Benefits of investing in Portugal’s Golden Visa program
Over recent years, the Portugal Golden Visa (GV) program has garnered a lot of attention and continues to rise in popularity along with its other European GV counterparts, such as the Greece or Spain Golden Visa.
Not only is the Portugal GV program attractive due to its flexibility, but the costs and benefits of the scheme are also immensely attractive to potential investors. Since the program’s launch in 2012, it is said to have attracted over 6 billion euros of inward investment into the economy.
Discover more about the benefits of investing in Portugal’s Golden Visa program and learn about the eligibility requirements and application process. Start your path to European residency today!
What is the Portugal Golden Visa and what are the benefits?
The Portugal Golden Visa program is a residency by investment program designed for non-EU/EEA citizens. Successful applicants of the program will be granted a temporary residence permit for two years, which is renewable for another two-years. To maintain the residence permit, you only need to spend an average of seven days a year in Portugal.
Once the Portugal’s Golden Visa residency permit is granted, you will have the right to the following:
- The right to reside in Portugal during the whole duration of your visa;
- The right to live, work, and study in Portugal;
- Visa-Free Travel in the Schengen Area/ Eu Countries;
- Apply for Portuguese citizenship and passport after a period of 5 (five) years, with the same right as anyone in Portugal and the European Union.
Among the listed benefits, many applicants find the possibility of obtaining Portuguese citizenship the most important factor, as you will effectively become a citizen of the EU. Another large and popular advantage is that Portugal also allows for dual citizenship.
HOW TO APPLY PORTUGAL’S GOLDEN VISA?
To qualify for Portugal’s Golden Visa, a qualifying investment must be made and held for at least 5 years. Investment categories include real estate, venture capital fund, transfer of capital, company formation, and donation. The real estate route accounts for most applications.
There are also several other costs to consider in addition to the investment. Additional fees include property tax, stamp duty, notary and land registry fees, government approval and application fees and legal costs for processing.
You can submit your application along with your family at the same time. Although the application process could be completed your own, it is highly recommended to seek professional help as it is a significant investment amount.
ELIGIBILITY & REQUIREMENTS FOR PORTUGAL GOLDEN VISA
There are several pre-requisites for the Portugal Golden Visa program:
- Being a Non-EU/EEA Citizen
- Be over 18 years of age;
- Hold a clean criminal record from your home country and Portugal;
- Have full private health insurance;
- Submit the qualifying investment in Portugal using funds from abroad;
- Hold the qualifying investment for a minimum of 5 years.
Additionally, applicants will need to open a Portuguese bank account and obtain a tax identification number. Investors are also required to submit their applications along with full biometrics. This will require the applicant to visit Portugal at least once during the application stage.
Can I bring my family to Portugal?
The Portugal golden visa program permits the following family members to join the golden visa holder in Portugal:
- Spouse, including a de factor partner;
- Minor or incapable children into the care of one of the spouses, including legally adopted children;
- Children aged 18 and over, who are financially dependent of one of the spouses, provided they are unmarried and studying in a recognized teaching establishment;
- Parents of the main applicant or of the spouse aged 65 and above, or under 65 provided they are financially dependent of one of the spouses;
- Minor siblings under the custody of one of the spouses.
Family members receive the same rights and will also be eligible for permanent residency or Portuguese citizenship after five years in the Golden Visa Program if all other legal requirements are met.
GET EXPERT ADVICE
Immigration-related advice is reserved for lawyers. Harvey Law Group (HLG) has more than 30 years’ experience in the immigration field and more than 20 offices around the world.
If you would like to discuss your plans with one of our legal professionals, please contact us at [email protected].