If you are looking for an exciting and secure way to start a new life in a country with a rich cultural heritage, beautiful landscapes, and business opportunities, then the Golden Visa Portugal might be the perfect option for you. In this article, we will present everything you need to know about the Golden Visa Portugal and how it can open doors to a new life in this fascinating country.
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What is a Golden Visa?
The Golden Visa Portugal, also known as “Visa Gold Portugal” or “Residency Visa for Investors,” is an immigration program that allows non-European Union citizens to obtain residency in Portugal through investments in the country. This program was established in 2012 with the aim of attracting foreign investments and stimulating economic growth in Portugal.
Why Choose Portugal?
Portugal has become a popular destination for those seeking a new life in Europe. Some of the reasons to choose Portugal include:
Rich and Diverse Culture: Portugal has a fascinating history and a rich culture, from ancient traditions to a vibrant artistic and culinary scene.
Pleasant Climate: Enjoy a temperate and sunny climate for much of the year.
Natural Beauty: Impressive landscapes, golden beaches, and historic cities make Portugal a beautiful place to live.
Political Stability and Safety: Portugal is known for being one of the safest and most peaceful countries in Europe.
Benefits of the Golden Visa
Obtaining the Golden Visa Portugal comes with numerous benefits that make it an attractive option for people from all over the world. Some of the main benefits include:
- Freedom of Travel: Once you obtain the Golden Visa Portugal, you can travel without restrictions within the Schengen countries.
- Residency in Portugal: The visa allows you to reside legally in Portugal, enjoying its high quality of life and top-notch healthcare system.
- Family Reunification: You can include your spouse and minor children in your application, allowing them to obtain residency along with you.
- Access to Education: Your children will have access to both public and private education in Portugal.
- Business Opportunities: You can explore business and investment opportunities in Portugal and other European Union countries, as well as Portugal’s taxation.
Requirements to Obtain the Golden Visa Portugal
To qualify for the Golden Visa Portugal, you must meet certain requirements, which include:
- Investment: Make an eligible investment in Portugal. This can be through the purchase of real estate (we will discuss this further below), job creation, capital transfer, or acquiring companies.
- Clean Criminal Record: You must have a clean criminal record in both Portugal and your country of origin.
- Health Insurance: Have valid health insurance coverage in Portugal.
- Maintenance of Investment: Maintain your investment throughout the validity period of the visa.
Eligible Investments
There are several investment options available to obtain the Golden Visa Portugal:
- Real Estate: Make a real estate investment of a specific amount in properties located in Portugal.
- Job Creation: Create at least ten jobs in Portugal for Portuguese citizens or legally resident foreigners.
- Capital Transfer: Transfer funds in a specified amount to a bank account in Portugal.
- Acquisition of Companies: Acquire a Portuguese company and maintain existing jobs.
Application Process
The application process for the Golden Visa Portugal is clear and efficient. Follow these steps:
1. Investment Choice: Decide which type of investment is suitable for you.
2. Document Collection: Prepare the necessary documents, which may include passport, criminal record, investment proofs, health insurance, among others.
3. Application: Submit your application at the Consulate of Portugal in your country of origin.
4. Review: Your application will be reviewed by Portuguese authorities, and you may be required to attend an interview.
5. Approval: Once approved, you will receive a temporary residence visa.
6. Permanent Residence: After five years of legal residence in Portugal, you can apply for permanent residence or Portuguese citizenship.
Comparison with Other Visas
Compared to other European residence visa programs, the Golden Visa Portugal has distinctive advantages, such as:
- Affordable Requirements: The investment requirements are lower compared to other European countries.
- Freedom of Movement: The Golden Visa Portugal allows unrestricted travel within the Schengen Area.
- Access to Citizenship: After five years, you can obtain Portuguese citizenship and, thus, European citizenship.
- Visa for the Whole Family: The visa includes your spouse and minor children.
The program started over a decade ago…
…and so far, over 12,000 applications have been approved. We are talking about billions of investments into the Portuguese economy.
However, in December 2021, the Golden Visa program was drastically modified. Since then, it has been impossible to invest in residential properties in large cities and coastal areas. It was only possible to acquire residential properties in low-density areas or inland territories. This was done to develop small towns and cities that are not yet modernized and have good investments in them. It was also to reduce the constant property price hikes and the housing shortage in major cities.
