As the first group of the holders of the Portuguese Golden Visa are completing their five years of residency in the country of Portugal has started to trickle through, reports confirm that the investors are now obtaining not only the permanent residency – the PR – permits, but also citizenship after having physically resided in the country of Portugal for as little as thirty five days.
A great deal of uncertainty has always surrounded the question of whether or not the participants in the Portuguese Golden Visa program would, in the end, after holding the temporary golden visa for a period of five years, indeed qualify for the permanent residency status and citizenship.
Small Changes / Big Impact
The rules of the Portuguese Golden Visa program stipulate
that in order to obtain the permanent residency in the country of Portugal through the program, one must have legally been resident in the country of the period of five consecutive years. Until recently, only those who had held the permanent residency permits for at least a year could apply for the Portuguese citizenship. This meant that an investor would have to wait for until year six to apply, This rule, however, has been changed in the month of July last year as the lawmakers of the country of Portugal have amended the country’s law of nationality to permit anyone who had been legally resident in the country for five years to apply for naturalisation.
From Temporary Residency to Permanent Residency
The tangible examples are now confirming that participants in the Portuguese Golden Visa program are not only receiving the permanent residency permits and qualifying for citizenship too, but they are also doing so after having spent as little as thirty five days in the country of Portugal over the last five years.
Speaking to the Investment Migration Insider, a senior partner at the EDGE International Lawyers company which is based in the city of Lisbon, João Cunha Vaz has attested to the favourable development – The reality is that at this stage we already have several clients who have transitioned their temporary residencies into permanent residencies, having complied with the minimum stay requirements applicable to the Golden Visa. – Cunha Vaz has explained.