It is considered one of the best EU Golden Visa Programs globally. It attracts a lot of Nomad Capitalists from around the world as Portugal has so much to offer, like a high standard of living with a better work regime, healthcare, climate, infrastructure, education, and safety.
Anybody who's thinking of residing in Portugal to increase their quality of living standard can do it with the help of their Golden Visa Portugal. Portugal's Golden Visa program is among the world's most attractive. Portuguese immigration authorities are currently issuing golden visas to investors from China, Russia, the Middle East, India, and many other countries. With global warming on the rise and extreme climatic changes globally, Portugal is also popular with climate change migrants.
Golden Visa Portugal enjoys a lot of success and popularity with increased applications from people worldwide looking to live in Portugal. But you need to know the ins and outs before applying for your golden Visa Portugal program. This article will provide information on how it works and how you can get a golden visa. Portugal has been a popular destination for retirees. The quality of life they can enjoy in Portugal makes it an attractive option for those looking to migrate to Portugal.
The Golden Visa program was initiated in 2012 to attract Investment into the Real Estate Market and promote business. One good thing about this program is that there are no language or educational requirements, so you don't need Portuguese language skills or any formal qualifications; it's completely open to everyone.
What Is The Golden Visa?
It's a kind of residence permit in Portugal given to potential immigrants who invest in foreign countries. Golden visas are a type of investment visa, which means that you are granted residency in the country if you invest a certain amount of money in property. Golden visa Portugal often come with other perks, such as expedited paperwork and citizenship. Golden visas are a great way for wealthy individuals to allow themselves to move freely throughout the European Union without needing separate residency permits or relying on work permits.This allows them to settle their pension plans, gain residence in retirement communities, and enjoy discounts on healthcare and education while they indulge in an exciting new culture. But what are golden visas, and how do they differ from other residency options? This article will provide you with a comprehensive list of government agencies, non-profits, and online resources that can help you navigate Portugal’s immigration process and make sure your application for residency is processed within less time.
Benefits Of Portugal Golden Visa
There are several benefits of possessing the Portugal Golden Visa. Portugal offers top-notch Tier A passports to the people, and the Portuguese passport holder can travel to over 180 countries without any Visa. As of now, Portugal's Passport is considered to be the Sixth most powerful Passport in the world. If you have ever considered living in Portugal, but have been put off by the lengthy residency requirements, then the Golden Visa Portugal might be just what you need. These visas are issued to non-European Union citizens who invest in Portugal. You will receive residency and access to all of the same health care and education that European Union citizens do–plus benefits like visa-free travel throughout Europe.You won't get citizenship in Portugal just after applying for Golden Visa, but it takes time of five years to become a citizen of Portugal. It is considered the shortest period in which a European country grants citizenship to foreigners, which is quite good. Also, it is not necessary that you have to become Portugal's citizens to travel freely in Europe. Apart from it, there are some other benefits of the Portugal Golden Visa, such as :
Easiest Way to Acquire the EU Citizenship
Portugal Golden Visa is the easiest way to acquire EU citizenship. As of now, EU citizen is considered the best destination for investments. After obtaining a Portugal Residence Permit, investors can easily obtain other citizenship, such as a Spain passport or french passport, through residency in that country.
Access to European Union countries without a visa
The golden visa holders from Portugal can live or work in any of the Schengen area countries without a visa, but it must be mandatory to have a residence permit from Portugal before moving to the Schengen area.
Living and working in Europe
Portugal Passport holder can travel to any country in Europe without any visa restriction, and with his passport holder, he will be able to live, work or take part in the social security benefit scheme until death. Portugal Golden Visa Can Purchase Property/ Real estate: "Golden Visa Holder" is eligible to purchase property/ real estate anywhere he desires. It is located within the Schengen area of EU countries. Portugal is considered the best and the most lucrative golden visa program in Europe. There are many opportunities available to the investors after Portugal Golden Visa.
The golden visas are a great opportunity for those who wish to become entrepreneurs in Portugal as you will be able to have access to the EU Single Market. It is a wide range of financial services, and also means that you can enjoy special residence rights in Portugal.
