Portugal Golden Visa Program
FAQs for Portugal Golden Visa Program
Q1. What is The Golden Visa Program in Portugal (PGVP)?
- The Golden Visa Program (GVP) launched by the Portuguese Authorities is a fast track for foreign investors from non-EU countries to obtain a fully valid residency permit in Portugal and will allow the investor and his family members to enter and/or live in Portugal and to travel freely within the vast majority of European countries (Schengen space).
- The Golden Visa is aimed at attracting foreign investment to Portugal, the Golden Visa is a very straightforward and flexible program, with simple and clear legal requirements. With extremely reduced minimum stay requirements, the Golden Visa is clearly one of the most attractive residency programs for investors in the world.
Q2 – What are the different types of investments which are allowed under the Golden Visa Program?
- The Golden Visa program was recently widened to include further types of investment. As a result, the following types of investment now qualify for the Golden Visa program:
- a) Property Investments:
- Acquisition of property above € 500,000;
- Acquisition of property above € 350,000 – for properties more than 30 years old or located in areas of urban renovation.
- b) Capital Investments:
- Transfer of Funds above € 1,000,000;
- Transfer of Funds above € 350,000 for research activities;
- Transfer of Funds above € 250,000 for artistic or cultural activities.
- Transfer of Funds above € 500,000 for capitalization of small and medium-sized companies.
- c) Job creation:
- Creation of a minimum of 10 jobs; It should be noted that only investments effectively made after 8th October 2012 are eligible for the Golden Visa program.
Q3 – For how long is the Golden Visa valid & What are the general requirements that the investor has to comply with?
- Once issued, the Golden Visa will be valid for an initial period of 1 (one) year and then will be renewed for subsequent periods of 2 (two) years.
- The Golden Visa Programme sets out that the investor must comply with general requirements applicable to all types of qualifying investments and also with the specific requirements of each type of qualifying investment and have to comply with the following requirements:
- Keep the investment for a minimum period of 5 years
- Funds for investment should come from abroad
- Entry in Portugal with a valid Schengen visa
- Absence of references in the Portuguese Immigration and the Schengen services
- Absence of conviction of the relevant crime
- Minimum stay in Portugal: 7 (seven) days during the first year and 14 (fourteen) days during each subsequent period of two years
Q4 – What are the specific characteristics of each type of qualifying investment for Portugal?
- Each type of qualifying investment has specific characteristics, as follows:
- (A) Property Acquisitions
- Acquisition of property above € 500.000;
- Minimum investment of € 500,000
- Purchase of one or multiple properties
- All property types qualify
- Possibility of co-ownership;
- Freedom to use, rent, or lease
- Investment amount may be reduced by 20% (€ 400,000) in case such investment is made in the low-density population area
- Acquisition of property above € 350,000
- For properties more than 30 years or located in areas of urban regeneration. This value includes not only the property but also the investment in the refurbishment works
- Possibility of co-ownership
- Freedom to use, and rent for commercial or agricultural purposes
- Investment amount may be reduced by 20% (€ 280,000) in case such investment is made in low-density population areas
- Acquisition of property above € 500.000;
- (B) Transfer of Funds
- Transfer Funds above € 1,000,000
- Minimum investment of € 1 million
- Funds transferred from abroad to a bank in Portugal
- Total freedom to invest the funds
- Possibility of using the funds to invest in
- shares of companies
- Transfer of Funds of at least € 350,000
- applied to research activities carried out by entities that are part of the national scientific and technological system
- Minimum investment above € 350.000
- Funds transferred from abroad to a bank in Portugal
- To be used in research activities conducted by public or private scientific research institutions involved in the national scientific or technological system
- Transfer of Funds of at least € 250,000
- applied to investment or support to artistic production or recovery or maintenance of the national cultural heritage
- Minimum investment above € 250,000
- Funds transferred from abroad to a bank in Portugal
- Investing in artistic output or supporting the arts, for reconstruction or refurbishment of the national heritage
- Transfer of Funds of at least € 500,000
- for the acquisition of participation units investment funds or capital investment companies for capitalization of small and medium-sized companies
- Minimum investment above € 500,000
- Funds transferred from abroad to a bank in Portugal
- Investment used for purchasing shares in investment funds or in venture capital
- Transfer Funds above € 1,000,000
- (C) Job Creation
- Creation of a minimum of 10 jobs
- No minimum investment value
- No limitations on areas/activities
- Compliance with Social Security obligations
- Possibility of grants/incentives/benefits
- Investment amount may be reduced by 20% (8 employees) in case such investment is made in low-density population areas.
- Creation of a minimum of 10 jobs
Q5 – What are the main advantages of the GOLDEN VISA Program?
- The Golden Visa Programme will provide investors with the following advantages:
- No need to obtain a visa to enter Portugal
- No need to obtain a visa to travel to Europe (Schengen area)
- Living and working in Portugal, even with residency in a different country
- Residency extended to family members
- Extremely low minimum stay periods
- Low taxes
- Permanent Residency after 5 years
- Citizenship after 6 years
Q6 – What is the Schengen Area and what are the countries included?
- The Schengen Area is a group of 26 European countries that have abolished passport and immigration controls at their common borders. With a resident permit from Portugal, the investor is entitled to enter and travel freely throughout all the countries of the Schengen area.
- The Schengen Area includes the following countries: Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, The Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, Switzerland.
Romania, Bulgaria and Croatia are currently candidate countries under consideration to the Schengen Area.
Q7 – Would it be possible to extend the Golden Visa to family members?
- Yes. Under the Golden Visa Programme, the investor’s family members may also apply and obtain a resident permit from Portugal by applying for a “family reunion”.
- The Golden visa will be extended to family members, namely children, spouse and dependent family members who will be eligible for Permanent Residency after 5 years of Portuguese Citizenship after 6 years.
Q8 – How can the investor and family obtain Permanent Residency after 5 years?
- Under Portuguese Law any person that has held a valid Portuguese Golden Visa temporary residency title for a period of at least 5 years, he will be entitled to obtain Permanent Residency in Portugal.
- The investor and family members will have to meet the following criteria in order to be able to apply for Permanent Residency in Portugal:
- Absence of conviction of relevant crime during the last 5 (five years)
- Proof of income / financial independence
- Proof of accommodation in Portugal
- Basic knowledge of Portuguese
Q9 – How can the investor and family obtain Portuguese Citizenship?
- The Portuguese legislation also sets out that any person who has been validly resident in Portugal for at least 6 (years (either under a temporary or permanent residency title), is eligible for obtaining Portuguese Citizenship and the investor and family members will also have to comply with the following requirements:
- Be at least 18 years old (or at least 16 but married or legally responsible)
- Absence of conviction of any relevant crime
- Pass a simple Portuguese language test, which will serve to show sufficient knowledge of the language
Q10 – Which documents does the investor need to provide to apply for the Golden Visa?
- The application for the Golden Visa implies that the investor will have to submit the following documentation:
- Proof of Investment
- Passport & Valid Schengen Visa
- Portuguese Fiscal number
- Criminal Record from the country of origin and/or residency
- Portuguese Criminal Record
- Declaration from the Tax Department proving the absence of debts to the Tax Authorities
- Declaration from Social Security proving the absence of debts to Social Security Authorities
- Declaration from the investor confirming compliance with the investment requirements
- Health Insurance is valid in Portugal (if living in Portugal)
- Receipt of payment of the initial application fee.
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