One of the world’s oldest nations, Portugal has a roughly 900-year history that attests to its strong identity and internal coherence. All ethnicities are welcome in this peaceful political and economic environment. It is one of the safest nations in the world and a member of the Schengen Area. The country’s key selling factors include its hospitality, gastronomy, and low cost of living, as well as its history, culture, and beauty.
About Portugal Golden Visa Program
The Golden Residence Permit Programme was established by Order n. 11820-A/2012 and Order no. 1661-A/2013, which amends Act no. 23/2007 and lays down the legal framework for the entry, permanence, and exit of foreigners from Portugal.
The Programme is administered by the Portuguese Servico de Estrangeiros e Fronteiras (SEF), the country’s aliens and border control authority.
Since its launch in 2012, total investment under Portugal’s Golden Visa program now stands at more than EUR 3.7 billion (Till March 2018).
The most popular program in Europe, a total of 6,050 residence permits have been issued since the program’s inception in 2012 till March 2018; with the figure increasing to 10,181 when counting the family members of the main applicants, granting them and their families free access across the Schengen area, paving the way to European residency. The majority of the investments flow into the capital of Lisbon, where the real estate market has seen significant increases, bringing it steadily in line with other European capitals.
You must invest either 280,000 Euros, 350,000 Euros, or 500,000 Euros in a property.
Paperwork can be done remotely and the applicant is only required to stay 7 days per year in Portugal. A nice excuse for a holiday.
A Portuguese bank account and tax number must be obtained and biometric data provided. Generally, the whole process takes 4-6 months to be completed.
As the first batch of golden visa holders completing their five years of residence in Portugal have started to trickle through, reports confirm that the investors are obtaining not only permanent residence (PR) permits but also citizenships after physically residing for just 35 days (7 days per year) in the country.
A great deal of uncertainty has always surrounded the question of whether participants in Portugal’s golden visa program would in the end, after holding the temporary golden visa for 5yrs (1+2+2 years), qualify for a) permanent residence status and b) citizenship.
Benefits of the Portugal Residency by Investment Program
Through this applicants can gain residency in Portugal. Also, there is a favorable tax regime for those who do invest. The residency card provides freedom to all family members to travel throughout the EU Schengen visa zone easily and without any further visa applications. Eventual passport holders gain European residency, which means they have the ability to study, work, live, and travel freely anywhere within the European Union.
The Portugal Golden Visa Program offers excellent tax benefits for the ones becoming residents. Investors are only taxed on their worldwide income when they are residents in Portugal for more than 183 days in a year. Portugal has a tax regime for those who are considering living in the country which is very favourable for them. On income for the first 10 years, no taxes are charged at all. Tax is charged at 28% on income derived in the country for non-resident individuals. This can also be reduced with expenses for their rental income. Capital gains tax is 28% and also, there are allowances for costs and depreciation. There is no inheritance tax in Portugal. The annual property taxes can vary between 0.3% and 0.8% of the valuation of property, but the range of exemptions is also there.
The top five nationalities approved for the Portuguese Golden Visa since 2012
- China – 3,771
- Brazil – 522
- South Africa – 242
- Russia – 211
- Turkey – 188
Under Golden Visa, an individual must have been legally resident in the country, 7 days per year for five consecutive years to apply for citizenship
- Investment Required 280,000-500,000 in Real Estate
- No minimum education is required
- Maintain the investment for a minimum of 5 years
- children below or above 18, if proven still in full-time studies & parents(Maternal/Paternal) above 65 years can be included
- Legal source of funds
- Applicant must be over 21 years
- Should not have any criminal record and serious medical condition
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