The Golden Visa program allows foreign investors, who are not part of the European Union, to apply for a residence permit for investment activities through the acquisition of real estate property, capital transfers or by creating jobs in Portugal.
Since 2012, when the Golden Visa program started, more than 6,000 visas have already been granted, with the Brazilian and Chinese citizens being the ones who have requested this type of residence permit the most. The current program has proved very attractive for those who have an interest and intend to invest in Portugal.
Requirements to obtain a Golden Visa
To apply for a residence permit for investment activities (Golden Visa), at least one of the following situations must be observed for a minimum period of 5 years:
- Acquisition of real estate property of an amount equal to or above 500 thousand euros. This amount can be reduced by 20% (400 thousand euros) if the properties are located in low-density territory;
- Acquisition of real estate property of an amount equal to or above 350 thousand euros, built more than 30 years ago, or located in areas of urban rehabilitation and which are subject to rehabilitation works;
- Transfer of capital amounting to 1 million euros or more;
- Transfer of capital of 500 thousand euros or more, for the acquisition of units of investment funds or risk capital aimed at the capitalization of small and medium-sized enterprises;
- Transfer of capital of at least 350 thousand euros, for scientific and technological research activities;
- Transfer of capital of an amount equal to or above 250 thousand euros, used to support artistic production, recovery or maintenance of cultural heritage;
- Creation of at least 10 jobs.
Foreign investors who wish to have access to the Golden Visa must be holders of valid Schengen Visas or beneficiaries of Visa exemption. The Golden Visa is granted for a period of 1 year and then renewed for 2 successive periods of 2 years. For the purposes of renewing a residence permit, the permit holder must stay a minimum of 7 days in Portugal, consecutive or interpolated days in the first year, and 14 days consecutive or interpolated days in the subsequent 2-year periods.
Advantages of the Golden Visa
- Enter Portugal without visa requirements;
- Reside and work in Portugal;
- Circulate through the Schengen area, without visa requirements;
- Benefit from family reunification (requesting a Golden Visa for direct family members);
- Apply for a permanent residence permit at the end of 5 years;
- Obtain the Portuguese nationality at the end of 5 years, if the perrmit holder fulfills the requirements of the Nationality Law.
For more detailed information, you can consult the Living in Portugal portal.
The quality of life, the Mediterranean climate and the fact that Portugal is one of the safest countries in Europe, are some of the factors that have contributed the most for foreign investors to choose Portugal either to live or invest. At Engel & Völkers Albufeira we have a professional team available to advise you and present you the best suggestions. Do not hesitate to contact us for more information.