PORTUGUESE GOLDEN VISA PROGRAM – WHAT IS IT?
PORTUGUESE GOLDEN VISA PROGRAM EXPLAINED
Propertylisbon has provided our clients with a handbook that contains everything that they may need to know in order to apply for the Portuguese Golden Visa program. The Portuguese Golden Visa program offers a fast track to non-European investors who invest a minimum required amount into the property market of the country of Portugal, the minimum required amount which has been defined by law, in order to become eligible to receive a residency permit in the country of Portugal, in addition to many other attractive (tax) advantages.
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The Portuguese Golden Visa program has been put into place back in the year 2002 when it has been created as a way of enabling non-European investor citizens to obtain a residency permit in exchange for a five-year property market investment in the country of Portugal. Not only has the Portuguese Golden Visa program helped people live and work in the area, it has also done wonders for the national economy. It has been said that around four billion Euros have been invested in the country of Portugal since the inception of the program.
The Portuguese Golden Visa program is one of the most popular – citizenship by investment – programs not only in Europe, but in the world as well, owing to its relatively affordable prices of property – one of the lowest among the European capitols , and the fact that the country of Portugal is an extremely safe country to live in, with quite affordable quality of life, good health care and educational programs, amazing transport systems, well-connected airports, and one of the best climates on the European continent with amazing beaches and even better cuisine.
Those who gain access to the Portuguese citizenship through investment, the applicant is required to spend only seven days per year in the country to maintain their residency, while still keeping all of the benefits of being a resident of a country that is a member of the European Union, including unlimited visa-free travel, and the ability to live in any and all of the country members of the Schengen Zone.
The Portuguese Golden Visa program has been introduced by the national government of the country of Portugal for the purposes of granting a resident status to all property investors, and their respective families, who wish to invest in the country of Portugal by the capital property investment, to any citizen of – Qatar, USA, Ukraine, Russia, and many other non- EU countries, with the sole exception of the Portuguese and EU / EFTA citizens.
Once an investor has been granted a Portuguese Golden Visa residency permit, they will have the right to :
Reside in the country of Portugal during the entire duration of the visa;
Work and study anywhere within the European Union, and / or exercise professional activity in the country of Portugal;
Travel visa-free through twenty-six countries of the Schengen Zone of the European Union;
They may also obtain a permanent Portuguese citizenship after the five-year period and gain access to the same rights as anyone else in the country of Portugal and the European Union;
Family reunion in the country of Portugal and / or the European Union;
Those in possession of a Portuguese Golden Visa are granted a temporary residency permit in the country of Portugal for one year, which is then renewable for each subsequent two-year period. After the five years, those in possession of the Portuguese Golden Visa and residency permit may apply for a permanent residency permit, while after six years they may apply for Portuguese citizenship through investment, if all other legal requirements have been met.
Henley & Partners, an advisory company which specialises in residency and citizenship issues, has noted a ‘dramatic spike’ in recent inquiries for the Portuguese Golden Visa program. They have stated that the country of Portugal has proven itself to be an extremely attractive option for the investors. The relatively low costs of living, the beautiful and diverse landscape, the pleasant Mediterranean climate, the rich history and culture, all combined with a very high standard of safety and security, have all been robust attributes of the country of Portugal in this regard.
Additionally, the city of Lisbon has been ranked by the PwC – an accounting company – a the best city in property investment and property development prospects among the major European cities for this year. The prices of property in the metropolitan area of the Portuguese capitol had been up by about eight per cent in the year 2018, while the rental yields had ranged between five point five per cent and six per cent
HOW TO APPLY FOR THE PORTUGUESE GOLDEN VISA PROGRAM?
While the process itself is not very complicated, it does involve gathering a lot of documentation – both in the country of Portugal and in the country of the investor’s origin.
The investor may collect all of the needed documents and apply for the Portuguese Golden Visa program on their own, but it would be extremely beneficial and significantly faster to connect with the local professionals. Propertylisbon and our skilled team of professionals knows the local property market and laws extremely well and it would be a time a money solution by offering the investor, and now our client, adequate consultations about the most affordable properties to invest in, thus helping them with preparing the required documentation, as well as providing attorney services, and going along with the investor’s needs during the entire process of their temporary residency which has been obtained with our help.l
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THE PORTUGUESE GOLDEN VISA PROGRAM AND FAMILY MEMBERS
Minor dependent children;
Minor adopted children;
Full-age children who are still dependent / engaged in study;
Dependent parents of either the holder of the Portuguese Golden Visa, or their spouse;
Minor dependent brothers or sisters who are under the legal guardianship of the holder of the Portuguese Golden Visa program;
Family members of the holder of the Portuguese Golden Visa obtain the same rights as the initial investor / holder themselves, and will also become eligible for permanent residency after the five-year period, as well as for full Portuguese citizenship after six years of being a legal resident in the country of Portugal.