Portugal’s Real Estate Market
Portugal’s real estate market is considered one of the best places to invest as it is quite secure and safe. But the main concern of those who have applied for Portugal's Golden Visa is about the changes that are going to be made in 2022. But still, after all the changes, Portugal will be a good investment for you to reside and enjoy all the luxuries at much lower prices than other European countries. Moreover, the changing government of Portugal makes sure that the foreign investors do not suffer from any loss due to changes in the policy. So the last benefits of the Portugal Golden visa are the savings in taxes. Yes, if you stay less than 180 days, you do not have to pay any taxes.Portugal provides an upper hand or exemption on several income taxes for your first ten years of residency, which is quite a money saver for you. Thus if you are willing to consider applying for Golden Visa Portugal and are ready to invest in Portugal, it is a perfect fit for you to live and have a quality living lifestyle. If you can't afford a golden Visa or want to try other ways, you can. The other methods of becoming a permanent resident of Portugal include having a Portuguese spouse or domestic partner. You can also try to get a job in the country and then get citizenship.
History Of Portugal Golden Visa
Portugal’s ‘Golden Visa’ program, established in 2012, is increasingly attractive to the diaspora and affluent investors from foreign countries. This article explores the history of Portugal's Golden Visa program, what changes have been made since 2012, and the benefits for foreigners looking to invest in property or open a business. Since October 2012, Portugal has offered a straightforward procedure for wealthy foreign nationals to obtain permanent residence status by having Portugal golden visa. The initiative was designed because it was a golden opportunity to gain foreign Investment as an excellent way out of their own country's economic crises. After the 2008 global economic crisis, the real estate business in Portugal was endangered and was in serious debt.
To keep it running and lifting back to the profitable business, the Portugal government started the system of offering Golden Visa to the people investing millions of dollars in their country's real estate market. This proves to be a game-changing decision. The real estate business once again started booming in Portugal. Since this golden Visa's launch, approximately seven thousand investors have invested and added five billion dollars to the Portugal economy. You can imagine how much that must have benefited the Portugal country in lifting their economy after the global economic crisis. Once again real estate business in Portugal is surging at high rates, and the Portugal golden visa program has truly proved itself a success.
This was because of the Portuguese government's desire to encourage foreign investment into the country during the post-crisis period. As a result, Portugal designed and introduced a "Golden Visa" program, which permitted foreigners who met certain criteria to obtain permanent residency status according to Investment by acquiring a Portuguese company or purchasing a real property located in Portugal.
A golden visa program, which provides residency and financial incentives to foreigners who invest in Portugal, has been updated and revised as part of the country's efforts to encourage economic growth after post covid pandemic. The new rules will come into effect on January 1, 2022, and will raise some of the golden visa requirements.
Types Of Investment
You can apply for Portugal Golden Visa through any investment program in either real estate, business, or capital contributions. These all the methods will allow you to have a Portugal residence permit and later apply for citizenship. Thus you should know all the details about these three investment types before investing in any ones.Investment In Real Estate
The first and foremost option is to invest in real estate worth $580,000 or above to become eligible for the program. It is a personal choice whether to invest in a single property or multiple properties. Porto, Lisbon, and Portugal's coastal region are famous places to invest in
Portugal. You can take the help of a local contractor or builder to find the best property to invest and once you have done that, submit your application for the Visa.
Capital Contribution
If you do not want to take the real estate route, you can try one method. Investing directly into the Portugal market will save you the time, effort, and money on the several real estate taxes. Hence it can be a better choice according to some applicants. According to the terms and conditions, a person needs to transfer a sum of $1,742,362 or above in this type of Investment. You can contribute to the Venture Capital fund sum of $580,000. In addition, you need to invest in a Portuguese company and create three jobs for at least three years.
These are the various option in the sector of capital contribution in Portugal. The minimum time of Investment is five years. So if you wish to apply for citizenship, you should have an investment as long as you are staying in Portugal. Thus, before investing in any mode, you should research the option of investing and take care of all the receipts and documents regarding the transactions.
Golden Entrepreneur Visa
So if you are an active Entrepreneur, this might be the perfect option for you. This could be the money saver process of getting a residence permit of Portugal for the person who is eligible for it. The main eligibility that you require here is that you are asked to create at least ten jobs in Portugal. You should also pay taxes for your companies to qualify for the Visa.
You also need to pay income taxes if you are going through Entrepreneur Visa. However, an Entrepreneur should take care of a couple of things before applying for the program. First, you need to consider the labor salary and should know that hiring labor in European countries is not cheap.
Who Can Apply For A Golden Visa In Portugal?
