Portugal’s Golden visa program is designed by the Portuguese government to attract non-EU investors to help boost the economy of the country. The Portugal Golden visa, otherwise known as the Residence Permit Program requires its holder to invest in Portugal and maintain the investment for a minimum of 5 years.
Within these 5 years of maintaining your investment in Portugal, you are only required to spend 7 days in your first year of residence and then spend 14 days subsequently within the 2-year validity period of your residence card. After maintaining the investment for 5 years, you may qualify for Portuguese citizenship or permanent residency, provided you have met all the requirements.
Portugal is of course a renowned country that has continued to attract several expats all around the globe. The beautiful scenery, cuisines, welcoming culture of the natives, and most importantly the affordable standard of living have continued to be one of a kind. These and many more benefits of living in Portugal continue to encourage foreign nationals to enter the country for several reasons.
Portugal Golden visa grants its holder visa-free movement to and from several member countries in the European Union and the holder can also enter over 180 countries around the globe. With this visa, you will be set to enjoy the rights to free healthcare services, social security, the right to vote and be voted for, and so on.
Investment Routes for Portugal Golden Visa
The Portuguese government recently closed some routes to obtaining a Portugal Golden visa, such as through purchasing real estate or its related fund, and capital transfers of about €1,500,000 or higher. This change took effect on October 7, 2023, as a means to stop the rising housing crisis, that is, to reduce or totally stop what has been suspected to have caused the inflated rent and property prices in the country.
It’s interesting to know that there are still several investment options to obtain the Portugal Golden visa that are still active. They include:
Charitable Donations
If you wish to donate to any organization in Portugal, the amount you will invest largely depends on the organization’s sector. You may be required to donate up to €500,000 for technological enterprises, or scientific research. But if you wish to make a donation to arts or national heritage you are only required to give €250,000, which is the minimum threshold.
Investment Funds
You can easily obtain a Portugal Golden visa by investing in funds. With years of proven performance, investing in funds offers a quick and simple route to getting the Golden visa. Certain Portuguese funds allow you to buy shares with a minimum 5-year maturity at the moment of investment.
A fund needs to devote at least 60% of its assets to Portuguese-based commercial firms in order to be eligible for the Golden Visa program. Funds also provide a tax-effective way to obtain your Golden visa; you won’t pay taxes on profits or capital gains if you lack the status of a Portuguese tax resident. The minimum threshold of the investment funds is €500,000.
Arts and Culture
If you are seeking a more affordable entry into Portugal via the Golden visa program, then the Arts and Culture investment option may suit you. This investment option offers you the opportunity to fund a Portuguese-approved cultural project, such as funding the country’s feature film. The minimum threshold of the investment funds is €250,000 but could be €200,000 if your cultural endeavour is located in a low-density area.
Job Creation
If you wish to ply the route of job creation to obtain your Portugal Golden visa, you have to choose from two main investment options. First, you are required to own a business in Portugal and create 10 new full-time jobs out of the business. There is no specific investment amount required of you should you take this route.
Second, you can invest at least €500,000 (minimum threshold) in a Portugal-based business, and the business must create a minimum of 5 new full-time jobs in 3 years.
Scientific Research
To obtain a Portugal Golden visa, you may also support scientific or technological research that is conducted by a national institution that is accredited in Portugal. The minimum investment threshold of the Scientific research option is €500,000.
Eligibility Criteria of Portugal Golden Visa
Non-EU nationals must meet certain eligibility requirements to obtain a Portugal Golden visa. The following are the eligibility criteria for a Portugal Golden visa:
- Be 18 years or above.
- Be a non-EU national.
- Invest in Portugal
- Have no criminal record.
- Manage the investment for 5 years.
- Spend at least 7 days in Portugal.
- Own the investment capital.
Application Process of Portugal Golden Visa
To apply for a Portugal Golden visa, you are required to follow a step-by-step guide. It includes:
Step 1. Select the Investment Option
You must first cross-check the investment opportunity that best suits your needs and financial capability. You may need legal assistance from this point to apply appropriately as the whole process may be overwhelming.
Step 2. Gather All Documents
You must provide all the needed documents for verification. Ensure you provide all the supporting documents in your application including those of your dependents (if you have any). Also ensure that your documents are in Portuguese or English, if not, they must be translated by an authorised translator.
Step 3. Get a NIF Number and Bank Account
You are required to obtain a NIF which you will use to open a Portuguese bank account to enable you to make your investment in Portugal. You can obtain a NIF number in a few hours and also open a Portuguese bank account on the same day.
Step 4. Complete Your Investment
You may now invest through your Portuguese bank account after selecting the investment option that best suits your financial needs.
Step 5. File Your Pre-Application
After your investment and getting your investment documents, you must apply for a pre-application at the SEF’s website to obtain an appointment date. In 2 months, you should get your appointment date.
Step 6. Attend the Appointment at the SEF
You and your dependents (if any) must attend the appointment on time and have your biometric information (fingerprints and photographs) taken to make your application official.
Step 7. Get Your Golden Visa
Your Golden visa residence card should be issued to you after 4 months of attending the SEF appointment.
Step 8. Become a Portuguese National
After renewing your Portugal Golden visa two times and having stayed in Portugal for 5 years, you may qualify to apply for Portuguese permanent residency or citizenship status after 6 years.
Conclusion
Portugal Golden visa offers an easy route to Portuguese residency and eventual citizenship. Although there are certain changes made to the program, other attractive options still remain available for non-EU nationals to leverage.
It is best to seek expert guidance in the process of choosing the right investment to make, due to your situation and financial capability. Also, to make things easier for you, your investment under the Golden visa must not be made by you in person; you can delegate a legal entity to do that on your behalf.
To avoid a refusal of your application, and considering the constant changes of investment options and application requirements, it is ideal to seek the help of an immigration lawyer such as the Immigration Advice Service.