If you are considering renewing your Portugal Golden Visa, it is important to know the time frame and requirements for the renewal process. The Portugal Golden Visa program allows non-EU citizens to obtain a temporary residence permit in Portugal in exchange for investment in the country.
The permit can be renewed every two years, with the possibility of applying for permanent residency after five years and citizenship after six years.
The Portugal Golden Visa renewal time typically takes between 2 to 3 months. During this time, you will need to prepare all necessary documents, including proof of investment and evidence of compliance with tax and social security obligations.
The renewal process involves submitting your application and waiting for it to be considered by the Portuguese Immigration and Borders Service. Once your application is approved, you will receive a new residence permit card.
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Portugal Golden Visa Renewal Time
If you are a non-EU citizen who has obtained the Portugal Golden Visa, you may be wondering about the renewal process.
Here is what you need to know about the Portugal Golden Visa renewal time.
How long does the Portugal Golden Visa last?
The Portugal Golden Visa is valid for an initial period of one year. After that, it can be renewed for successive periods of two years each, as long as the investment is maintained and the applicant meets the renewal requirements.
When should you start the renewal process?
You should start the renewal process at least 90 days before the expiration of your current visa. It is recommended to start the process as early as possible to avoid any delays or complications.
What documents are required for renewal?
The documents required for renewal are similar to those required for the initial application. You will need to provide proof of your investment, criminal record certificate, and proof of health insurance. You may also need to provide updated bank statements and tax returns.
How long does the renewal process take?
The renewal process usually takes around 60 days from the date of application. However, it may take longer if there are any issues with your application or if additional documents are required.
What are the fees for renewal?
The fees for renewal are lower than those for the initial application. The renewal application fee is around €2,663 per person, and there is an additional fee of around €80 for each renewal. However, you should also be aware of the processing fee, which is around €550 at the beginning of the process.
In summary, the Portugal Golden Visa renewal process is straightforward and can be completed within a reasonable time frame.
However, it is important to start the process early and ensure that you have all the necessary documents to avoid any delays or complications.
Benefits of Renewing Your Portugal Golden Visa
If you are considering renewing your Portugal Golden Visa, you will be pleased to know that there are several benefits to doing so. In this section, we will discuss some of the key advantages of renewing your Golden Visa in Portugal.
Maintaining Residency in Portugal
Renewing your Portugal Golden Visa allows you to maintain your residency in Portugal.
This means that you can continue to live and work in Portugal, and enjoy all the benefits that come with it. You will also have access to Portugal’s excellent healthcare system, education system, and other public services.
Continued Access to Schengen Area
One of the main benefits of renewing your Portugal Golden Visa is that you will continue to have access to the Schengen Area. This means that you can travel freely to other countries in the Schengen Area without the need for a visa.
This is a significant advantage for those who travel frequently or have family and business connections in other Schengen countries.
Option to Apply for Permanent Residency or Citizenship
Renewing your Portugal Golden Visa also gives you the option to apply for permanent residency or citizenship.
After five years of holding a Golden Visa, you can apply for permanent residency in Portugal. This means that you will have the right to live and work in Portugal indefinitely.
Additionally, after six years of holding a Golden Visa, you can apply for Portuguese citizenship, which gives you all the rights and privileges of a Portuguese citizen.
Consequences of Not Renewing Your Portugal Golden Visa
If you fail to renew your Portugal Golden Visa, there are several consequences that you may face. Here are some of the potential outcomes:
Loss of Residency in Portugal
Your residency in Portugal will be terminated if you do not renew your Golden Visa. This means that you will no longer be able to live in Portugal and will have to leave the country. If you have invested in property or other assets in Portugal, you may need to sell them or find someone to manage them on your behalf.
Inability to Travel Freely in Schengen Area
If you do not renew your Golden Visa, you will no longer have the right to travel freely within the Schengen Area. This means that you may need to apply for a visa every time you want to travel to a Schengen country. This can be a time-consuming and expensive process, and it may limit your ability to travel as freely as you would like.
Difficulty in Reapplying for a Golden Visa
If you do not renew your Golden Visa, it may be more difficult to reapply in the future. The Portuguese government may view your failure to renew as a lack of commitment to the country and its laws. This could make it more difficult to obtain a new Golden Visa in the future, even if you meet all of the requirements.
In summary, renewing your Portugal Golden Visa comes with several benefits, including maintaining your residency in Portugal, continued access to the Schengen Area, and the option to apply for permanent residency or citizenship.
If you are considering renewing your Golden Visa, it is important to weigh these advantages against the costs and requirements of the renewal process.