The golden visa program is open to individuals from around the globe who invest a considerable amount of money into the country. The applicant must be at least 18 years of age, prove that he does not have a criminal record in his home country, and present a valid passport and other documents related to the Investment. If you are married, your spouse should be able to cover his or her expenses while living in Portugal. If your spouse is retired, you have to prove that he or she will have access to sufficient funds to cover expenses while living in the country.If you are satisfied with the benefits you get with the Golden Visa of Portugal and are now willing to apply for it, please look at this guide about all the requirements. People who want to have Portugal golden visa for them need to fulfill all the eligibility criteria before they can apply for the Visa. The eligibility criteria include proper documents, minimum investment requirements, minimum residence requirements, etc. Now you are going to learn about all the requirements in detail:
- 1 Applicant Must Not Be A Citizen Of Portugal Or Any Of The EU Or EEA Country
This means that the person applying for the Golden Visa of Portugal should reside in a third nation. He or she should not be already a citizen of the EU, Portugal, or EEA country. Thus, this is why you would notice that most of the applications are from countries like China, Russia, Turkey, South Africa, Brazil, etc. - 2. Rules Regarding The Investment
So there are a couple of options in terms of investment, but if you choose real estate, you can invest in it as an individual person or through your company. Try not to use an offshore company to invest in Portugal as they charge hefty taxes, and this may not be as profitable as you thought. Besides, investing in real estate that too in multiple foreign countries makes it very easy for you to live, and it really has a great effect on your investment portfolio. - 3. You Would Need Proper Documentation
You would be very pleased to hear that the process of documentation for applying for Portugal's Golden Visa is very simple and straightforward. The process is now fully digital to make it handier for all the applicants. This means that now you can apply for a visa by various portals given by Portugal, such as SEF or ARI. If you have money and do not want to hassle, you can hire a professional to do all the documentation. All you have to do is now provide your hired professional with the necessary documents, and he will take care of the rest part of applying and documentation process. To make your work easier, here is the list of documents that you would need:- A passport and any other ID
- Copy of background check
- Proof that you're entered legally into Portugal
- Permission form authorizing the criminal check
- Copy of the documents of your original residence in your home country
- Proof of Health insurance
- Declaration Form stating your compliance to fulfill all the terms of investments
- Proof of track record of your good standing with Portugal tax and customs
- Proof of the payment of the fee for Portugal Golden Visa fees
Fees
Now, at last, comes the price or the fees which you require to get the Portugal Golden Visa. You need to know that this whole process is not the regular visa process where you do not need to pay much money. Obviously, if you are applying for a Golden Visa, you must be rich and have a lot of money; that's why you will have to pay a hefty price to get a Tier A passport. At first, the price that you have to pay is about $6180. This will get half when you renew your passport later. You will also need to pay a processing fee of $600. So, now would have got the idea that the Portugal Golden Visa program is expensive and is perfect for people who have a lot of money and are looking for a good investment program.
Thus, if you are willing to acquire a Visa via a real estate investment plan, you should hire professional legal help to deal with all the country's bureaucracy. Hiring a lawyer can cost you between five thousand to six thousand dollars. However, it is considered that the application process is easy, but while applying through an investment plan having a professional would surely help you with the taxes, stamp duty, and other fees.
Thus there are a couple of other residence programs for Portugal, and going through investing is the most expensive one. That is why do proper research about all the processes and fees to have an idea of how much you are going to pay for the Golden Visa program in Portugal.
Non Habitual Residence Program
Portugal's Non-Habitual Residence program allows non-European Union citizens to live in Portugal without a requirement to work or pay taxes. The objective of this program is to promote new investments, tourism, and foreign trade. Most people think that the Golden Visa would exempt them from paying taxes in European countries. But they are wrong as many countries' golden vision does not give any tax relaxation, but Portugal is the exception among them.So if you are applying for Portugal's Golden Visa, you do not have to worry about paying heavy taxes there. So to make sure you save your money on taxes, it is necessary to have proper knowledge about the NHR program through and out. So you should not have any doubts or misconceptions about the NHR programs. So Portugal Golden Visa provides you the Citizenship of Portugal, which is the eligibility for the tax relief.
The type of tax exemption that would be provided to you will be as
- Business or self-employment income
- Royalties
- Pensions
- Capital gains
- Rental Income
- Interest
- Dividends
