Portugal is one of the oldest countries in the world, with nearly 900 years of history demonstrating its strong identity and internal cohesion. The country is politically and economically stable and welcomes all nationalities. It is part of the Schengen Area and is one of the safest countries in the world. Its history, culture and beauty, alongside its hospitality, gastronomy and affordable cost of living, are just a few of the country’s main selling points.
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 the Portugal’s Golden Visa program now stands at more than EUR 3.7 billion (Till March 2018).
The most popular programme in Europe, a total of 6,050 residence permits have been issued since the programs 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. Majority of the investments flow into the capital of Lisbon, where the real estate market has seen significant increases, bringing it steadily inline 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 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.
Through this applicants can gain the residency of Portugal. Also, there is a favourable 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 gains European residency, which means they have 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 resident. Investors are only taxed on their worldwide income when they are resident in Portugal for more than 183 days in an 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 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 minimum 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
Watch our video
Follow M-J Global
Get in touch
Would you like to speak to one of our immigration expert over the phone? Just submit your details and we’ll be in touch shortly. You can also email us if you would prefer.