Portugal’s Residency by Investment program, more commonly known as the Golden Visa program, is one of the most sought-after programs of its kind in the world. Since its launch in 2012, thousands of non-European Union nationals and their families have successfully gained permanent residency and/or citizenship in this beautiful country.
Although Portugal’s breath-taking Atlantic coastline, picturesque landscape and year-round warm weather are undeniable draws to those seeking residency here, there are many other reasons as to why foreign investors are scrambling to get their hands on a Portuguese Golden Visa. These reasons range from securing a prosperous future for themselves and their family to the benefits that come with being a Portuguese resident, such as obtaining the right to live, work and travel freely throughout the Schengen Area.
In This Article
- About the Portugal Residency by Investment Program
- Portugal Golden Visa Program Requirements
- Benefits of Being a Portuguese Resident
- Book A Free Consultation
It is not difficult to see why so many high-net-worth individuals from the Middle East and all around the globe are choosing to apply to Portugal’s Residency by Investment Program. But, of course, not just anyone can apply as certain criteria must be met to qualify for the program. Here, we take a look at the Golden Visa requirements for Portugal residency.
About the Portugal Residency by Investment Program
Launched in October 2012, the Portugal Golden Visa program is a legal naturalization process based on the law that invites foreign investors from non-European Union countries to obtain fully-valid residence permits in Portugal for themselves and their families. In exchange for permanent residency, applicants to the program are required to pass all due diligence checks and invest in real estate in the country.
Once applicants receive their residence permit, they will gain the right to live, work, travel and study in Portugal, with visa-free access to the Schengen Areas. As well as have access to Portugal’s healthcare and consumer rights.
Portugal Golden Visa Program Requirements
The Portugal Golden Visa Program is a straightforward process with minimal requirements and consists of a few simple steps to qualify for residency.
Investors are required to be at least 18 years of age, in good health, possess no criminal record, have confirmed investment sources and successfully pass due diligence checks. Individuals can apply as single applicants or as a family.
Family members that can be included in the application are the main applicant’s spouse and children (biological or adopted) under 18 years of age. Parents and children older than 18 years old can also be included in the application if they are dependent on the main applicant.
Before applying to any Residency by Investment program, individuals must ensure that they are rendering the services of a government authorized agent and advisor like Savory and Partners. The internet is rife with fraudulent companies offering scams that promise citizenship within an implausible timeframe and at an impossibly low price. If it’s too good to be true, it probably is.
Applicants are required to purchase property in Portugal to qualify for permanent residency. This can be done through the acquisition of one or multiple properties, acquiring one or multiple properties. The Portuguese Golden Visa is obtained by investing in a real estate property with a value of €500,000 or if over 30 years old and renovated for €350,000. Additionally, a 20% reduction is granted if the property is in low-density areas, therefore €400,000 and €280,000, respectively. This estimate excludes extra associated costs that need to be paid in addition to the investment fee.
Applicants will need to appear in person for an interview and due diligence checks once their request is approved. While in Portugal, they will make the necessary investment in real estate, fixed deposit or business development and visit Immigration Services to provide fingerprints, pictures and biometric data.
Once successful applicants receive their residence permit and card, they are then required to visit Portugal for 7 days per year for 5 years to fulfil residency requirements. The initial residence card is valid for 2 years before renewal is needed – which must be done 30 to 90 days before the expiration date. The second residence card is valid for 2 years. After the fifth year of holding Portuguese residency, individuals are eligible to apply for permanent residency or citizenship. If not, they can continue to renew their Golden Visa every 2 years.
Benefits of Being a Portuguese Resident
Now that you know what the Portugal Golden Visa program is and the requirements needed to be considered an eligible applicant, it is worth noting the perks that accompany Portuguese residency. The benefits of a Portuguese residency card are what makes this residency by investment program so attractive to foreign investors. Let’s take a look at why it’s worth the investment:
- Freedom of movement: Investors are also classified as a resident of the European Union. They will gain freedom of movement without restrictions in the Schengen Area.
- Health & Education: Investors and their families can enjoy quality education in schools and universities and world-class healthcare across Portugal.
- Minimal residency required: The program requires a minimal physical residency in Portugal of 7 days per year.
- Pathway to citizenship: When investors fulfil all the residency program requirements and learn Portugues up to a basic level, they are then eligible to apply for Portuguese citizenship after 5 years.
- High-ranked passport: The Portuguese passport is ranked in the top 5 passports in the world for ease of travel.
- Ease of travel: If residents of Portugal successfully obtain citizenship, they can then enjoy visa-free or visa-on-arrival travel to over 185 countries and territories, including the USA, Singapore and Hong Kong.
Book A Free Consultation
As a British Authorised Agent with decades of experience and over 900 families approved, Savory and Partners specialize in granting second citizenship and passports to high-net-worth investors from the Middle East and beyond.
If you are interested in Portugal’s Residency by Investment program or have a few questions and queries you would like cleared up, book a free online consultation today and one of our agents will happily aid you in securing a better, prosperous future for you and your family.
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