FEATURED 500K GOLDEN VISA PORTUGAL PROPERTIES
The Portuguese Golden Visa program is leading the granting of residency permits for investment – ARI / Golden Visa – which enables third-country nationals to obtain a temporary residency permit for the purposes of conducting business activities with the visa waiver to enter the national territory of the country of Portugal. The Portuguese residency through investment Golden Visa program also includes :
Two hundred and eighty thousand Euros – This property investment option is only available for the properties which are located in low population density areas of the country of Portugal;
Three hundred and fifty thousand Euros – This property investment option requires the investor to purchase a property that is located in one of the urban areas of the country of Portugal, but only if the property has been constructed more than thirty years ago, and / or if it is in need of refurbishment. The sum of the flat property value and the reconstruction costs must add up to three hundred and fifty thousand Euros worth of minimum required investment.
Five hundred thousand Euros (or more) – All types of property investment that are available on the Portuguese market.
THE PORTUGUESE GOLDEN VISA PROGRAM PROCESS REQUIREMENTS
The requirements of the Portuguese Golden Visa program may vary according to the individual level of investment. However, all Portuguese Golden Visa program investors are required to obey the following :
The Portuguese Golden Visa program investor must keep their property investment asset for a period of five years;
The Portuguese Golden Visa program investor’s funds must come from outside and into the country of Portugal;
The Portuguese Golden Visa program investor must have no references in the Portuguese Immigration and Schengen
The Portuguese Golden Visa program investor must hold no criminal record;
The Portuguese Golden Visa program investor must spent a minimum of seven days in the country of Portugal during the first investment year;
NEW 350k GOLDEN VISA PROPERTY
FEATURED GOLDEN VISA PORTUGAL APARTMENTS
THE PORTUGUESE GOLDEN VISA PROGRAM – WHO IS ELIGIBLE?
Any and all third-country citizen who engage in a property investment activity in the country of Portugal, as either an individual business person or through a company that is set up in the country of Portugal or in another country that is a member of the European Union and who, in addition, is stably settled in the country of Portugal, provided that these citizens fulfill the quantitative requirements, as well as the time requirements which have been defined by the relevant legislation, may apply for the Portuguese Golden Visa program.
The applicants for the Portuguese Golden Visa program may make their investment as either an individual or through a legal entity which meets certain predetermined requirements. The Portuguese Golden Visa program investors will also need to meet the – minimal – physical presence requirements.
Anyone with the exception of the Portuguese and EU / EFTA citizens is eligible to apply for the Portuguese Golden Visa program after completing a suitable investment option in the country of Portugal before asking for the permanent Portuguese residency.
The Portuguese Golden Visa program investors are allowed to bring their family members along, including their spouse, as well as their kids – as long as they are younger than eighteen at the time of the application, or as long as they are still enrolled in studies and being financially supported by the applicant.
In certain circumstances, the Portuguese Golden Visa program investors can even bring their parents and / or in-laws along, as long as they can demonstrate that they are financially supporting them.
THE PORTUGUESE GOLDEN VISA PROGRAM PROGRAM THE DOCUMENTATION
The amount of documentation that is necessary in order to acquire the Portuguese permanent residency permit through investment may vary according to the level of investment. For the highest, five hundred thousand Euros worth of investment option, the Portuguese Golden Visa program investor will need to provided the following documents :
The final deeds of purchase, or a promissory contract;
A declaration issued by a financial institution that is accredited or registered within the national territory of the country of Portugal by the Bank of Portugal, that confirms an actual international bank transfer of capital for the purposes of purchasing or as a payment for the initial deposit of the property sales agreement;
A certificate that has been issued by the Land Registry office within the prior forty-five days, and which is comprised of registrations, endorsements, and entries in force that serve to prove the ownership of the given property, free of any encumbrances, or a certificate of registry that is comprised of the provisional records of purchase, when legally feasible, with the initial deposit.
An excerpt of the commercial register which has been issued within the prior forty-five days in case that the investment is made by the means of a single-member limited company of which the Portuguese Golden Visa program applicant is the sole proprietor.
All documentation – unless specified otherwise – needs to be issued within ninety days before the Portuguese Golden Visa program investor submits their online application. Anything which has been issued by a foreign entity must be legalised – with an apostille if the Portuguese Golden Visa program investor’s country of origin has signed the Hague convention, as an example -. Additionally, anything that is not in Portuguese must be translated and certified as well.