Monday, September 5, 2022

Portugal Golden Visa

 


Initiated in 2012, the Portuguese Government’s Golden Visa Scheme has reportedly seen over 5 billion euros invested into the country and it’s easy to see why. With its warm climate, gorgeous beaches, fine cuisine and laid-back attitude, it remains an extremely attractive country for those looking to live, retire or invest in Portugal.

The rules surrounding the Golden Visa changed in January 2022. Several high-profile areas - including Lisbon, Porto and much of the coastal regions in the Algarve were impacted in the new changes. The new rules will see investment being channeled to the interior, low-density areas of Portugal.

What is Portugal's Golden Visa?

The Portuguese Golden Visa allows people to apply for permanent residency and citizenship after 5 years through investing in real estate, without having to reside in the country at any point. It’s such an attractive option due to its relaxed regulations, as the applicant and their family only have to visit for two weeks every year to renew the Visa.

This means that you can be granted citizenship without actually living in the country, which is different to many other countries worldwide. Once you have a second passport through being a citizen of Portugal, you can live, work and study anywhere in the EU, also making it an attractive proposition.

What are the benefits?

Those enrolled in the scheme will benefit from the following:

No visa required to enter Portugal
Visa exemption for travelling through Europe (within Schengen Area)
You can live and work in Portugal
Dependent family members can also obtain permanent Portuguese residency and /or citizenship
Low minimum stay periods (7 or more days in first year and 14 or more days in subsequent years)
After 5 years you will have the possibility of obtaining permanent residency or citizenship and a Portuguese passport

Requirements

In order to obtain Portugal’s Golden Visa, there are some requirements that must be met to ensure a successful application. Some of these include:

No previous convictions on a criminal record.
Be at least 18 years old.
A non-EU or non-Swiss citizen.
Invest a minimum of €350,000 - rehabilitation project.
Invest a minimum of €500,000 - in real estate. The new rules mean the locations where you can invest has changed.

Once the application is successful, investors will be granted a Golden Visa for two years. In order to renew the Visa for the next three years, thus completing the required period, they have to visit Portugal for 14 days each year.
What are the changes for January 2022?

In the Algarve, investment in areas such as Alcoutim, Aljezur, Castro Marim, Monchique and Vila do Bispo, the Loulé parishes of Alte, Ameixial, Salir, the Union of Parishes of Querença, Tôr and Benafim, the parish of São Marcos da Serra in the borough of Silves, and the parishes of Cachopo and Santa Catarina da Fontes do Bispo in the municipality of Tavira, will still be permitted after January 1st, 2022.

There is also the option of purchasing properties in touristic developments throughout the Algarve, offering you the unique opportunity to own a hands-off, turnkey investment property that will generate you rental income throughout the Golden Visa process.

This gives investors lots of different options in the Algarve and may force many to look at hidden gems in new areas instead of the obvious locations.

Buying a property in Portugal is the most popular way of obtaining Portugal’s Golden Visa, however, there are other ways of investing into the country. These include:

Make a capital transfer of at least 1,000,000€ (one million euros)
Create at least 10 job positions
Make a capital transfer of at least 350,000€ (three hundred and fifty thousand euros) for investing in research activities conducted by private or public scientific research institutions involved in the national scientific or technological system

Make a capital transfer of at least 250,000€ (two hundred and fifty thousand euros) for investing in artistic output or supporting the arts, for reconstruction or refurbishment of the national heritage, through the local and central authorities, public institutions, public corporate sector, public foundations, private foundations of public interest, networked local authorities, local corporate sector organisations, local associations and public cultural associations, pursuing activities of artistic output, and reconstruction or maintenance of the national heritage

Make a capital transfer of at least 500,000€ (five hundred thousand euros), for purchasing shares in investment funds or in venture capital geared to capitalise small and medium companies that, in turn, must present a feasible capitalisation plan.

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