Everything you need to know about the Golden Visa for Portugal - Updated 2023
IMPORTANT - STOP READING
Portugal's golden visa program has been discontinued as of February 2023.
However, there are still plenty of options for you to be able to move to Portugal and get on the road towards Portuguese citizenship. Check out our guides to
D7 Visa Portugal - The Ultimate Guide for Expats and Retirees
Even though the Portugal Golden Visa program has been discontinued, real estate investment remained the most popular route for many foreign investors. The minimum investment for this was a real estate purchase of €500,000, or €350,000 if the property was over 30 years old or located in an area of urban regeneration. This investment could be in residential or commercial real estate, and there was no limit to the number of properties that could make up the total investment. Many investors appreciated the tangibility of this investment and the potential for capital appreciation and rental income, making it a favorable option for many within the Portuguese Golden Visa program.
Fulfill the Minimum Residence Requirement
The Golden Visa for Portugal had a minimum stay requirement, meaning investors and their families needed to spend a certain amount of time in Portugal each year. This requirement was relatively minimal - just seven days in the first year and 14 days in each subsequent two-year period. This flexibility was one of the key reasons why the Portugal Golden Visa was such an attractive scheme for investors worldwide. It allowed them to maintain their businesses and lifestyle in their home countries while enjoying the benefits of Portuguese residency.
What Are the Benefits of the Portugal Golden Visa Program?
The Portugal Golden Visa offered numerous benefits, including the right to live, work, and study in Portugal, travel freely within the Schengen Area and European Union, and potentially access Portuguese citizenship after six years. The minimum stay requirements were quite flexible, and investors had a range of investment options, from real estate to research and development. The Golden Visa scheme was also known for its relatively straightforward application process, making it an attractive program for many international investors.
Legalizing Portuguese Golden Visa Documents
Legalizing documents for the Portugal Golden Visa application was a crucial part of the process. All documents originating outside Portugal needed to be legalized, which typically involved getting an apostille stamp if your country is a member of the Hague Convention. This stamp certified that your documents were authentic, making them legally acceptable in Portugal. For non-member countries, documents had to be legalized by the Portuguese Consulate or Embassy in the home country.
Subscription Deadline
The Portuguese Golden Visa program had different subscription deadlines depending on the investment route. However, the program's core characteristic was its flexibility, providing various opportunities for investors to fulfill their obligations and meet deadlines. It's important to note that the scheme has been discontinued in 2023, which was a significant deadline for prospective investors.
Translating Portugal Golden Visa Documents
When applying for the Portuguese Golden Visa, all supporting documents needed to be translated into Portuguese. This ensured that Portuguese immigration officials could accurately process the applications. It was recommended to have these translations done by a professional translator, and in some cases, these translations also needed to be certified or notarized.
Year One and Two
The first two years of the Portugal Golden Visa scheme were important. Once approved, applicants had to complete their investment (for instance, complete the real estate purchase or capital transfer) and comply with the minimum stay requirement (seven days). Upon completion of the first year, investors had to renew their residence permits, which involved providing proof of investment and compliance with the minimum stay requirement.
What Is the Cutoff Date for Portugal Golden Visa Program?
The Portugal Golden Visa program was discontinued in 2023. Before this cut-off date, potential investors could apply and go through the necessary steps to obtain the Golden Visa. However, after this date, the program stopped accepting new applications. It's important to note that existing Golden Visa holders were not affected by this change and could continue their journey towards Portuguese residency and possibly citizenship.
Portugal Golden Visa Investment Options: What Types of Investments Qualify for the Golden Visa?
The Portugal Golden Visa offered several investment options. Real estate investment was a popular choice, but others included capital transfer of at least €1 million into Portugal, the creation of at least ten jobs in Portugal, or an investment of €350,000 in scientific and technological research. There was also an option to invest €350,000 in an existing Portuguese business with a plan to create or maintain jobs.
Portugal Golden Visa Investment Fund Option
Another option under the Portugal Golden Visa was investing €350,000 in a qualified Portuguese investment fund. These funds were designed to finance small and medium-sized companies in Portugal. This option allowed investors to diversify their investment across a range of Portuguese businesses and was managed by a professional fund manager. This investment fund option was another way the Portugal Golden Visa program sought to boost the Portuguese economy.
Getting a Portuguese NIF and Opening a Portuguese Bank Account for the Portuguese Golden Visa
Getting a Portuguese tax number (Número de Identificação Fiscal, or NIF) and opening a Portuguese bank account were essential steps in the Portuguese Golden Visa process. The NIF was necessary for almost every financial transaction in Portugal, including purchasing real estate, while the Portuguese bank account was needed to transfer funds for your investment. These were typically the first steps taken once the investor decided to pursue the Portugal Golden Visa.
Travel and Visa-Free Countries
One of the key benefits of the Portugal Golden Visa program was the freedom to travel visa-free within the Schengen Area, a zone comprising 26 European countries that have abolished their internal borders, for ease of movement. This meant that investors and their families could travel and live in any of these countries without needing an additional visa.
Step Two: Gather All Necessary Documents
The second step in the Golden Visa application process was to gather all necessary documents. This included proof of investment (such as a real estate purchase agreement), a valid passport, proof of health insurance, a criminal record certificate, and proof of address, among others. These documents needed to be legalized and translated into Portuguese.
Portugal Golden Visa Government Application Fees
There were several government fees associated with the Portugal Golden Visa program. These included an application fee, a processing fee, and a renewal fee every two years. The cost of these fees varied depending on the number of family members included in the application.
