The Portugal Golden Visa Residence Programme, launched in October 2012, has proved to be a very successful residency programme during the past few years. This success comes as no surprise when considering the rich and diverse culture Portugal boasts with, the stability it provides for the raising of families and the warm Mediterranean climate that embraces it. Investors find Portugal enticing not only for its warm temperatures but also for enabling them an easier conduct of business, visa-free travel throughout the European Schengen area and the possibility to live and work in Portugal for an indefinite period of time – this with the inclusion of their family members. Another attractive characteristic of this Programme is the fact that it allows investors to gain permanent residency after five years of temporary residency. In addition, citizenship can be achieved after only one year from when permanent residency has been obtained. With its unique advantages and a relatively low investment amount, the Portugal Golden Visa Residence Programme has turned out to be the perfect gateway to a second home in Europe.
Qualifications and General Requirements
The main applicant must:
- Be at least 25 years of age;
- Commit to make the established contribution or investment;
- Provide details and evidence of the proposed qualifying investment;
- Meet the application requirements;
- Provide full disclosure on all matters pertaining to the application;
- Be a third country national (and not a national of the EU, EEA or Portugal).
- Be in possession of a clean police conduct;
- Provide proof showing a high personal net worth;
- Not be convicted for any crime punishable with deprivation of liberty exceeding 1 year; and
- Not be subject of alerts in the Schengen Information System.
The application must be accompanied with the following documents:
- Passport and valid Schengen Visa;
- A clean police conduct certificate from the country of origin or from the country at which the applicant has resided for more than one year;
- A signed application enabling consultation of the Portuguese criminal record;
- A Portuguese fiscal number;
- A Declaration from the tax department acknowledging the absence of debts to Social security authorities;
- Proof of investment (depending on the investment chosen);
- A valid Health Insurance in Portugal;
- 2 identical passport sized photographs; and
- Receipt of payment of the application’s examination fee.
All documents must be either in the English language or in Portuguese and must be certified and apostilled.
CSB Group assists international clients in obtaining citizenship and residency. Contact us for further information or to arrange for an initial personal consultation.
The Minimum Eligibility Criteria
The main applicant is to:
- Provide proof that investment funds originate from abroad;
- Maintain the investment for a minimum period of 5 years;
- Be cleared from any frozen property within the EU;
- Commit to stay in Portugal for periods that add up to a minimum of 7 days in the first year and 14 days in the following 2-year period;
- Fulfil payment application and processing fees;
- Enter Portugal for the first time on a valid Schengen visa; and
- The main applicant, or any of his dependants, shall not be individuals who at any time was found guilty of a crime punishable with deprivation of liberty exceeding 1 year.
The spouse, dependent children and dependent parents of the main applicant are also eligible under this programme, as are siblings under the care of the main applicant. Children who are under the 18 years of age but are financially dependent on the main applicant or are enrolled in a tertiary academic institution may also qualify.
Processing and official fees
For the submission of an application, non-refundable processing and official fees are applicable as follows:
|Processing fee||Initial Golden Visa
|Renewal of Golden Visa (at the end of Year 1 and Year 3)|
|Main applicant||€ 517.40||€ 5, 173.60||€ 2,586.80|
|Family member||€ 80.60||€ 5, 173.60||€ 2,586.80|
The Investment Required
The investor has various options through which they may apply to the Portugal Golden Visa Residence Programme:
Under this option, the main applicant has to acquire a property having a value of not less than € 500,000 or € 350,000 if the property chosen is more than 30 years old or located in an urban regeneration area.
There are various methods of investment under this option through which the main applicant may qualify for the Portugal Golden Residence Visa. Any one of the below investments may be opted for;
- Transfer of Funds above € 1,000,000
This investment includes a capital transfer with a minimum value of € 1,000,000. Examples of such capital transfer include but are not limited to a bank deposit or acquisition of financial assets.
- Transfer of Funds above € 350,000 in research activities
A minimum of €350,000 has to be invested in research activities conducted by either public or private scientific research institutions which are involved in the national scientific or technology system in the country.
- Transfer of Funds above € 250,000 for artistic or cultural activities
This investment includes a capital transfer with a minimum value of €250,000 of which sum has to be invested in artistic output or supporting the arts or for reconstruction or refurbishment of the national heritage. This can be done through local and central authorities, public institutions, public corporate sector, private foundations of public interest, networked local authorities, local associations and public cultural associations which pursue activities of artistic output and reconstruction or maintenance of the national heritage;
- Transfer of Funds above € 500,000 for capitalization of small and medium sized companies
This investment includes a capital transfer with a minimum value of €500,000 with which shares are to be purchased in investment funds or in venture capital organized to capitalize small and medium companies. These companies have to in turn present a feasible capitalization plan.
Under this option, the investor is to create a minimum of 10 individual permanent jobs in Portugal. These jobs are subject to an eventual verification by the local social security institutions.
Under the Portugal Golden Residence Programme, a short residency period is required. The main applicant and family members (where applicable) have to reside in Portugal for a minimum period of 7 days during the first year of residence and a minimum period of 14 days over the two subsequent two year periods. These minimum residence periods are applicable for the applicants to qualify for renewal.
After the completion of the application form, supporting documents and the payment of applicable fees, the application process time is approximately 4-6 months.
For further information about how CSB Group can assist you with the Portugal Golden Visa Residence Programme, kindly forward your query to [email protected]