- What is the Portugal Golden Visa Program?
Portugal’s Golden Visa Program is a unique scheme launched by the Government of Portugal in 2012. It invites citizens of countries outside the European Union to obtain Portuguese residency rights if they purchase property, make capital investments, or create employment in Portugal. Obtaining the Portuguese Golden Visa provides the opportunity to become a Portuguese citizen in only five years.
What are the Advantages of the Portugal Golden Visa Program?
The Portuguese government has designed this program as a good opportunity for citizens of other countries. It encourages foreign nationals to apply for Portuguese citizenship and invest in the country. And therefore, Portugal Golden Visa offers many advantages to the visa holders. Some noteworthy advantages of the Portugal Golden Visa are listed below –
- Portugal Golden Visa holders do not need any other special visa to enter the country of Portugal.
- Those with a golden visa can live and work in the country with no additional requirements.
- If you hold a Portugal Golden Visa, your family may accompany you into the country.
- The golden visa program allows you to apply for permanent residency status in Portugal after five years.
- Golden visa holders are allowed to access the same medical and education system as the citizens of Portugal.
- Holding the golden visa entitles you to travel throughout the Schengen area without needing an additional visa.
What Types of Documents are Required for Portugal Golden Visa
When applying for the Portuguese golden visa, the following documentation needs to be provided –
- Passport (The passport should be valid for a minimum of three months)
- A valid Schengen or short-term visa
- Proof of health insurance
- A signed criminal record certificate
- A signed affidavit sworn by the applicant as confirmation that they will comply with Portugal’s tax and social security requirements
- Make and maintain the qualifying investment for a minimum of five years
- Receipt showing that the golden visa fees payment is complete
Can I Take a Loan to Fund My Investment in Portugal?
Yes. You may borrow funds for investments that exceed the minimum investment amount for a Golden Visa. For example, if you want to make an investment of €600,000, you may take out a loan of €100,000 from a Portuguese Bank. If the loan is taken from a bank outside Portugal, you may take a loan to fund the entire investment cost.
Do I need to pay taxes or fees to purchase property in Portugal?
Yes. Portugal levies some taxes and fees on the sale or purchase of real estate. You will be required to pay property-related taxes such as IMT, IMI, and IS. Apart from that, you will also need to pay notary fees and real estate registration fees. For further information on taxation rates, talk to our experts.
- Are Dependents Such as Family Members Covered Under Portugal’s Golden Visa for Immigration?
Yes. The applicant’s family members may also apply for a resident permit in the golden visa programme under the ‘family reunion’ category. This clause applies to children, spouses, and dependent family members.
- What is the Validity of Portugal’s Golden Visa?
Once issued, the golden visa is valid for an initial period of one year. After that, the visa needs to be renewed every two years.
- Can the Holders of a Golden Visa Work in Portugal?
Yes. Holders of a golden visa in Portugal are free to work in the country.
- How Long is the Process of Portugal Golden Visa?
The processing time for a golden visa depends on the applicant’s case. It depends on various factors. If all the details are in order, it may take up to six months to complete. There are some ways for applicants to reduce the processing time. For example, an applicant may use the online booking option to secure an interview slot at offices just outside Lisbon.
- Is it Possible to Buy Property and Complete the Portugal Golden Visa Process Remotely?
Yes. If needed, an applicant can purchase property remotely and start the process of application. Here’s how –
- Authorize a third party in Portugal, such as your golden visa lawyer, with a power of attorney to obtain a property in your name. You may grant a power of attorney from your home country. You will need to arrange for this beforehand.
- Reserve the property by making a small down payment online and then come to Portugal later yourself or provide a power of attorney to a third party in Portugal.
- After Five Years, Can the Investor Sell or Transfer the Property to Another Country?
Yes. After five years, the Investor may sell the property. They only need to hold the investment for the duration of the golden visa’s validity – five years.
- Do I Need to Learn the Portuguese Language Before Applying for Portugal Citizenship by Investments?
Applicants must take a Portuguese language exam when applying for citizenship and pass the exam with at least an A2 level (second lowest) score. It is advisable to take this test outside Portugal. Usually, the test is not strict in terms of grading and proficiency expectations. You can pass the exam at anytime before applying for citizenship.
- Should I Have a Personal Bank Account And TAX-Number in Portugal? Can You Open it for Me?
When applying for a golden visa, it is necessary to have a personal bank account and tax number in Portugal. Yes, we can help you open a bank account in Portugal through a power of attorney.
- What Are the General Requirements that the Investor has to Fulfil for Portugal Golden Visa?
Investors in the Golden Visa Program must fulfil the general investment requirements applicable to all qualifying investments and the specific requirements of each type of qualifying investment. Here is a list of the general conditions that all investors need to comply with –
- The investment period should be for a minimum of five years
- Funds for the investment should come from outside Portugal
- The Investor should enter Portugal with a valid Schengen Visa
- No conviction of a relevant crime
- No references in the Portuguese Immigration and the Schengen services
- A minimum stay in Portugal of seven days during the first year and fourteen days in every subsequent period of two years
Is it Possible to Make Property Investments in Portugal is Co-ownership?
Yes, it is possible to make property investments in Portugal in co-ownership when applying for the Portuguese Golden Visa. Each Investor should make a minimum investment of € 500,000.
- How Can the Investor and Their Family Obtain Permanent Residency After 5 Years?
As per Portuguese law, anyone who has held the Portugal Golden Visa for 5 years can obtain permanent residency in Portugal. Here are the criteria that an investor and their family must fulfil to be eligible to apply for permanent residence –
- Absence of conviction of relevant crime during the last five years
- Proof of income and/or financial independence
- Proof of accommodation in Portugal
- Basic knowledge of the Portuguese language
- On What Grounds Can the Issuance or Renewal of a Portuguese Golden Visa be Refused?
The issuance or renewal of the Portuguese Golden Visa can be refused under the following circumstances –
- The Investor had not maintained the investment for the minimum period of five years.
- They have been convicted of a crime punishable with a prison sentence of more than one year. The Investor has not complied with the minimum period of stay in Portugal.
- Following a removal measure of Portugal, the Investor is in a period wherein they have been banned from entry into Portuguese territory.
- On the grounds of public health (it includes diseases defined by the World Health Organization (WHO) and other infectious parasitic contagious diseases that require protection measures in Portuguese territory).
- A Golden Visa may be refused on the grounds of public health, public security, or public order.
- What Rights do Permanent Residents of Portugal Have?
As a permanent resident of Portugal, you have the right to education, maintain professional activity, avail of health care, and appeal to the justice system.
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