Do Portugal Golden Visa Requirements Include Relocation to the Country?
The Portugal Golden Visa program did not require investors to permanently relocate to Portugal. Instead, they were required to spend a minimum of seven days in Portugal during the first year and at least 14 days every two years after that. This flexibility was one of the key benefits of the program.
Step One: Speak to Get Golden Visa Team and Decide on Your Investment Type
The first step in the Portugal Golden Visa process was typically to speak with a qualified advisor or team that specializes in the Golden Visa scheme. They could provide insights on the various investment options, from real estate to capital transfer, and guide the investor through the complex process. Once the investor had a clear understanding, they could decide on their investment type.
Portugal Golden Visa 2022 Investments Options
In 2022, the Portugal Golden Visa had various investment options available. Real estate remained a popular choice, but other options included capital transfer, investment in research, job creation, and investment in a Portuguese investment fund. These varied options offered flexibility to suit different investor profiles.
Statistics on Portugal Golden Visa
Despite being discontinued in 2023, the Portugal Golden Visa program had a substantial impact, attracting thousands of investors and injecting billions into the Portuguese economy. It also led to a significant increase in real estate prices, particularly in Lisbon and Porto. The majority of Golden Visa applicants were from China, followed by Brazil, Turkey, South Africa, and Russia.
Should All Supporting Documentation Be Translated Into Portuguese?
Yes, all supporting documentation for the Portugal Golden Visa application needed to be translated into Portuguese. This facilitated the processing of applications by Portuguese immigration officials and ensured that all information was clearly understood.
Can I Exit Portugal's Golden Visa Program Investment at the End of Five Years?
Yes, investors were able to exit their investment after holding it for a minimum of five years. This was the period required to obtain permanent residency under the Portugal Golden Visa program. However, if the investor wanted to apply for Portuguese citizenship, they needed to maintain their investment until the citizenship application was approved, which typically took place after six years of legal residency.
Real Estate vs. Funds: Which Portugal Golden Visa Investment Route To Take
Choosing between real estate and funds for the Portugal Golden Visa investment largely depended on the individual investor's goals and risk tolerance. Real estate was a popular choice for its tangibility and potential for rental income and capital appreciation. On the other hand, investment funds offered diversification and were managed by professionals. Both routes had their pros and cons, so it was crucial to consider personal circumstances and possibly seek professional advice.
Did I Receive Any Help Along the Way?
Most investors sought help from professionals during the Portugal Golden Visa application process. Lawyers, investment advisors, and real estate agents played a significant role in guiding investors, providing valuable insights, and ensuring a smooth process. These professionals were experienced in handling Golden Visa applications and knew how to navigate the complex procedures and requirements.
The End is Near. How to Proceed Before the Closure of the Golden Visa
The discontinuation of the Portugal Golden Visa program in 2023 led many potential investors to expedite their applications before the cutoff date. It was crucial to get the necessary documents in order, make the investment, and submit the application before this deadline. For those who missed the deadline, it was recommended to explore other residency and citizenship-by-investment programs.
Do Dependent Children Need to Stay Dependent During the Whole Golden Visa Process?
Dependent children could be included in the Golden Visa application, and they were able to maintain their status as dependents throughout the process. This meant they could enjoy the same benefits as the main applicant, including Portuguese residency and the ability to travel freely within the Schengen Area.
Can I Obtain Citizenship with a Golden Visa in Portugal?
Yes, the Portugal Golden Visa program could lead to Portuguese citizenship after six years of legal residency. However, to apply for citizenship, the investor needed to demonstrate ties to the Portuguese community, which could include understanding the Portuguese language, and they needed to maintain their investment until the citizenship application was approved.
Does the Portugal Golden Visa Program Lead to Citizenship?
Yes, one of the key benefits of the Portugal Golden Visa program was the potential to obtain Portuguese citizenship after six years of legal residency. This offered investors and their families the opportunity to become European citizens, with the rights and freedoms associated with EU citizenship, including the right to live, work, and study anywhere in the EU.
Are Americans Eligible to Apply for Portugal Golden Visa Program?
Yes, before the discontinuation of the program in 2023, Americans were eligible to apply for the Portugal Golden Visa program. Like all applicants, they needed to make a qualifying investment, meet the minimum stay requirements, and fulfill all other requirements of the program.
Invest in the Portuguese Private Healthcare Market and Secure Your Golden Visa Today
Before its discontinuation, investing in the Portuguese private healthcare market was one of the investment program options that could secure Golden Visas in Portugal. This option, along with several others, aimed to attract foreign investment into various sectors of the Portuguese economy.
Do I Have to Pay Taxes in Portugal?
Golden Visa holders were considered tax residents in Portugal if they spent more than 183 days a year in the country. As tax residents, they would be liable to pay taxes on their worldwide income. However, Portugal has a favorable tax regime for non-habitual residents, offering a flat income tax rate and exemptions on certain types of income for a period of ten years.
Scientific and Technological Research Investment
Another route under the Golden Visa in Portugal was to invest a minimum of €350,000 in scientific and technological research. This investment could have been made in private or public institutions engaged in these areas. This route aimed to foster innovation and technological advancement in Portugal, making it an attractive option for investors interested in these sectors. Like other routes, this also provided eligibility for Portuguese citizenship after six years of legal residency.
Portugal Golden Visa: Get in before it ends (2023)
The Portuguese government has announced that the Portuguese golden visa program has now ended as of February 2023, and your golden visa application will no longer be accepted.
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