Many High-Net-Worth individuals and business people from the Middle East and all around the globe are seeking residency by investment in Europe. Holding permanent residency in this region of the world opens the door to a wealth of business, investment and personal benefits and opportunities, including unrestricted travel throughout the Schengen Zone and access to world-class healthcare and quality education opportunities, among many others.
A few European countries offer residency by investment programs that allow non-European Union nationals to obtain residence permits in the Schengen Zone legally. The Portugal Golden Visa Program is one of the more popular European residency by investment programs. In this article, we explore why you should apply for the Portugal Golden Visa Program as a means to obtain permanent residency in the EU.
What is the Portugal Golden Visa Program?
Launched in October 2012, the Portugal Golden Visa Program is a legal 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 Europe, as well as have access to Portugal’s healthcare and consumer rights.
When investors fulfil all the residency program requirements and learn Portuguese up to a basic level, they are then eligible to apply for Portuguese citizenship after 5 years.
Why Should You Apply?
Straightforward Process
The Portugal Golden Visa Program is designed to be straightforward and efficient, with a timeframe of just six months to your new residency. The program consists of a few simple steps and requires applicants 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. Eligible family members include the spouse of the main applicant and children (biological or adopted) under 18 years of age. Parents and children older than 18 years old can be included in the application if they are dependent on the main applicant.
If all the minimum criteria are met, applicants to the Portugal Residency by Investment Program are required to purchase property in Portugal or make an alternative investment into the country – such as job creation or investing in a small local business – before the application can be filed.
Successful applicants will receive their residency permit and gain the right to live, work, study, and access Portugal’s healthcare and consumer rights, as well as travel without border restrictions in the Schengen Zone. The best part is that Portugal has a minimal residency that requires residents to visit the country for only 7 days per year for 5 years – the rest of the time can be spent wherever they wish.
The freedom of movement across the Schengen Zone for business purposes is one of the main reasons why investors secure a Portuguese (EU) residency permit.
High Quality of Life, Low Cost of Living
A big reason why people choose to acquire residency in Portugal is due to the country’s high standard of living that provides all first-world comforts and conveniences at an affordable cost. The cost of living in Portugal is on average 30% lower than in any other country in Western Europe – one of the lowest in the region.
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When compared to other EU nations like Germany, France and the Netherlands, Portugal’s cost of living is relatively cheap yet still manages to offer world-class healthcare, quality education, warm weather, beautiful architecture, delicious food, pristine beaches and so much more in return. Applying to the Portugal Golden Visa Program is choosing to reside in paradise.
Freedom of Movement Within the Schengen Zone
As a resident of Portugal, you are also recognised as a resident of the European Union. Portuguese residents have the right to travel freely without restrictions throughout the entire Schengen Area. This means that you’ll be able to visit all 28 EU member states and have access to all that the region has to offer without any hassles.
Health & Safety
When choosing to reside in Portugal, you will have absolute peace of mind when it comes to your health and safety. Portugal is one of the safest countries in the world. To be more specific, it is the third safest country according to the 2020 Global Peace Index, the official ranking of the safest countries around the globe. In addition to its high safety levels, Portugal’s healthcare system is truly one of the international standards and is ranked by the World Health Organization (WHO) as the 12th best among United Nations member countries. And as an added benefit, Portugal is known to be a very diplomatic nation that maintains good relationships with almost every country in the world – which makes for a peaceful society and a stable economy.
Nazar beach, with a mild climate and great natural beauty, has one of the oldest traditions in Portugal related to fishing gear.
Pathway to Citizenship
One of the many reasons why so many individuals seek out Portugal’s Golden Visa Program is because it provides a legal path to citizenship. After successfully meeting all the program requirements and holding residency in Portugal for 5 years, individuals are then eligible to apply for Portuguese citizenship.
Permanent residents in Portugal have almost all the same privileges and rights as citizens – except a passport. A Portuguese passport is ranked as the fifth most powerful passport in the world. And if granted citizenship, individuals can apply for a Portuguese passport which provides visa-free or visa-on-arrival travel to over 185 countries and territories, including the USA, Singapore and Hong Kong.
Book a Free Consultation
Before applying to any Citizenship or Residency by Investment program, individuals must ensure that they are rendering the services of a government authorized agent and advisor like Savory & 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, then it probably is.
Savory & Partners is a government-approved agency that specializes in High-Net-Worth individuals applying to any Citizenship by Investment program. We are a British Authorised Agent with decades of experience who has helped over 1100 families obtain second citizenship.
If you would like to apply to the Portugal Golden Visa Program or want to learn more about the other European residency through investment programs on offer, then contact us today for a free online consultation and one of our agents will happily aid you in your endeavours.
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