Edwards European Moving: Here Is What You Need To Know About Emigrating To Portugal 2022 Through Portugal’s Golden Visa
The Portugal Golden Visa program is one of the most popular and sought-after residency-by-investment visa programs across the world. Since it was started in 2012, many people across of the globe have taken advantage of this emigration opportunity to relocate to Portugal – the beloved ‘capital’ of Southwestern Europe. Read on to understand what makes Portugal’s Golden Visa so popular and why thousands of non-EU residents are submitting applications to the program annually.
What is Portugal’s Golden Visa Program?
Also known as the Residence Permit Program, the Golden Visa is a 5-year residency program in Portugal given to non-EU nationals willing to invest in the country. It is part of an immigration program designed to welcome visitors who are willing to invest in the myriad investment opportunities across the nation.
Portugal has its own irresistible and unique charm that is partially fuelled by its alluring Atlantic coastline, beautiful landscapes, and, all-year sunny climate. People who qualify for Portugal’s Golden Visa and their immediate families get the opportunity to reside, stud, and work in the country. Further, they also get the permit to travel across jurisdictions in Europe’s Schengen Area without any visa restrictions.
On getting a Golden Visa, you will be afforded the opportunity to apply for Portuguese Citizenship or permanent residency in the nation as long as you sustain your initial investment for at least 5 years, meet the requisite immigration standards, and, you commit to obey Portugal’s national laws.
What Are Some of the Benefits of Getting Portugal’s Golden Visa?
There are many prime benefits associated with becoming a beneficiary of the Golden Visa Program – which is perhaps why it is highly sought after by investors looking to gain residency in the country. Some of the key benefits of getting the Golden Visa include:
- You get access to over 26 nations in the EU as well as Visa-free travel to over 182 countries across the world
- Access to a wide range of investment options with the minimal investment amount being €250,000
- After using the Golden Visa for 5 years, you can apply for an EU passport
- Access to dynamic investment opportunities that have consistently proven they can provide high ROIs
- You get the option to become a non-habitual resident in the country (This comes with the added benefit that you will pay little to no tax for up to 10 years)
- There is a short stay requirement period for you to accrue all the benefits associated with the Visa
Key Benefits You Will Get with Portugal’s Golden Visa if You Have a Family
One of the prime benefits of the Golden Visa is that you can include immediate family members in your application. This means that all members of your family will enjoy the same freedoms, stability, and opportunities that you enjoy as the primary applicant.
The family members that you can include in your Golden Visa application include:
- Your legal partner or spouse
- Children who are minors (under 18 years)
- Dependant children who are under 26 years (Note that there is caveat in this situation which states that children who are over 18 but under 26 must be single and enrolled as full-time students. Alternatively, children in this category must demonstrate that they can be financially-dependent from the sponsoring parents)
- Parents of either spouse who have reached 66 years of age (or 55 years but are dependent on either spouse)
- Siblings of either partner or spouse or partner who are minors (under 18 years)
NOTE: To be eligible for Portugal’s Golden Visa, you must first make a qualifying investment – this is typically in real estate or funds – and, you must sustain the investment you make for at least 5 years.
If you are considering submitting a Golden Visa application, it is advisable that you consult a Portuguese Golden Visa Consultant or Portugal Golden Visa attorney to find out what documents you will require in addition to the mandatory investment.
What Are the Key Requirements for Eligibility in Portugal’s Golden Visa Program?
The key requirements for eligibility in the Golden Visa Program include:
- You should not be a resident of Switzerland, any EU or EEA territories
- You should have a minimum investment of €250,000 (NOTE: There are many investment opportunities to choose from)
- You should have a clean criminal record
- You should meet the minimum stay requirements – This means that you should spend at least 7 days in Portugal during your first year, and, no less than a fortnight (14 days) for the following 2 subsequent years
What You Need to Know About Eligibility for Portugal’s Golden Visa Through Investing in Real Estate
Applying for Portugal’s Golden Visa through investing in real estate is the most popular type of residency application to date. This is mostly because the nation is a prime destination for real estate investors. Portugal’s real estate market is always booming with investors realising high rental incomes mostly because of the booming tourism industry.
Many expats across the globe buy properties in Portugal which act as retirement destinations, second homes, and even tourist rentals. You can buy residential properties in the interior of Portugal for as little as €500,000, or, you can even invest in the rehabilitation of used/dilapidated properties to become eligible for the Golden Visa.
Alternatively, you can become eligible for the Visa by purchasing commercial real estate developments anywhere across the nation (including in areas such as Porto, Lisbon, etc) for at least €500,000. If you are in the remodelling or house flipping business, you can invest in rehabilitating properties in the interior areas of Portugal for at least €350,000. Alternatively, you can invest in property rehabilitation projects across the country for at least €350,000.
NOTE: You may qualify for a 20% discount on your property investment depending on the population density of the area where you invest. If you invest in a low-density area in Portugal, you will be eligible for the 20% discount. Remember that an area qualifies as a low-density area if it has less than 100 habitants per square kilometre or if it has a GDP that is less than 75% of the national average.
To get a full list of the areas that are considered low-density regions in Portugal and which also qualify for the Golden Visa Investment Program, check out our Guide on Portugal’s Golden Visa Low-Density Areas [HERE – LINK?].
Can I Get Citizenship in Portugal Through the Golden Visa?
Yes! However, to gain eligibility for permanent residency and a Portuguese passport, you must retain your investment for at least 5 years. On gaining citizenship, you can enjoy similar rights to other Portuguese citizens including the right to study, work, and live anywhere across the EU, as well as visa-free travel to over 182 countries.
Note that to gain citizenship, you must have a clean and unimpeachable criminal record, an A2 Language Certificate in Portuguese (or sit for a Portuguese language proficiency exam), demonstrate that you have genuine links with the country (for this, you can provide evidence of your investment, and, documents that show that you are registered in Portugal such as your Portuguese bank account or NIF number).
What Are the Costs of Applying for Portugal’s Golden Visa?
The costs you will incur when applying for the Golden Visa are as follows …
- Initial Application Fees
• Legal Fees for Golden Visa Application – A single applicant is usually charged between €5,000 to €8,000. Any dependents who are younger than 18 years can be included in the application for free
• Additional Legal Fees – Dependents who are at least 18 years are usually charged between €500 to €2,000. Children are not charged any fees
- Renewal Legal Fees
• Golden Visa Renewal Legal Fees – A single applicant is usually charged between €1,000 to €2,500
• Additional Legal Fees – Dependents who are at least 18 years of age are usually charged between €500 to €2,000. Children are not charged any fees
Hi I am Edward John owner and the driving force behind Edwards European Moving. I and other members of staff are trilingual speaking English, French, and Spanish. Edwards European Moving specialises in providing full door-to-door removal services across Europe. With a strong emphasis on professionalism and competence, the company has garnered a wealth of experience in house and business removals throughout the continent.