Portugal Golden Visa Program: A Quick Guide
Located on the Iberian Peninsula in Europe is Portugal. This peaceful nation that shares its border with Spain is renowned for its rich history, food, wine, Cristiano Ronaldo, and much more! It also fares highly in terms of prosperity, democracy, economic stability and standard of living.
Don’t you wish to experience all this? You definitely can! In the recent decade, Portugal has opened itself to foreign nationals and foreign investments through various programs. The Portugal Golden Visa, allows you to apply for residency by investment and make Portugal your home one day!
Living in Portugal comes with many benefits! The country, which is located in the Schengen area of the EU, is considered one of the safest countries in the world and has a low cost of living. But, one of the most important facts about Portugal is that it has one of the strongest passports globally. It gives you visa-free access to 188 countries, including the Schengen area, isn’t that impressive?
However, getting a Portuguese passport is tough, but there are many ways to obtain one. The easiest way is through the residency program- the Portugal Golden Visa. Let us take a look at what this program is all about.
What is the Portugal Golden Visa Program?
The Portugal Golden Visa Program was introduced in October 2012 and is one of the most popular residency-by-investment programs in the world. Until 2018, over 6,000 applicants had been provided with resident permits and total investment under the program stood at 3.7 billion euros. These numbers have risen with each passing year.
Let’s take a look at the benefits the program offers you as an investor and the eligibility criteria below-
- The minimum amount of investment is 280,000 euros- one of the lowest investment amounts in Europe
- You only have to stay in the country for 7 days continuously every year for 5 consecutive years
- Live work and study in Portugal
- Immediate family members can also apply and enjoy the same benefits as the applicant.
Out of all these benefits of getting the Portugal Golden Visa, the best is that you become eligible for citizenship after 5 years of receiving your residency permit. Apart from that, Portugal has a favorable tax regime for investors under this program. But before you go ahead with any of these procedures, make sure to check if you are eligible to apply for the Portugal Golden Visa Program!
- You must be over 21 years old, with no criminal record.
- Be able to provide legal proof of funds.
- To apply, you must belong to a non-EU country or belong to the EEA region.
- You should be able to maintain the property you invest in for five consecutive years.
How can you avail it?
If you have passed the eligibility criteria, let’s see how you can apply for the program. You can easily begin the initial paperwork remotely. The next step is to get a NIF number- which is a unique tax identification number and is necessary to open a bank account in Portugal. Once this is cleared, you will need to proceed with the investment, which can be 280,000 euros, 350,000 euros, or 500,000 euros in a property located in Portugal.
Let us see the steps involved briefly-
Research and choose the type of investment that suits you best
Real estate investments have been the most popular among investors, but you should still thoroughly study the types of investment options available to you. Pick the one that suits your preference.
Prepare all important documents
The documents belonging to the main applicant and the dependents have to be accurate. An important thing to know is that your documents have to be translated into Portuguese. (Sounds daunting! But don’t worry, we can guide you with that.)
Open a Bank Account
This step is essential to helping you invest. You have the option of delegating this process to your lawyers in Portugal, as it is easy once you get your documents and NIF number ready.
Make the Investment
Go ahead and invest in the property you chose!
Submit your application for the program on the SEF Portal. You will have to wait for about 2 months to get your appointment after this.
The Serviço de Estrangeiros e Fronteira or SEF is the concerned authority that will handle everything related to your application. During this appointment, you will have to provide your biometrics to complete your application process.
Receive the Golden Visa
You will receive your Golden Visa Permit after your application process comes through; this takes about 2 months as well. The permits are valid for one year at first, and then they can be renewed for 2 years.
Don’t you feel that Portugal could be your new home? The process of obtaining a Portugal Golden Visa might seem tricky and tiresome, but with the right consultant, you have nothing to worry about. Apply now with M-J Global for your Portugal Golden Visa, and one year from today, you will be relaxing in your new Portuguese home with some refreshing port wine and delicious Pastel de Nata!