Portugal Golden Visa is a fast-track residency by investment program for foreign investors who wish to attain permanent residence in Portugal. The program was launched in October 2012, which led to the beginning of the entry of non-EU citizens in Portugal through investment activities. The program allowed the foreigners to attain permanent residency and eventually citizenship passports for Portugal. The initial permit will enable investors to enter and reside in Portugal. In addition, the investors can travel freely within the Schengen Area. After attaining the Portuguese Passport, the residents will have visa-free travel access to 186 countries worldwide.
Initially, the residency permit is granted for one year with a provision of 2 years for each renewal. After five years, applicants can apply for Portuguese permanent residency, and in the sixth year, applicants become eligible for Portuguese Citizenship.
What are the benefits of Portugal’s Golden Visa residency?
• Portugal has the 6th strongest Passport in the world, with visa-free access to 186 countries.
• The country offers world-class infrastructure, excellent quality of life, quality healthcare and education, fabulous weather, and a safe environment.
• One of the main Portugal permanent residency benefits is the right to live, work, study, conduct business and retire in Portugal along with family.
• Precise investment requirements with few documents required.
• Faster application processing for residency with minimum stay requirements – 7 days in the first year and 14 days following periods of 2 years.
• Residency and Citizenship can be extendible to direct family members without any further investment.
• Access to Public Services, social benefits including health and education.
• The cost of living is comparatively lower than the western European countries.
What are the investment requirements for Portugal’s Golden Visa residency?
One can opt for one of the possible three investment routes
• Real Estate investment of €500,000 (INR 4.43 Crore), OR
• Real Estate investment of €350,000 (INR 3.10 Crore) on refurbishment projects with 30 years old construction. Or, property located in urban regeneration areas.
• Capital transfer of €350,000 (INR 3.10 Crore) in a Venture Capital Fund, OR
• Capital transfer of minimum €1 million (INR 8.85 Crore), OR
• Capital transfer of €350,000 (INR 3.10 Crore) for investment in research activities, OR
• Capital transfer of €250,000 (INR 2.22 Crore) for investing in artistic or national heritage refurbishment
• Minimum ten job creations for Portuguese Residents and Citizens, OR
• Capital transfer of €350,000 (INR 3.10 Crore) for constitution of a commercial society combined with the creation of five permanent jobs
What are the eligibility requirements for Portugal Golden Visa residency?
• Maintain the investments mentioned above for a minimum of 5 years to meet Portugal golden visa eligibility
• Ensure the investment funds must come from abroad and legal ways
• Must have a transparent background and medical fitness
• Entry to Portugal should be with a valid Schengen visa
• The minimum stay requirement in Portugal is seven days in the first year and 14 days in each subsequent period of two years
What is the process for Portugal Golden Visa residency?
• Get a Portuguese fiscal number (NIF) and open a local bank account for investment transaction
• Gather all required documentation at least three months before submitting the Application
• Get all the documents legalized and translated into Portuguese
• Identify the property and make your investment with the help of a consultant
• Fill the application form and upload all the supporting documentation (legalized and translated).
• Upon application and documentation review, pay the application processing fees
• After application fee payment, you may select a date and location for the personal interview in Portugal
• Attend the interview on the mentioned date and time and present all the original documents
• Within few months, the authority will issue the Portugal residency permit. At this point, you must pay the remaining application fee
• Repeat the similar process at the end of year 2 for the renewal
What are the documents required for Portugal Golden Visa residency?
• Valid passport copies
• Proof of Portuguese public health system coverage that will cover the length of your residency in Portugal
• Your clean criminal records certificate issued within three months of the online Application
• A declaration that you will comply with all the investment requirements for five year period
• Documents of good standing with the Portuguese Tax and Customs Authority and Social Security system
• A receipt application processing fee.
• Specific documentation relating to your investments
What are the application fee and processing timing of Portugal Golden Visa?
Portugal Golden Visa Residency processing fee is at €532.70 (INR 47200) when submitting your Application and €83.10 (INR 7400) for each additional family member. Application fee of €5324.60 (INR 47100) per person for Golden Visa issuance.
The residency renewal fee is €2666.30 (INR 2.36 Lac) per person and €532.70 (INR 47200) processing fee with €83.10 (INR 7400) per dependent.
The average processing time for the program is five months. However, due to the pandemic outbreak, the processing time has increased by 6 to 12 months.
Portugal’s Golden Visa process is no cakewalk when it’s done without any professional help. You would require a team of documentation experts to navigate through the complex documentation requirements and legal process. We at Abhinav provide legal advice on investment, the application process, documentation, down to the smallest detail, etc. With 26 years of legacy in the Business Immigration market, we have exceeded in catering our client’s needs straight out of our local knowledge of the market and understanding political and cultural sensitivities.
• Provide complete support and advice on various business immigration options for Non-EU Investors, including Permanent Residency Permits and Citizenship Application’s.
• Advice and support on the property investment option, legal Due Diligence on the process, and Investment portfolio for their Application
• Guidance on documents to be furnished and assist them in collecting the documents from the authorities until the final step of the application process
• Complete assistance on the opening of Personal and Corporate Bank accounts, financial services, tax advice, and investment opportunities
• Complete support for real estate purchase, exploratory visit, investment evaluation, documentation submission, legal consulting methods, and post landing services
• We assist our client right from the beginning of the process, guidance and preparation of all required documents until the successful permanent residency
• After maintaining the residency, we provide further help on Portugal renewal and Citizenship process