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The Portuguese Golden Visa Program Explained

 

A Definitive Guide To The Portuguese Golden Residence Permit Program

The notion of Citizenship by Investment seems quite simple at first glance – make an investment in a country and receive citizenship. However, there are a few different ways to go about this process, and it’s important to choose the right one for your needs. Otherwise, you could end up spending a lot of money and not getting the full benefits of citizenship. Here’s a quick guide to how Citizenship by Investment works and how to get the most out of it.

There are two main types of Citizenship by Investment programs: legal residence programs and naturalization programs. In a legal residence program, you essentially purchase a property in the country and are granted residency. This type of program is popular in countries like Portugal, Spain, and Greece. You’re typically required to spend a certain amount of time in the country each year – anywhere from 60 days to 183 days – but you don’t have to give up your current citizenship.

A naturalization program is more akin to traditional citizenship, in that you’re required to renounce your current citizenship and take on the citizenship of your new country. These programs tend to be more expensive than legal residence programs, but they do offer more benefits. For example, you’re typically allowed to live and work in the country without restriction, and you’ll have access to free education and healthcare.

What Is Portugal Golden Visa?

The Portugal Golden Visa is a residency permit that allows non-EU citizens to live and work in Portugal. In order to qualify for the visa, applicants must make an investment of at least €1 million in Portugal. The visa also allows holders to travel freely throughout the Schengen Area.

The Portugal Golden Visa program was launched in 2012 in order to attract foreign investment and boost the country’s economy. Since its inception, the program has been successful in attracting wealthy individuals from around the world. To date, over 4,000 Golden Visas have been issued.

Portugal offers a dreamy landscape and a relaxed lifestyle that is attractive to many. The country has a temperate climate, stunning beaches, and gorgeous countryside. Lisbon, the capital city, is a vibrant and cosmopolitan metropolis with a rich history and culture.

The Portugal Golden Visa program is an excellent option for those looking for a European residency permit. The investment requirements are relatively low, and the visa allows holders to travel freely throughout the Schengen Area. Investing in Portugal Golden Visa may be the right option for someone looking to get the second nationality.

The Portugal Golden Visa is an attractive option for investors looking to live in a European country. The visa offers many benefits and is relatively easy to obtain. If you are interested in applying for the Portugal Golden Visa, contact an experienced immigration lawyer who can help you navigate the application process.

Benefits: What Are the Benefits of Portugal Golden Visa

Portugal Golden Visa offers many benefits to investors, including:

1.   Residency In Portugal

Portugal Golden Visa allows investors to obtain residency in Portugal, which can be renewed indefinitely.

2.   Visa-Free Travel Within The Schengen Area

Investors with a Portugal Golden Visa are allowed to travel visa-free within the Schengen Area, which comprises 26 European countries.

3.   Family Members Can Be Included

Family members (spouses, children under 18, and dependent children over 18) of Portugal Golden Visa holders can also obtain residency in Portugal.

4.   Path To Citizenship

Investors who hold a Portugal Golden Visa for at least 5 years are eligible to apply for Portuguese citizenship. Portuguese citizens enjoy many benefits, including the right to live and work anywhere in the European Union.

5.   The Program Is Flexible

The Portugal Golden Visa program is flexible in that it offers different investment options to suit different needs and budgets.

6.   The Process Is Straightforward

The process of applying for a Portugal Golden Visa is relatively straightforward. Investors can apply directly to the Portuguese authorities, or can use the services of an authorized agent.

Other Benefits Include,

  • The ability to access quality education and healthcare in Portugal
  • The opportunity to invest in a stable and growing economy
  • A safe and welcoming environment for everyone
  • Portugal Golden Visa is an excellent way to obtain residency in Portugal and enjoy all the benefits that come with it.

Eligibility: Who Is Eligible for a Golden Visa in Portugal

If you want to apply for a Golden Visa in Portugal, you must:

·      Be A Third-Country National

Being a third country national means that you come from a country outside of the European Union or the European Economic Area. You must have a valid passport from your country of citizenship to apply.

