Madonna, the American pop star, has recently been rather vocal on her social media platforms about her application for the Portuguese Golden Visa program and her aspiration to move to Portugal should her investment be accepted, and the application successful.
She has made an investment into an impressive property located in Sintra in Portugal. The property is a former palace that is currently undergoing renovation works, and the reports state that the investment has cost her seven-point-five million euros.
While waiting for her new home to be completed, Madonna will be staying in Lisbon, in the highly luxurious presidential suite of the Pestana Palace hotel. As for why she has suddenly decided to move to Portugal, she has stated that the reason for it is her son’s recent venture with Benfica, a Portuguese junior football team. Her son, David Banda from Malawi, who has been adopted by Madonna and her former husband, Guy Richie, back in 2006,
is now eleven years old. She has already talked about her plan for David and his other siblings to attend the international French Lycee school located in Lisbon. Madonna has been rather active on Instagram, posting rather regularly about her whole Portuguese Golden Visa endeavour and her family’s new life in Portugal. It has also been reported that her Golden Visa application is being treated as a special case, and that she has already had a private meeting with the Portuguese immigration authorities, also known as SEF.
The unique celebrity status that Madonna possesses is expected bring a lot of new and exciting attention to the country, thus boosting Portugal’s tourism, and with it the economy. In recent years, Portugal has been attracting a sizable number of high profile celebrities, such as the French fashion designer Christian Louboutin and the former Manchester United Football Club player Eric Cantona, for example. The Portuguese Golden Visa program is one of the cheapest ones of such nature in Europe. It requires the investors to purchase a property in Portugal for at least five hundred thousand euros, in order to become eligible for the program. For the high profile celebrities such as Madonna, Louboutin, and Cantona, this is more than affordable. The Non-Habitual tax regime that Portugal provides is another very attractive aspect of this program. In addition to providing all foreigners with huge tax advantages, this program also completely exempts some foreign retirees from taxes for up to ten years.