Time Period of Residency Requirement

The program has a minimal residency requirement, making it convenient for busy investors. Applicants need to spend only seven days in Portugal during the first year and fourteen days in subsequent two-year periods. This allows investors to maintain their primary residence in their country of origin while still qualifying for the Golden Visa.

5. Favorable Tax Regime

Portugal offers the Non-Habitual Resident (NHR) tax regime, which provides significant tax benefits for new residents, including foreign pensioners and high-net-worth individuals. Portuguese tax residents under the NHR scheme can potentially enjoy exemptions on foreign income, including dividends, interest, and capital gains, for a ten-year period.

6. Family Reunification

The Golden Visa program supports family reunification, allowing the primary applicant to include their spouse, dependent children, and dependent parents in the application. This ensures that families can stay together while enjoying the benefits of residency in Portugal.

7. Simplified Application Process

The application process for the Golden Visa scheme has been streamlined to facilitate easy access. Investors can complete their initial application and subsequent renewals through online submission.

8. Permanent Residency and Dual Citizenship

After maintaining residency for the required period, investors can apply for permanent residency. Additionally, Portuguese nationality law allows for dual citizenship, enabling investors to retain their original nationality while becoming Portuguese citizens.

9. Access to High-standard Healthcare and Education

Golden Visa holders not only enjoy the privilege of living in Portugal but also gain access to its high-standard healthcare and education systems. Portugal is known for its excellent healthcare services, which are ranked among the top in Europe for quality and accessibility.

10. Banking and Financial Services

Portugal has a robust banking system, and investors can easily open accounts with Portuguese banks to facilitate their investments. The transparent rates and favorable mid-market rates offered by banks make it convenient for foreign exchange transactions.

11. Favorable Business Environment

Portugal’s favorable business environment, including low corporate tax rates and incentives for commercial companies, is tailor-made to appeal to foreign investors. The country offers numerous opportunities for establishing and growing businesses, contributing to its economic development.

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Investment Options for the Portugal Golden Visa

With the recent shift in the Portugal Golden Visa Program as of 2024, real estate investments are no longer an option. Instead, the program now offers a broader range of investment routes that align with the country’s economic and social development goals.

These updated pathways present attractive opportunities for international investors seeking residency in Portugal.

1. Capital Transfer

The capital transfer option requires a minimum investment of €1.5 million into Portugal. This significant sum can be deposited into a Portuguese bank account or invested through various permitted vehicles. This level of investment supports Portugal’s financial systems and signifies a strong commitment to its economy. It provides a direct route to Golden Visa eligibility and establishes a financial foothold in the country.

2. Investment in Research and Development (R&D)

Investing at least €500,000 in R&D initiatives involves supporting projects managed by accredited institutions in Portugal. This option is focused on fostering innovation and technological advancement.  Beyond contributing to your Golden Visa application, this investment aids in propelling Portugal’s scientific and technological sectors, thereby enhancing its international reputation.

3. Support for Artistic Production or Cultural Heritage

For a minimum of €250,000, investors can support artistic production or the preservation of cultural heritage. This investment path is designed for those interested in contributing to Portugal’s cultural and historical legacy through independent film production or similar means.  By choosing this route, you assist in preserving Portugal’s cultural identity and ensuring its continued prominence for future generations.

4. Investment in Small and Medium Enterprises (SMEs)

Investing a minimum of €500,000 in Portugal’s SMEs can be done either directly or through investment funds focused on this sector. SMEs play a crucial role in the country’s economic landscape, driving innovation and creating jobs.  By investing in this sector, you not only help stimulate economic growth but also potentially benefit from the dynamic opportunities within Portugal’s entrepreneurial ecosystem.

5. Investment Funds

The investment fund route involves placing at least €500,000 into accredited Portuguese investment funds or venture capital schemes. These funds are dedicated to supporting companies with high growth potential or those in need of development.  This investment option underscores your confidence in Portugal’s corporate sector and contributes to the overall vitality of the local economy.

6. Job Creation

For those with a business-oriented mindset, the Golden Visa program rewards the creation of at least 10 jobs in Portugal (or 8 in low-density areas). This route is ideal for entrepreneurs looking to establish or expand a business in Portugal, allowing them to make a tangible impact on the local job market while securing residency status through significant economic contribution.

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Process for Acquiring the Portugal Golden Visa

Here’s a step-by-step guide to securing the Portugal Golden Visa, ensuring a smooth transition to your new residence or investment destination.

1. Preliminary Verification

At JH Marlin, we initiate the process with a comprehensive background check. This procedure, conducted by our compliance experts, involves examining international databases to evaluate potential risks. Our aim is to keep the application refusal rate below 1%. If we identify any risks or potential issues, we recommend remedial actions such as providing additional documentation or considering alternative investment routes that align with the Portugal Golden Visa requirements.

2. Securing a Portuguese Tax Number

To proceed, every applicant must obtain a Portuguese Tax Identification Number (NIF). This nine-digit number is essential for various transactions in Portugal, including opening a bank account, acquiring property, or setting up a company. It is a key step in the investment and residence process.

3. Opening a Bank Account in Portugal

The investment for the Golden Visa must come from a Portuguese bank account in the applicant’s name. We assist with both the account opening and activation processes.  Once the account is operational, you can transfer the required funds for your investment, whether it’s in a fund investment route, acquiring shares, or another approved investment type.

4. Making the Investment

Depending on your chosen investment path—whether through fund investments, cultural donations, or business creation—this phase involves allocating the funds accordingly. Our legal team will ensure all necessary documentation is gathered to validate your actual investment.