·      Have Investment Funds Available

You must have investment funds available to you of at least €280,000. These funds can be in the form of cash, property, or business investments.

·      Make an Eligible Investment in Portugal

There are several types of investment that are eligible for a Golden Visa in Portugal. These include purchasing property, investing in a Portuguese company, or making a capital investment into a Portuguese bank.

·      Be 18 Years of Age or Older

You must be 18 years of age or older to apply for a Golden Visa in Portugal.

·      Have Health Insurance

You must have health insurance that covers you in Portugal. This can be private health insurance or public health insurance through the Portuguese National Health Service.

·      Not Have a Criminal Record

You must not have a criminal record in Portugal or in your country of citizenship.

·      Have a Valid Passport

You must have a valid passport from your country of citizenship to apply for a Golden Visa in Portugal.

·      Meet the Residency Requirements

You must be physically present in Portugal for at least seven days during the first year of your Golden Visa. After the first year, you must be physically present in Portugal for at least 14 days every two years.

If you are married to a Portuguese citizen or have a child who is a Portuguese citizen, you may be eligible for a Golden Visa even if you do not meet the investment requirements.

If you already have a residency permit in Portugal, you may be eligible for a Golden Visa if you meet one of the following investment criteria:

  • You have created 10 jobs in Portugal;
  • You have invested €1 million in Portuguese government bonds;
  • You have invested €500,000 in research and development activities in Portugal; or
  • You have invested €350,000 in the rehabilitation of urban areas in Portugal.

If you meet one of these investment criteria, you will still need to meet the other requirements for a Golden Visa. You will also need to provide proof of your investment, such as purchase contracts or bank transfer records.

Portugal Golden Visa Investment Options: What Types of Investments Qualify for The Golden Visa

 

1.   Real Estate Acquisition

Investments in real estate can take the form of buying property outright, investing in a real estate development project, or investing in a commercial enterprise that owns real estate. The minimum investment required is €280,000 but the investment must be made in Portugal.

2.   Fund Subscription

You can invest a minimum of €350,000 in a Portuguese investment fund. The fund must be focused on the economic development and job creation in Portugal.

3.   Capital Transfer

The transfer of capital into Portugal, amounting to or exceeding EUR 1 million. This can be done through the purchase of shares, bonds, or other securities, or through investment funds.

4.   Company

A minimum investment of €500,000 is required for share capital investment in Portugal. This can take the form of equity or debt instruments.

5.   Donation

The eligible individual is bound to invest in either of the above-mentioned options or donate to national reserve or research and development. There is no minimum amount for donation, but this method is not commonly used.

Are Loans Allowed for the Golden Visa Investment in Portugal?

Yes, loans are allowed for the golden visa investment in Portugal. However, it is important to note that the loan must be used for the purpose of purchasing property in Portugal and not for any other purpose. In addition, the loan must be secured by a mortgage on the property being purchased.

Requirements: What Are the Golden Visa Portugal Requirements

After understanding the Golden VISA in PORTUGAL, it’s benefits and eligibility, let’s talk about requirements. The following requirements are very important for the person applying. In case of incomplete documentation or failure to follow any of the below mentioned requirement, the individual may not be eligible for applying for this type of visa.

1.   Minimum Residence Requirement

The applicant must maintain a minimum physical presence in Portugal for at least 7 days during the first year and 14 days during each subsequent two-year period.

2.   Make and Maintain a Qualified Investment for Five Years

The applicant must make a qualifying investment in Portugal that meets one of the following criteria

  • Create at least 10 new jobs in Portugal
  • Acquire real estate property with a minimum value of €500,000
  • Transfer capital to Portugal with a minimum value of €1 million
  • Make a qualified investment in research and development activities in Portugal
  • Make a qualified investment in artistic or cultural activities in Portugal.

3.   Proper Documentation

The applicant must submit the following documentation with the application

  • A passport valid for travel to Portugal
  • Proof of health insurance
  • Proof of financial means to support oneself and any dependents during their stay in Portugal
  • Proof of a clean criminal record from all countries where the applicant has resided for more than six months in the past five years.

