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Portugal Citizenship for the Investors
Portugal has established the Golden Visa program with an objective to encourage the investors from outside the EU. Golden Visa provides the investors from outside the EU, who invest the minimum amount required by law, with a fast and efficient path to obtaining Portuguese, and with it, EU citizenship. The Portiguese “Nationality by naturalization” legislation has undergone some significant changes in the recent yeats, in an attempt to make the program more simple, easier, and more attractive fot those investors who seek to obtain Portuguese citizenship. One of the major changes was the announcement by the SEF, the Portuguese immigration department, that the time of legal residence required for obtaining citizenship will be reduced from six years to five.
The requirements for meeting the legal definition of residence in Portugal, are:
– The applicant must spent a minimum of 7 days in the country per year
– The applicant must be registered with the Poruguese Tax authoritees
– The applicant must be able to demonstrated sufficient knowledge of Portuguese language and culture
– The applicant mus have and provide evicence for a clean criminal record.
If the applicant meets all these requirements, once the five years of residency have passed, they are eligible for applying for a Portuguese passport. The Golden Visa program is one of the most favourable EU residency programs, as the others usually require a significantly longer period of residence.
The changes made to the program since 2017 have positively resulted is significant improvements in the processing times for the Golden Visa applications. The processing times for the first time applicants now take approximately 90 days, while taking only 60 days for renewals, according to the most recent reports.
According to GoldenVisa.com, those who hold a Portuguese Golden Visa are entitled to:
– Live and work in Portugal, provided they reside in Portugal for a minimum of seven days in the first year and 14 days each subsequent year.
– Visa-free entry to Schengen area countries
– Family reunion, meaning that certain family members can also obtain Portuguese residency
– Access to Portuguese healthcare and education
– Freely invest in Portuguese property.
These are some of the major factors that contribute to the popularity of the program, consequently making Property Lisbon a favourite among the investors.