Unlock EU Residency - Portugal’s Golden Visa Program
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KEY POINTS
Golden Visa Program
Portugal's Golden Visa Program offers a pathway to European Union (“EU”) residency and citizenship through investment.
Transitioning to Permanent Residency
Moving from a Golden Visa to permanent residency involves fulfilling specific criteria such as establishing ties to Portugal and passing a basic language test.
Applying for Citizenship
After residing in Portugal for at least five years, you can apply for citizenship.
Portugal, Residency, the EU & You
Portugal is worth considering if you're looking to live, work, or pursue education within the EU and you are currently a non-EU/EEA/Andorra/Swiss national.
Portugal provides a high quality of life, enriched by its cultural diversity, favorable climate, affordable living expenses, universal healthcare, excellent educational opportunities, and membership in the EU.
Portugal Golden Visa Program
Portugal’s Golden Visa Program was introduced in 2012 and is one of the most sought-after residency programs in the EU. It facilitates EU residency for you, your spouse, dependents, and parents.
Some of the key benefits of the program include:
Live, work, and study in Portugal
Include your spouse, children, and parents (limitations apply)
Permitted to run your own business in Portugal
Visa-free travel within the EU Schengen area
Visa-free travel to over 170 countries
Qualify for a European passport in five years
Investment program option that can lead to tangible returns
Minimum stay requirements within Portugal (one week the first year, and two weeks every two years thereafter) are extremely accommodating
After only 5 years you can apply for permanent residency or citizenship.
Golden Visa Eligibility Criteria
There are administrative and investment requirements that must be met to qualify for the Golden Visa program which includes:
Administrative
Open a bank account with a Portuguese bank
Obtain a tax identification number (NIF) in Portugal
Provide background checks
Proof of no criminal record
Proof of health insurance
Investment Options
You must meet the minimum threshold of any of the following and hold the investment for five years.
€500,000 in qualifying investment funds (private equity and venture capital) that are constituted under Portuguese legislation. At least 60% of the value of the investments must be made in commercial companies based in Portugal. You can allocate your capital across multiple funds for greater diversification.
€500,000 contribution to scientific research activities
€250,000 donation to the arts / cultural projects
Create at least 10 new full-time jobs (varies based on population density)
Invest €500,000 and create at least 5 full-time jobs
These financial requirements contribute to Portugal’s economy while providing you with potential investment diversification and entrepreneurial opportunities.
The minimum investment amounts must originate from sources outside Portugal. Therefore, obtaining a loan from a Portuguese financial institution to fulfill the investment obligation is not permissible.
You no longer need to maintain the investment if you become a permanent resident, at which time you can liquidate the investment without any impact to your residency status.
Real Estate
In 2024, Portugal closed off the investment in real estate option as a means of participating in the Golden Visa Program. This change is not retroactive.
Applying for a Golden Visa
Typically, the process includes these steps:
①
Choose an Investment Option
Consider engaging your financial advisors when choosing the investment options highlighted above.
②
Prepare Documentation
You will need to gather documents like your passport, proof of investment funds, criminal record clearance, proof of tax identification number from your home country, and health insurance coverage.
Be sure to check if you need to provide originals, copies, notarized copies, and if any need to be translated into Portuguese.
③
Open Bank Account
Obtain a tax identification number in Portugal and open a bank account. This can be done in person or by appointing a local lawyer to administer the process.
④
Investment Finalization
Fund your bank account with sources originating outside Portugal. Then make your qualified investment in compliance with the Golden Visa Program.
⑤
Application Submission
You have the option to submit your application and all required documentation directly to the Portuguese Immigration and Border Services or to the consulate or embassy in your home country.
For assistance in ensuring your submission is thorough and accurate, it's advisable to seek guidance from a qualified professional advisor.
⑥
Immigration and Border Services Appointment
All individuals listed in the application will need to attend an in-person biometrics meeting.
⑦
Await Approval
Remain patient, it may take over a year from the time you start the process to when you receive your Golden Visa residence cards.
The good news is that once you submit your application, your waiting time starts to count toward your five-year citizenship period, due to legislative changes effective April 1, 2024.
Once approved you will receive your Golden Visa residency permit and be allowed to live, work, and study in Portugal for the duration of your visa.
Maintaining and Renewing Your Golden Visa
There are several criteria you must abide by throughout your visa period including:
Investments
Adhere to the investment conditions applicable to your chosen investment option.
Minimum Stay
Fulfill the minimum stay requirements - 7 days in the first year, and 14 days during each subsequent biannual renewal period.
Documentation
Keep all documentation up to date.
Legal Issues
Avoid any legal issues like criminal convictions or proceedings.
Fee Payment
Ensure all required fees, including initial and renewals, are paid in full and on time.
Transitioning from Golden Visa to Permanent Residency
To transition from a Golden Visa to permanent residency, you must fulfill specific residency criteria, including establishing strong ties to Portugal and passing language and integration tests.
This permanent residency status grants the right to reside and work indefinitely in Portugal, along with access to healthcare and social benefits.
Additionally, permanent residents can travel visa-free within Portugal and other Schengen Area countries, facilitating a seemless exploration of Europe for both business and leisure purposes.
Applying for Portuguese Citizenship
Portugal allows dual citizenship.
Typically, you need to reside in Portugal for at least five years before you can apply for citizenship through naturalization.
The period commencing from when you apply to the Golden Visa Program counts towards the five-year requirement provided you meet the minimum stay requirements during the period (i.e., you do not need to physically reside in the country for 5 continuous years if you are participating in the Golden Visa Program).
You will also need to demonstrate ties to Portugal (e.g., family, investment, employment), show basic language proficiency, and have a clean criminal record.
Upon obtaining citizenship, you will gain the right to live, work, and study anywhere within the EU, further expanding opportunities for personal and professional growth.
Engage a Professional Advisor
Applying to the Golden Visa Program is a major life decision that may lead to permanent residency or citizenship.
We recommend you engage appropriate professional advisors to ensure compliance with all laws and regulations while integrating the administrative, legal, tax, accounting, and estate planning aspects of the transition.
Should you consider travel insurance?
The Golden Visa Program requires that you spend a minimum average of 7 days per year in Portugal throughout the five-year period. The chances of experiencing an unexpected medical emergency increase with every trip.
We recommend you consider obtaining travel insurance to ensure you have access to the critical medical services you require and to protect your non-refundable trip costs.
You can obtain coverage for pre-existing conditions, illness, injury, medical evacuation, repatriation, trip cancellation, trip interruption, travel delays, lost baggage, and more.
Many travel insurance providers also offer 24/7 multilingual services related to travel, medical, concierge, and identity theft.
FINAL THOUGHTS
Portugal's Golden Visa Program offers a unique opportunity for you to obtain residency and citizenship in an EU member country. For some, the benefits are priceless.
We are confident you can reach your goals through the program with the help of your professional advisory team.
Safe travels!
