In this blog post, we will discuss how to buy property in Portugal and get citizenship and the requirements you need to meet to take advantage of this opportunity. If you are planning to secure a second passport this year in a European country, then you are in the right place.
Not only can Portugal provide a beautiful vacation spot, but it can also grant you the opportunity to obtain Portuguese citizenship.
In recent years, Portugal has implemented attractive programs for foreign investors who purchase property within their borders, which can ultimately lead to citizenship.
This has resulted in an influx of individuals looking to invest in the Portuguese real estate market.
Table of Contents
Portugal Golden Visa Background
Introduced in 2012, the Portugal Golden Visa program has become the most sought-after residency by investment initiative in Europe, largely due to its pathway to European citizenship after five years.
The program requires a qualifying investment in Portugal, with the added perk of only requiring an average of seven days per year spent in the country.
But if you’re interested in getting a golden visa that lets you live in Portugal, you better act fast! The program that lets you get this visa will end sometime in 2023, but we don’t know exactly when.
That means you still have time to apply, but you shouldn’t wait too long. Even if they change the rules, your application will be considered by the Portuguese government.
Benefits of Portugal Citizenship by Investment
Getting the Portugal Golden Visa grants you with many benefits without living in the country full-time.
While many European residency and citizenship programs mandate that investors spend the majority of their time in the country, Portugal’s Golden Visa program stands out.
This program only necessitates an average of seven days per year for five years from its applicants. Therefore, those holding a Golden Visa can pursue citizenship even after spending as little as 35 days in Portugal over the course of five years.
Read more about the Benefits of Portugal Golden Visa.
How to Get a Portuguese Passport by Investment
To acquire Portuguese Golden Visa citizenship, you can achieve it within a five-year period. Below, we have outlined the necessary steps and requirements that must be met to obtain this form of citizenship.
Requirements
There are a few prerequisites you need to meet, including spending an average of seven days per year for a duration of five years in Portugal.
- The main applicant must be 18+
- No criminal records
- Not having an EU citizenship
- Invest in Portuguese real estate/funds
Required documents
To start the process, you must collect the following documents:
- Valid passport (minimum 6 months validity, a full copy including the cover by PDF file).
- Each applicant has proof of legal entry into Portugal or a valid Schengen Visa.
- Proof of residence, such as a copy of a recent utility bill or a recent bank statement – issued for less than 6 months with your address
- Original work certificate duly dated, stamped, and signed to set up your bank account in Portugal.
- Tax number of the origin country: Certified copy, with translation if necessary.
- Criminal record certificate from country of origin or residence issued within the last three months for each applicant (if you are going to sponsor a family member)
- Evidence of compliance with tax and social security obligations in your country.
- Receipt of payment of the Portugal Golden Visa fees.
- Documentary evidence of the eligibility of family member applicants.
Who can apply for residency by investment in Portugal?
Non-European Union adults with a clear criminal record are eligible to apply for residency in Portugal through a qualifying investment.
This investment visa is known as the Portugal Golden Visa. In this way, Portugal has implemented an attractive program that enables foreign investors to obtain residency and potentially citizenship through a qualifying investment.
Buying property in Portugal to get Citizenship
One thing to remember is that the Portugal Golden Visa is a residency-by-investment program. Technically, you do not get citizenship after holding your investment for five years and staying in the country at least 7 days per year.
You can buy property in Portugal and obtain citizenship in five years, as long as you maintain your investment of €280,000. The property needs to be either:
- €500,000 or more in value
- €400,000 or more if in a low-density area
- €350,000 or more if it is a property in an urban rehabilitation area,
- €280,000 or more if in a low-density area
If you are interested in buying a property in Portugal or investing in funds to apply for the golden visa, feel free to send us an email with your inquiries to info@goldenportvisa.com
How long does it take to get Citizenship by Investment in Portugal?
After making your qualifying investment and obtaining the Golden Visa from Portugal, you must wait for five years before becoming eligible to apply for citizenship.
You can take the Portuguese language test before submitting your application. Once you apply for citizenship, it typically takes around eight months to complete the naturalization process in Portugal.
In conclusion, investing in Portuguese real estate can not only provide a beautiful vacation spot but can also lead to Portuguese citizenship.
The Portugal Golden Visa program allows non-European Union adults with a clean criminal record to apply for residency through a qualifying investment.
The process is straightforward, and the benefits are significant, making Portugal a popular destination for foreign investors.
However, it’s crucial to note that the requirements and regulations for obtaining citizenship are subject to change, so it’s essential to stay up to date on the latest information.
If you’re interested in investing in Portuguese real estate, consult with a professional to ensure you meet all the necessary requirements and maximize your investment’s potential.