Portugal Golden Visa is considered to be one of the best residency-by-investment programs across the world. It was introduced in 2012, and there are now many families who have successfully relocated to Portugal. This visa program is a relatively affordable investment option and you can choose from investment funds, real estate, business set-up, capital transfer, and many more.
The good news is that you can live or work in Portugal which has affordable living costs as well as a high quality of life. But before you decide to apply for a Golden Visa program, there are several things you have to know. This article discusses Portugal Golden Visa and everything you should know.
The Portugal Golden Visa explained
The Portugal Golden Visa program is also called the residence permit program which is a five-year residency-by-investment scheme that applies for non-EU nationals. You should note that this is a part of immigration strategy to allow investors into Portugal.
Portugal has awe-inspiring Atlantic coastline, luscious landscapes, year-round sunshine, and many more, making it irresistible for many investors. The golden visa gives qualifying investors as well as their family members the chance to work, live, and study in Portugal. You can also travel more freely in Europe’s Schengen area.
Chances to become a citizen or a permanent resident are also available as long as you have a qualified investment for at least 5 years. Besides, you also need to meet all requirements set by the nationality laws and immigration department.
There are many benefits for having a golden visa in Portugal. One of them is that you can access at least 26 countries in the European Union and visa-free travel to about 183 countries. There are also affordable investment options which start from 250K. Remember that you only have 5 years until you can qualify for a European passport.
An investment in a good market can lead to great returns, and you can become a non-habitual resident who can pay no or little tax for at least 10 years. Above all, a golden visa allows your dependent family to be included in your application. This means that your beloved ones can also have the same chances of having a second residence in a stable and safe country.
The family members you can include in your application for a golden visa include your legal partner or spouse and children under 18 years old. You can also include dependent children who are less than 26 years old, but they need to be single. You should also enroll these children as full-time students or you can show that they are still financially dependent on you. Also, you can include your parents if they are over 66 years old and siblings who are under the age of 18 years old if you are their guardian.
Processing the Golden Visa in Portugal
You can get the Golden Visa by making a qualifying investment which is often in funds or real estate and hold the investment for at least 5 years. You need to consult a reputable Golden Visa consultant or Golden Visa lawyer to submit your application. These professionals can determine the type of documentation you need besides your investment.
You should note that a golden visa has some requirements that you need to fulfill. You can qualify for the golden visa if you are non-Swiss, non-EU, or non-EEA. Also, you need to make a minimum investment of €250,000, have a clean criminal record, and spend at least 7 days in Portugal during the first year and then at least 14 days each following two-year periods.
The good thing is the processing time for a golden visa is relatively straightforward and quick. The first step is to decide on the investment you intend to make in Portugal. Therefore, you have to get the paperwork for yourself as well as your dependents who you want to include in your application.
It’s a good idea to work with a golden visa consultant so that they can help you collect the tax identification number. Once they get your tax identification number, they can assist you to open a bank account which is done remotely.
Then the golden visa consultant can help you secure your investment, and may guide you through the required paperwork to make sure that you have a successful investment. You can submit your application online and your application can be pre-approved based on how you fulfilled the requirements.
It’s worth mentioning that you need to go in person for a biometrics session. This process often takes about 2 months after you booked your interview. After your biometrics, it can take at least 4 months for the golden visa to be approved. At this point, you need to pay a certain fee to the government. Your golden visa consultant can then collect your residence cards for you and send them to you.
Portugal has a dynamic and stable economy that makes it suitable for businesses looking to have European Union operations. Real estate market in Portugal has also attracted property investors who are buying property for sale. You need to make an investment before you file an application so that you can get the residence permit.
You can purchase residential real estate in specific interior areas of the country if you want to invest in a rehabilitation project. And, if the residential property is situated in a designed location, you can get a 20 percent discount.
When it comes to commercial real estate, you can purchase any real estate anywhere in Portugal. You are also given a 20 percent discount if the property is in a designated low-density location.
Purchasing golden visa properties is the best way you can get residency in Portugal. Many people purchase properties in Portugal just for tourism or to use them as a second home or even as a retirement home. You can decide to buy a newly-built residential property or purchase a used property for your golden visa. The good thing is that there is usually a 20 percent discount on the real estate investment, especially if the property is in a low-density area. Low-density areas are considered to be the ones with less than 100 people per square km.