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Portugal Golden Visa Programme – Applying for Portuguese Residency
Financial Diversification and a Residence Permit within the EU
The Portugal Golden Visa Programme is aimed at individuals and families seeking to reside, settle and stay in Portugal, and getting Portuguese residency. The success of the programme comes as no surprise when considering the rich and diverse culture Portugal boasts, the stability it provides for the raising of families and the warm Mediterranean climate that embraces it.
Portugal is a country with full membership to the EU and offering a high standard of living in Continental Europe, as well as healthcare, security, stability and a healthy real estate market.
It is one of the first countries to launch a Residence by Investment programme whose actual name has served to coin the term “Golden Visa” that now is so commonly used to refer to those programmes that offer residence against an investment in the country.
How to gain Residence by Investment in Portugal?
The Portugal Golden Visa programme requires one of the following types of investment:
- Property investment: Property purchase of a minimum of €500,000 or a minimum of €350,000 in Real Estate that is located in an urban regeneration area or that is more than 30 years old.
- Investment in Private Equity funds: a minimum of €350,000 in special designated Private Equity Funds.
- Capital Transfer: For the minimum amounts of
- €250,000 in artistic output or national heritage.
- €350,000 investment towards research activities.
- €350,000 for the purchase of shares in Investment Funds or in Venture Capital.
- €1M into a Portuguese bank account or specifically approved investment option.
- Job Creation: Applicants that want to apply for the Portugal Golden Visa under this option will have to create a minimum of 10 jobs within the country.
Our advisors will be happy to assist you and to provide you with a capital outlay for the Portugal Golden Visa Programme so that you can have the full associated cost needed to apply for Portuguese residency.
Our team will guide you through the process of applying for Portuguese residency through the Portugal Golden Visa programme and the Consultants from Sotheby’s International Realty will be able to help you find the right property for your investment needs whilst also fulfilling the investment criteria for the Programme.
Portugal Golden Visa Programme: The Benefits
Investors find Portugal enticing not only due to its warm temperatures but also as it enables them to easily conduct business. It comes, in fact, with Visa-Free travel throughout the European Schengen area, and gives the possibility to live and work in Portugal for an indefinite period of time – this also offers the inclusion of family members too.
Furthermore, investors who gain the Portugal Golden Visa will be able to gain Portuguese Residency and Citizenship after five years of holding this temporary residency, provided that additional qualifying criteria are met.
With its unique advantages and a relatively low investment amount, Portuguese Residency through the Golden Visa Residence Programme has turned out to be the perfect gateway or second home in Europe for families searching to relocate into Continental Europe.
Portugal’s Tax Regime – The Non-Habitual Regime (NHR)
Portugal offers a very interesting option to those who wish to reside in the country and benefit from a special tax regime. An investor who has successfully acquired a Golden Visa – and has therefore the right to legally reside in Portugal – can gain access to the Non-Habitual Tax (NHR) Regime.
The NHR regime is available to non-resident individuals who decide to become residents in Portuguese territory, provided that they have not been taxed as Portuguese resident taxpayers in Portugal for the 5 prior years.
The NHR has a duration of ten consecutive years, non renewable. In each of such years, the individuals will be required to be considered as Portuguese tax resident which comes alongside tax exemption on almost all sources of income coming from outside of Portugal.
In order to benefit from the NHR regime, applicants will have to become tax residents in Portugal; this meaning, in general terms, that they will have to stay more than 183 days in Portuguese territory, or if staying less time, keep a house in Portugal which can be considered as their personal and permanent address.
Certain sources of income stemming from within Portugal, like employment or self-employment income, are liable to a reduced rate of 20%, as opposed to the general progressive rates of up to 48%, as long as the income is derived from high added value activities.
Regarding income derived from foreign sources, such as self-employment income, capital investment, real estate, capital gains and pensions income, will be exempt from taxation in Portugal as long as certain conditions are verified.
Furthermore, Portugal does not have a Wealth Tax and offers tax exemption on gifts or inheritance to direct family members. Last but not least, those who qualify for the NHR have free remittance of funds to Portugal.
Should you have any doubts concerning the above, we encourage you to reach out to us and a member of our team of specialists will be happy to help you navigate the intricacies of Portugal’s tax regime, supporting you in finding the best solution to your needs.
Portugal Golden Visa Eligibility
The Portugal Golden Visa programme requires applicants for Portuguese residency to fulfil a certain amount of requirements:
- Applicant must be non-EU/EEA/Swiss national
- Be at least 18 years of age
- Possess a clean criminal record from both home country and Portugal
- The required investment must originate from outside Portugal, and applicants will need to have a bank account opened in the country.
- The investment must be made BEFORE submitting the application to the Portuguese Immigration Authorities (SEF)
- Commit to maintaining the investment for at least another five years
The Portugal Golden Visa can be extended to family members, namely children, spouse and dependent family members. Portuguese law defines dependents as:
- The principal applicant’s spouse in a monogamous marriage or in another relationship having the same or a similar status to marriage. The term “spouse” is construed as gender-neutral;
- Children, including adopted, of the principal applicant or his spouse who, at the time of application, are less than 18 years of age;
- Children over the age of 18 years old, not married, and principally dependent on the principal applicant;
- Financially dependent parents or grandparents of the principal applicant or of his spouse; or
- Disabled adult children of the principal applicant or spouse.
- Minor siblings (on the condition that they are legally under the responsibility of the resident in their country of origin).
Should you have any doubts or queries, contact us at [email protected] and one of our consultants will be glad to assist you further.
Documents needed to apply for a Golden Visa in Portugal
The documentation needed to apply for a Portuguese Golden Visa must be translated in Portuguese if in any other language.
The investment, in any of its variants, be made prior to the application for Residence in Portugal under the Golden Visa procedures. Generally speaking, documents needed to apply for a Portuguese Golden Visa are the following:
- Application form and application fee confirmation;
- Birth and Marriage certificates
- Police criminal records
- Passport and ID cards
- Driving license, residence cards, etc.
For a particular and detailed checklist, please contact our team of advisors to ensure you apply for a Portugal Golden Visa correctly and hassle-free.