Portuguese Golden Residence Permit Program is quite popular among wealthy foreign investors. According to the data published by SEF in May 2018, 6,279 golden residence permits have been issued to the main applicants. Over €3.8 billion has been contributed to the state budget thanks to Portuguese Golden Residence Permit Program. About €3.4 billion has been invested in Portuguese real estate.
Citizens of China, Brazil, South Africa, Russia and Turkey are among leading nations that received Portuguese Golden Visas over the years.
In this article, we’ll tell you the main points of the Golden Residence Permit Program (ARI). Guide you through a step-by-step procedure, name the requirements to the applicant, and calculate the cost of participation.
The cost of a Portuguese Golden Visa
There are 3 options to choose from – to invest in real estate or in the country’s economy, or to launch a company.
Option #1. The investment in real estate. It is the most popular option among foreigners. The investor must buy property in the territory of the country for at least €500,000. The other variant, which is more affordable and is worth €350,000, is the purchase of objects with at least a 30-year history, for further restoration. Taxes for the purchase of real estate vary from 1 to 8%, depending on the value of the object, plus a one-time fee of 0.8%. 5,930 investors have chosen this option so far.
Option #2. Investment in the national economy. The amount of investment should be at least €1,000,000. Over 330 investors have chosen this option of investment since 2012.
Option #3. The launch of a company from the ground up and employment of at least 10 Portuguese. The investment amount depends on the number of shares you own in a company. Only 11 investors have chosen this option over the years.
The investor is also expected to pay additional expenses, such as payment of duties, state duty for the ID card issuance, the cost of medical insurance, and tax representative fees. The full cost of the investment option depends on the number of family members you intend to include in your application.
NOTE! The spouse, children under 18 years of age, as well as older children who are full-time students, unmarried and are fully financially dependent on the main applicant; physically or mentally disabled children over the age of 18; financially dependent parents or in-laws may be included in the application filled in by the investor.
With all additional fees and expenses, the minimum amount of investment for real estate option will be over €356,000 for a single applicant, and over €372,000 for a family up to 4 members.
7 advantages of a Portuguese residence permit
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- The opportunity to live in Portugal all over the year. At the same time, the minimum required number of dates one should reside in the country within a year is 8.
- Five years after the issuance of the residence permit those investors who follow the rules of Golden Visa program may apply for permanent residence, and for citizenship 1 year after that.
- The opportunity to travel without a visa to the Schengen countries.
- Access to high standards of living, progressive healthcare system and quality education.
- Social and political security.
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- The holders of Portuguese Golden Visa automatically become tax residents there. However, you can change this status at any time if needed.
- Real estate objects can be rented. In the second quarter of 2017, the property prices increased by 8% when compared with the same time in 2016. This trend has continued for the past 2 years.
- Residence for the whole family within 6-8 months.
Requirements to the main applicant:
- Be of 18 years of age and over (the main applicant);
- Submit proof of stable and regular income (financial independence) that is enough to sustain themselves and family;
- Have no criminal record;
- Have no debts to Portuguese or any other tax authorities;
- Have no involvement in or previous convictions for crimes against humanity, war crimes, or human rights violation;
- Not be subjected to sanctions, restrictions or prohibitions to enter the EU countries, the US, the UK, Canada.
Steps of applying for the Portuguese residency
Step 1. Preliminary check. You will need to submit certified scanned passport copies and fill out an application.
Step 2. Select an investment option and submit original documents for them to be legalized and notarized.
Step 3. Confirm compliance with investment requirements and submit the documents to Foreigners and Borders Service (SEF).
Note! During the process of obtaining the residency, the investor usually visits Portugal 2 times – to choose a real estate object and to submit biometrics.
Step 5. Wait for the decision and receive a Portuguese ID card. Application processing usually takes from 6 to 8 months.
Once you receive you Golden Visa, you can start getting prepared for the process of receiving the country’s citizenship. In total, you’ll have to wait for 6 years to become a full-time citizen of Portugal. First, you need to get a permanent resident status (in 5 years) and a year after that you can apply for a Portuguese passport.
In June 2018, the Portuguese government announced that it will be possible to obtain the country’s citizenship in 5 years instead of 6.
Portugal’s citizenship gives you the right to freely reside, study and work in any EU country.
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