Portugal presently boasts one of Europe’s most popular immigration policies, allowing investors to live, work, and study in the country while also allowing them to travel throughout the Schengen Zone without a visa. If you’re thinking of applying for a Golden Visa Portugal, now is a good time to do so because modifications to the program will take effect in January 2022, which will make it impossible for investors to buy residential properties in high-density locations like Lisbon and Porto.
Current situation of the country
Covid-19 has wrought havoc on the Portuguese real estate sector, causing investment levels to plummet by 12.8% in 2020. Despite the disastrous impact of the coronavirus outbreak on other economies and real estate markets throughout the world, Portugal ranked third in the number of residency permits granted, proving that the real estate industry never deteriorates over time in spite of disease outbreaks or political and governmental considerations.
Furthermore, Covid has led investors to reevaluate their motives for investing in Portugal, and as a result, many are now focusing on their families than on the benefits to their professional endeavors. As a result, Portugal has become extremely popular, owing to the chance to engage in the real estate business and grant citizenship to family members and dependent children. It’s simple to see why, beyond its geographical attractiveness and the possibility of visa-free travel throughout Europe, more and more individuals are migrating to Portugal. When investing in Portugal, diversification is also a major factor to consider.
Investment options to obtain the Golden Visa Portugal
The country offers a variety of investment opportunities including the 350K Golden Visa application, which saw a surge in demand in 2020 as applicants became aware of the highly competitive market that Portugal, particularly Lisbon, has become. As a result of increased international demand and program changes, by the end of summer 2022, properties eligible for the 350K Golden Visa program will no longer be available in premium areas like Lisbon or Porto, which offer huge recapitalization and profitability to a business. As a result, real estate investors looking to buy in Lisbon, Porto, or seaside cities are moving quickly, while suitable properties are still available for investors to choose from and discover the best investment path before the end of the year.
The real estate market in Lisbon has grown at a rate of 10 to 15% each year, implying that the historical center has increased by at least 50% in the previous six years, and has doubled in certain places. Overall, this has elevated the Portuguese capital to the top of the list for individuals seeking residency-by-investment in the sunny capital. The ability to rent out the property acquired is also a motivator for investors to choose this path, as are the simple criteria.
Getting the Golden Visa
The Golden Visa Portugal program, commonly known as the residence permit for investment activity (ARI), is a non-EU citizen residency by investment programme. Its major goal was to lure international money into the country, which was desperately needed following the 2008 financial crisis. The initiative has been a huge success, bringing in €5,5 billion in just over eight years.
You may get a residency visa by investing €280.000, which is one of the lowest investment criteria in Europe. You don’t have to live in Portugal to retain your residency status. If you stay in the nation for an average of seven days each year, you will be entitled to apply for Portuguese citizenship after five years. To be eligible for citizenship, you must have no unpaid taxes in Portugal, no criminal convictions in Portugal or your home country, and you must take and pass a basic language exam in Portuguese.
The Schengen Area central system registers you with the Golden Visa. As a result, you are free to travel across Europe without the need for an additional visa. If you decide to apply for Portuguese citizenship, you will be able to obtain a Portuguese passport. As of 2021, the Portuguese passport permits you to travel to 188 countries without a visa and is ranked 6th among all passports.
You can live, work, and study in Portugal with the Portuguese Golden Visa
You must have medical insurance if you want to live in Portugal full-time with this permit. However, you will have complete access to all government services, including healthcare and education. Although there are several private British and American foreign schools, state schools follow the Portuguese curriculum. The work permit enables you to work anywhere in Portugal and to create and operate your own business.
You can extend the Golden Visa to your family members if you are the main candidate. The primary applicant and dependents go through the application procedure at the same time. Along with the primary applicant, the following family members are eligible to apply: spouse, children under the age of 18, dependent children under the age of 26, given that they are full-time students and not married, and the main applicant’s parents, if they are above the age of 65.
The Portugal Golden Visa is open to non-EU/EEA/Swiss nationals. To apply, you must be at least 18 years old and have a clean criminal record in both your home country and Portugal. The money for the investment should come from somewhere other than Portugal. A qualified investment must be made in order to be eligible for the program. Real estate, venture capital funds, money transfers, firm formation, and donations are all examples of investment types.
Orience International provides turnkey solutions for residence and citizenship by investment programs in a wide range of nations. We work with clients from all over the world who wish to get Portuguese Golden Visas or invest in Portuguese real estate. Please contact us to talk with one of our legal specialists about your concerns.