4.   Legalizing Documents

All documents submitted with the application must be legalized by a Portuguese consulate or apostilled, if applicable.

5.   Translating Documents

All documents not originally in Portuguese must be accompanied by a certified translation into Portuguese.

6.   Bank Account and NIF Number

The applicant must open a bank account in Portugal and obtain a Portuguese tax identification number (NIF). The Golden Visa Portugal requirements are not overly burdensome, but it is important to make sure that all documentation is in order and that the investment is made within the specified time frame. Failure to do so may result in the denial of the application.

How To Get a Golden Visa in Portugal: Application and Process

If you want to obtain a Golden Visa in Portugal, there are a few things that you need to do. This guide will go over the necessary steps in order to help you obtain your Golden Visa as well as become a Portuguese citizen.

          I.      Step One: Decide On Your Investment Type

The first step is to decide on the type of investment that you would like to make. You can choose to invest in real estate, create a new business, or invest in a existing business. Each option has its own set of requirements that must be met in order for your application to be considered.

         II.      Step Two: Gather All Necessary Documents

Once you have decided on the type of investment you would like to make, you will need to gather all of the necessary documentation. This includes things like your passport, birth certificate, financial statements, and proof of investment.

        III.      Step Three: Get A NIF And Open A Bank Account

The next step is to get a NIF number from the Portuguese government. This is an identification number that is required in order to open a bank account. Once you have your NIF number, you can then open a bank account in Portugal.

       IV.      Step Four: Finalize The Investment

After you have gathered all of the necessary documentation and opened a bank account, you can then finalize your investment. This can be done by purchasing property, investing in a business, or making a cash deposit into a Portuguese bank.

         V.      Step Five: Submit Pre-Application

Once you have finalized your investment, you will need to submit a pre-application to the Portuguese government. This can be done online or through a physical office.

       VI.      Step Six: Schedule And Attend Your SEF Appointment

After you have submitted your pre-application, you will need to schedule and attend an appointment with the Portuguese Secretariat of State for Immigration and Borders (SEF). This appointment is required in order to apply for your Golden Visa.

      VII.      Step Seven: Get Your Golden Visa And Renew

Once you have attended your SEF appointment, you will then be able to get your Golden Visa. This visa is valid for a period of one year and can be renewed.

     VIII.      Step Eight: Become A Portuguese Citizen

After you have obtained your Golden Visa, you may then apply for Portuguese citizenship. This can be done by meeting certain residency requirements, passing a language test, and passing a civics test.

Fees and Costs: What Are the Government Fees and Legal Costs Related to Golden Visa

1.   Application Fee

The minimum fee for the process of applying for a Golden Visa (including Real Estate investment and taxes, application and due diligence costs, and renewal of the Golden visa for a period of five years, and Citizenship application) for a single applicant will be €320,000. This is subject to change based on the specific property invested in.

2.   Other Costs

There may be other costs associated with the Golden Visa Portugal program, such as the costs of a Portuguese language course or the costs of setting up a business in Portugal. These costs are not required, but they may be necessary in order to meet the requirements of the program.

Statistics on Portugal Golden Visa

Portugal has seen a surge in applications for its Golden Visa scheme since it was introduced in 2012. Over 9,000 visas have been issued to investors from all over the world, with the majority coming from China, Russia and Brazil.

The scheme offers a fast-track to citizenship for those who invest €1 million or more in Portugal, either by buying property or setting up a business. Applications for the Golden Visa scheme have increased steadily since it was launched, with over 3,000 visas issued till mid of 2022 alone.

This surge in interest is likely due to the many benefits that the scheme offers, including access to the Schengen Area and a path to Portuguese citizenship. Portugal is a popular destination for investors from all over the world, and the Golden Visa scheme is one of the main reasons for this.

 Citizenship by investment programs is beneficial in many ways, and one of the main advantages is global mobility. Whether you want to travel the world, find new opportunities, enable a better a quality of life, access to excellent healthcare, education and infrastructure, or protect your wealth and crypto assets, Second Citizenship or a Golden Visa is the most effective tool for the job. 

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