What is the Portuguese Golden Visa Program?
The Portuguese Golden Visa program was first launched in 2012 as a way to attract foreign investment to the country. In exchange for a substantial investment, investors obtained a fast-track route to residency with the potential to become a citizen of Portugal. With the Portugal Golden Visa, families had the right to live, work and study in Portugal including enjoying travel privileges within the Schengen Area.
Advantages of the Golden Visa
There are many attractive advantages:
- Residency and Citizenship: investors have a fast-track route to residency in Portugal with the option after five years of getting citizenship. With citizenship, investors will have a strong EU passport which grants broader European Union benefits.
- Visa-free travel: Holders of the Golden Visa can travel freely within the Schengen Area without a visa.
- Health Care + Educational opportunities: Families can access health care and quality international schools.
- Tax benefits: Portugal has a favourable tax regime including the Non-Habitual Resident (NHR) tax scheme allowing for significant tax reductions.
- Superb Quality of Life: Portugal is a safe and secure country with an excellent quality of life. Warm climate with a rich culture and plenty of activities for people of all ages.
Eligibility Requirements / Different Options:
Investment in Portuguese Investment Funds: EUR 500,000 minimum investment in qualifying Portuguese investment funds (60% of allocation of funds must be for Portuguese commercial companies).
Donation to Cultural and Artistic Projects: EUR 250,000 donation to support artistic production, cultural heritage, or other projects of public interest in Portugal.
Job Creation: An investment that leads to the creation of a minimum of 10 new jobs locally in Portugal.
Scientific and Technological Research: EUR 350,000 investment in research activities conducted by public or private scientific research institutions for technology
Changes in 2023 & Implications
Elimination of the Real Estate Route: The option to invest in real estate for Portugal Golden Visa has been eliminated. The reason for this is that it was impacting the local real estate market.
Tailored focus on investment funds and donations: more of an emphasis has been placed on donations and investment funds that support cultural and projects and local economic growth.
Application process explained
There are several steps involved in an application for the Portugal Golden Visa:
- Choosing an investment option: applicants are to choose which investment option they wish to pursue. This can occur simultaneously with the document preparation.
- Document preparation: at this stage clients will gather documents such as police clearance reports, passports, health checks and other supporting documents that will form part of the application.
- Submitting an application: The application will be submitted to the Portuguese Immigration and Borders Service (SEF) along with the requisite application fees
- Initial Approval and Biometrics: after the application is initially reviewed and approved at this stage the applicant will then need to submit biometric data in Portugal.
- Final Approval: After final approval is received your Residency will be issued
How to maintain the Golden Visa
Investors must fulfill the following requirements in order to maintain the Portugal Golden Visa
- Minimum stay requirements: Must stay a minimum of 7 days in Portugal during the first year and 14 days in Portugal in subsequent 2-year periods. It is important to check with the person assisting you with the most up to date stay requirements.
- Maintaining the Investment: The qualifying investment must be maintained for at least 5 years
- Renewal of Residency Permit: residency permit to be renewed after first year and then every two years the residency permit must be renewed again
Conclusion:
Despite the changes, the Portugal Golden Visa continues to be an attractive option for foreign investors that wish to obtain residency with eventual citizenship. For more detailed information and assistance with Portugal Golden Visa: Jennifer@jhmarlin.com