Golden Visa after Covid-19 in Portugal
As Covid-19 accelerates already rapid changes to the ways we live and work, the Golden Visa offers investors a flexible lifestyle and business benefits that are a particular boon in the post-pandemic environment.
Discover the Portugal Golden Visa
The Portugal Golden Visa has been in existence since 2012 and it’s a program that allows you to invest in Portugal and gradually gain citizenship over a period of five years.
You’re only eligible for this program if you are from a Non-EU/EEA/EFTA country, you should also not have a criminal record and your investment funds should come from outside Portugal. Furthermore, at the highest investment tier, you’re required to invest € 500,000 in real estate within the country. Once made, the investment should then remain the country for the five years of the program.
With this visa, you and your immediate family and dependent kids are allowed residence in the country and you’re also required to reside in Portugal for a minimum of 14 days every two years for the five years before you qualify for full Portugal citizenship.
To ease your application process, contact a Portugal Golden Visa consultant.
Benefits of the Portugal Investor Visa
Short stay requirement
The 14 days that you’re required to stay within Portugal are a short enough period to check on your investments and enjoy the beautiful weather and beaches as you take a break.
Short period to gain the European Union passport
In five years, you’ll also qualify for European Union citizenship, which confers easy access to all of the 26 European countries.
Rising real estate market
By applying to this program, you’re also tapping into a burgeoning Portugal real estate market. This means that by the time the residency period is over, your investment will have appreciated significantly.
The Portugal Golden Visa is applicable to the applicant and their immediate family and all dependents.
Why demand for Portugal Golden Visa will surge post-Covid-19 pandemic
Ease of application
With the spread of Covid-19, a lot of tasks are now carried out online. Previously, you had to come out to Portugal and meet with your consultant for help in applying for the Golden Visa. This process is now digitized (including the provision of your Portuguese tax and ID number) and you can apply from the comfort of your home wherever you are in the world.
A growing Portugal real estate market
Investors now are seeking locations where they can invest for growth and the Portugal real estate market is one of the most promising economies in the world now to expand your portfolio and reap the rewards. This is a huge additional bonus unlocked by gaining citizenship via investment.
High-quality affordable education
If you have small children, you can enrol them in public or private schools, depending on your preference and budget.
With the Portugal investor visa, you don’t necessarily have to live in the country – you can apply for different types of residency that will allow you a 10-year tax break or get taxed at a lower rate.
Also, depending on the regions that you choose to invest your money in, you may find that you require less money to invest.
Further, if you are not ready to apply for either residency or citizenship, you can easily renew your Golden Visa and maintain your current status. After five years, however, you’re required to apply for permanent residency or citizenship.
As such, the Golden Visa is highly flexible on your status and spending.
Ease of travel around Europe
The Covid-19 pandemic has limited people’s travel options, but with the Golden Visa you have access to 26 EU countries that you can visit in a whim – you’re not limited to staying only in one country.
Choose to invest in an investment fund
Besides investing in Portugal real estate or Lisbon apartments, you can also get your citizenship by investment by channelling your money to an investment fund. This is much cheaper than going the real estate way.
In this method, you are required to deposit a minimum of € 350,000. As the real estate market around Portugal saturates, a fund is likely to provide much better returns. Diversified funds and venture capital funds are most recommended for the Golden Visa program.
Start a company in Portugal
With the Covid-19 pandemic, it is now much easier for companies to have remote employees. However, to qualify for this visa program in this way, you must instantly create 10 jobs within the country.
As you can see, the Portugal Golden Visa is highly flexible and has many ways that an applicant can invest in it. With economies affected by the pandemic, it will be much easier for those seeking European residency and citizenship to apply in Portugal.
The program is fully supported by the government and is a major income earner having brought in close to €5 billion since its inception in 2012.
How long does it take to apply and receive the investor visa in Portugal?
The first step here is to make your application for citizenship by investment online. Once it’s approved, you’ll be invited for a face to face interview.
It’s advisable to consult a lawyer, although it is possible to complete the application yourself. If you are moving with a family, you will submit applications for the whole family at the same time.
In terms of a timescale, it takes about six months for your application to be approved.
Once you’ve received your Portuguese Golden Visa, it’s valid for five years and renewable every two years.
For every two-year period, you’re required to have resided in Portugal for at least 14 days.
Ensure that you apply for renewal at least one month before expiry to maintain validity.
After the fifth year, you can then apply for citizenship or permanent residency. In Portugal, you can maintain dual-citizenship.
The Portuguese Golden Visa program is likely to become even more popular post-Covid-19 pandemic because of its flexibility and attractive opportunities it presents in a global environment where adaptability and agility are more prized than ever in both life and business.