5. Document Preparation and Application Submission

Our experts will provide a detailed checklist of required documents for your residence permit application. We handle the completion of government forms, translation, and notarization of documents. This preparation typically takes about two weeks. We then submit digital copies to Portugal’s immigration agency, AIMA.

The review process generally spans 4 to 5 months, considering potential backlogs and the waiting period.

6. Biometric Data Appointment

Both the investor and their family must visit Portugal to provide original documentation and complete a biometric appointment for residence cards. This step is booked through an electronic system, and it’s crucial to schedule this appointment in advance.

7. Receiving the Residence Permit Cards

Following the submission of original documents and biometric data, AIMA will take up to eight months to review the application. Once approved, you’ll pay the residence permit fee. The cards are usually issued within two weeks and can be collected in person or through an authorized lawyer who will forward them to you.

8. Residence Permit Renewal

To maintain residency, you and your family must spend a minimum of seven days per year in Portugal. Renewing the residence permit every two years involves a process similar to the initial application: document collection, online submission, biometric verification, and receiving the renewed cards.

Optimize Portugal Golden Opportunities: How to Prepare for a Portuguese Golden Visa Application

1. Get Acquainted with the Investment Requirements

Before starting your application, familiarize yourself with the investment types available under the Portuguese Golden Visa Program. The principal applicant must consider whether they want to make a donation or invest in artistic production, foreign investment funds, or other qualifying ventures. 

2. Gather Essential Documentation

Prepare the necessary documentation for your application, which typically includes:

• Valid Passport: Ensure your passport is current and valid.
• Proof of Investment: Documentation of your chosen investment, whether it’s in cultural projects, funds, or other qualifying areas.
• Proof of Funds: Bank statements or financial documentation showing your investment capabilities.
• Additional Documentation: Depending on your investment route, you may need specific documents like share capital proof, cultural donation receipts, or legal entity documents.

3. Open a Portuguese Bank Account

You’ll need a Portuguese bank account to facilitate your investment. Usually, this involves visiting a regular Portuguese bank or foreign exchange company to open an account. Additionally, you must transfer the necessary funds to this account for your investment.

4. Complete the Application Registration

Fill out and submit the application registration form. This step includes:

• Online Submission: Use the online portal, such as Portal das Finanças, to submit your initial application form.
• Application Processing: Be prepared for a waiting period due to possible backlogs in application processing.

5. Schedule and Attend Appointments

You’ll need to schedule and attend a biometrics appointment to provide fingerprints and other necessary data. Certain investment routes or legal requirements require an in-person appointment with fund managers or legal advisors.

6. Address Potential Issues

Be aware of common issues and address them promptly:

• Application Backlog: Anticipate potential delays due to a massive application backlog.
• Renewal Application Process: If your application is approved, be aware of the renewal process for residence permits, including maintaining habitual residence and reapplying as necessary.

7. Optimize Your Investment Opportunities

To maximize the benefits of your investment:

• Diversification: Consider diversifying your investments across various funds or investment options.
• Legal and Financial Advice: Seek advice from experts in fund management, venture capital, or other investment capabilities to ensure compliance and optimize your returns.

8. Prepare for the 12-Month Period

After obtaining your Golden Visa, ensure you comply with the residency requirements:

• Residency Requirements: Spend the requisite amount of time in Portugal each year (typically at least seven days per year) to maintain your status.
• Cultural Donations: If applicable, ensure that any cultural donation paths are properly documented and compliant with the program’s requirements.

Begin Your Application Now

Renewals of Residence Permits

The renewal of the Portuguese Golden Visa typically occurs every two years. To ensure a smooth process, start preparing for the renewal a couple of months before your current residence card expires. By following these steps and staying organized, you can navigate the renewal process smoothly and continue enjoying the benefits of Portuguese residency through the Golden Visa Program through the years.

1. Confirm Your Residency Requirements

To maintain your Golden Visa, you must spend at least seven days per year in Portugal. This requirement supports your habitual residence status and ensures compliance with the program.

2. Gather Updated Documentation 

Prepare and review all necessary documents for the renewal application. This includes:

• Current Residence Card: Ensure that your existing residence card is valid.
• Original Documentation: Collect and update any required original documentation that may be necessary.
• Proof of Investment: Document any ongoing investments or new investments if applicable.
• Application Registration Form: Complete the renewal application form through the online portal.

3. Address Any Previous Issues

• Expired Residence Card: If your residence card has expired, address this issue immediately to avoid complications.
• Lost Residence: Report any lost residence cards promptly and provide the necessary documentation to support your renewal application.

4. Submit Your Application Online

The designated online portal (Portal das Finanças) can be used to submit your renewal application. Be mindful of the potential backlog of renewal applications, which could affect processing times.

5. Attend the Biometric Appointment

Schedule and attend a biometric appointment to provide updated fingerprints and other biometric data. This step is crucial for receiving your new residence card.

6. Pay the Residence Permit Fee

Be prepared to pay the residence permit issuance fee as part of the renewal process. This fee is necessary to process and issue your new residence card.

7. Monitor the Processing Time

The renewal process can take a couple of months due to possible backlogs and waiting periods. Stay informed about the status of your application through the online portal.

8. Maintain Compliance with Residency Obligations

Continue to fulfill the residency requirements, including the required annual stay in Portugal, to ensure that you remain in good standing.

9. Plan for Future Renewals

As you approach the end of your current residency period, plan for future renewals by keeping all documentation current and staying updated on any changes to the Portugal Golden Visa Program.

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