After that…
…it was constantly mentioned in parliament that the Golden Visa program was specifically designed for wealthy individuals to launder money. In my opinion, this is absolutely unfounded, as from the perspective of anti-money laundering legislation, buying real estate or investing dirty money somewhere is the last stage of money laundering, which is almost impossible to trace. To buy a property, you must first deposit that money in a bank, where they will check or are obliged to check that the money was obtained legally.
In any case, the Golden Visa Portugal program is not completely closing. Only some investment options. Now you won’t have the possibility to invest in real estate.
But there are still other options to enjoy the Golden Visa Portugal, such as:
- Investment Funds with transfers of more than 500,000 EUR;
- Creating a Company or joining an existing one along with creating at least 10 jobs;
- Investing 500,000 EUR in research activities;
- 250,000 EUR in cultural heritage.
The cultural heritage option is probably the least popular since it is basically a donation, and you won’t get your money back.
Also, keep in mind that these options are available as long as you don’t intend to invest in real estate. For example, you can’t invest in an investment fund that mainly invests in real estate.
In general, whether this program is a good fit for you or not depends largely on your goals.
Do you need a residence permit in the EU? Then maybe you can consider the best options offered by Greece, Malta, or Cyprus. If you want to obtain an EU passport, again, you can consider the option of Cyprus. In both cases, you will get residency in approximately the same time after the investment, only the investment amount in Cyprus is lower. You always have options, and depending on your goals, you should choose the most suitable country. If you want to get more information about the programs in those countries, contact us here.
In any case, the fate of real estate investments in Portugal is still uncertain.
Parliament voted against the golden visa program with real estate investments. So, what will happen now? Parliament is not the final decision-making authority in Portugal. Now, this law that was passed by parliament will be sent to the President for a decision. And the president will have three options:
1. He can return it to parliament to make some amendments.
2. He can send it to the constitutional court for approval (although this is very unlikely in this case); or
3. He can accept this law as it is, without any amendments.
If the president decides to accept this law, it will be published and implemented immediately without any grace period. That’s really bad news for those who have already started the process but haven’t yet submitted the application. Because now they are at risk. The speed with which the law is applied is unpredictable, as there are different scenarios depending on what the president does next. It could be applied very quickly since the grace period is only 1 day after the final version is published, or it could take time for the president and parliament to have the final version of the law ready.
For now, it is still unclear when the law will be applied, as it is very likely that the president will sign it; it’s just a matter of time. So, if you are finalizing your applications with real estate investments, you can still submit it on time, you just need to hurry with that.
Other things that might interest you about this type of visa are…
Immigrating with Your Family
The “Golden Visa Portugal´´ is an excellent option if you want to move with your family. Your children can attend quality schools and universities, and your spouse can work and enjoy life in Portugal.
Contributing to Portugal
By investing through the “Golden Visa Portugal´´ program, you are also contributing to the country’s economic growth. Your investment in real estate or businesses helps generate employment and development in the local community.
Taxes and Finances
Portugal offers an attractive tax regime for non-habitual residents (NHR Portugal). This means you can benefit from tax advantages for a specific period, which can be a great advantage for entrepreneurs and retirees.
Lifestyle in Portugal
The lifestyle in Portugal is relaxed and healthy. You’ll enjoy a family-oriented culture, delicious cuisine, and a wide range of outdoor activities.
Portuguese Real Estate Sector
The Portuguese real estate market has experienced a boom in recent years due to the Golden Visa Portugal program. Many foreign investors have bought properties in Portugal as a profitable investment and an opportunity to obtain residency.
Frequently Asked Questions (FAQs)
- How long does the Golden Visa Portugal application process take? The process usually takes between three to six months, depending on the efficiency and accuracy of the submitted documentation.
- Can I invest in more than one option to qualify for the Golden Visa Portugal? Yes, you can combine different types of investments to reach the required amount.
- Does the Golden Visa Portugal allow me to work in the country? Yes, the visa allows you to work and establish businesses in Portugal.
- Can I renew my Golden Visa? Yes, the visa can be renewed as long as you meet the established requirements.
- What happens if I decide to sell my properties after obtaining residency? You can sell your properties after five years without losing your permanent residency.
For more information on this topic, you can watch our video on the NOMAD TAX Youtube channel.
Please note that regulations and requirements may change over time, so it’s essential to stay updated with the latest information when considering the Golden Visa Portugal.
