In this article, we’ll explain how the program works and how to apply for the golden visa Portugal.
If you’re looking for a way to invest in Portugal and get a residency at the same time, then you may be interested in the Portugal Golden Visa program.
The process of applying for a Portugal Golden Visa is a simple one. Nevertheless, it typically takes just over half a year if everything goes as planned.
It is advised to work with an immigration attorney if you are thinking about applying for the Portugal Golden Visa.
Getting legal assistance will ensure your investment pays off and that you receive your visa as soon as possible.
Why people want to move to Portugal
In recent years, Portugal has become increasingly popular as a destination for people looking to relocate.
And it’s no wonder why – the country boasts warm weather, a low cost of living, and according to the Global peace index, Portugal is the sixth safest country in the world.
For many people, the appeal of Portugal lies in its climate. The country enjoys temperate weather year-round.
This makes it a great choice for those looking to escape the cold winters of Northern Europe or North America.
In addition to its pleasant weather, Portugal is also relatively affordable compared to other Western European countries. Expenses such as food, transportation, and housing are all relatively low when compared to places like London or Paris.
This makes Portugal an attractive option for retirees or any person trying to get a high-quality life offshore.
The requirements: What you need in order to apply
Portugal offers multiple investment options you can take to be eligible to obtain the Portugal golden visa.
But, if you have decided to invest in real estate, then you want to choose an approved property for Portugal’s golden visa purposes.
You can use it as your home, rent it out, or use it as a vacation home. Most of these properties have a guaranteed rental income.
They will also reap the benefits when the home’s value increases over time.
You must know the requirements to invest in real estate to obtain the Portugal golden visa.
The real estate investment amounts are as follows:
- 500,000 EUR for residential or commercial property in high-density areas.
- 400,000 EUR for residential or commercial property in low-density areas.
- 350,000 EUR for residential or commercial property for a renovation that is older than 30 years and located in a high-density urban rehabilitation area.
- 280,000 EUR for residential or commercial property for a renovation that is older than 30 years and located in a low-density rehabilitation area.
You must be aware there are location restrictions due to the changes of January 2022. Residential properties in Porto, Lisbon, or coastal towns on mainland Portugal are not eligible for the golden visa.
However, commercial properties, such as hotels, are eligible. So, if you want to live in larger cities, investing in hotels may unlock new areas for you.
Documents required for application
Along with the Portugal golden visa application, you will need to submit the following documents:
- Passport or valid identification document
- Proof of legal entry into Portugal
- Proof of health insurance
- Criminal record certificate from country of origin or residence
- Evidence of compliance with tax and social security obligations
- Receipt of payment of the Portugal golden visa investment and fees.
In addition, you must commit to maintaining your investment for a minimum of five years. You might need to provide evidence of your investment, such as:
- Bank statement for financial investment
- Employment contracts (only for business investment option)
- Deeds of purchase for real estate investment
The process: How to apply for golden visa Portugal
If you decide to work with an immigration consultancy, they will organize your pre-registration appointment and complete it for you through the Portuguese Immigration and Borders Services (SEF).
The processing time for a Portugal golden visa will take several months.
Once your golden visa has been processed, the SEF will contact you (or your legal representatives) to set up an appointment.
Learn more about the Portugal golden visa application process.
What you get from having a Portugal golden visa
While there are outstanding lifestyle benefits, there are also great professional and financial rewards when you get the Portugal golden visa.
To name a few:
- Fast-tracked path to EU citizenship: After five years of maintaining your investment and meeting the minimum stay in the country, you will be eligible to apply for Portuguese citizenship.
- Visa-free travel in the Schengen area: You’ll get to take advantage of visa-free travel. This means you don’t have to go through border control or checks when crossing into member countries.
- Family reunification: You can bring your immediate family members with you. They will also obtain a Portuguese residence permit and can take advantage of the same benefits as you.
- Favorable tax rates: If you choose to relocate to Portugal full-time, you can be exempted from income tax for ten years with the Non-habitual residency program.
- Minimal time required in Portugal: To keep your residency permit valid, you must spend at least seven days every year in Portugal.
The drawbacks: What to be aware of before applying
There are guidelines set that you must fulfill to be eligible for a golden visa. The requirements include:
You have to be above 18 years old.
Make a significant investment in Portugal. See the Portugal golden visa investment options here.
You must not have any history of criminal records.
You must commit to maintaining the investment for at least five years.
Learn more about the Portugal golden visa requirements.
We’ve gone through how to apply for the golden visa Portugal.This residency program is an excellent way to obtain residency in Portugal.
The process is relatively simple and straightforward, and the requirements are not overly onerous.
If you are looking for a way to live and work in Portugal, the Golden Visa may be the perfect solution for you.
Contact us via email or schedule a free consultation call to know more about the Portugal golden visa program.