Vazir Portugal Golden Visa
What are the advantages of the Portugal Golden Visa?
Portugal’s Golden Visa undoubtedly is one of the most popular visas in the EU. First issued during the financial crisis in 2012, the Golden Visa residency by investment was aimed to attract foreign buyers and investors to the country. Since that time over 7,500 non-Europeans received their residency and now, they enjoy all the benefits of living in the country of Cristiano Ronaldo.
The program helped not only investors to receive their so desired residency, but also for the country to increase sales in properties, investments, as well as tourist flow.
But how does the program work? How to know if you are qualified for it? What are the requirements and benefits? Well, today we will answer these and other questions.
What Is Portugal's Golden Visa?
Portugal’s Golden Visa is a fast-track Residence by Investment program that allows non-EU/EEA citizens and family members, such as a spouse, children under 18 or above if they are enrolled in studies and supported by you, dependent parents, and in-laws, to receive permanent residency and other benefits in return for qualifying 5-year investment in Portugal.
Once you have a Golden Visa, you and your family members receive a temporary residence permit in Portugal for one year that can be renewed for two-year periods afterward. In a five years period, you are eligible to obtain permanent residence in Portugal. And here comes the good news! When you receive permanent residency, you can apply for citizenship.
What are the benefits of having Portugal’s Golden Visa?
The country of coastal beaches, amazing climate, good food, and, of course, football has a lot to offer to its residents, so, where can we even start from?
- First, if you are a Portuguese resident, you can easily, without any restrictions or even a passport, travel among 26 European countries that are part of the Schengen area including Austria, Belgium, the 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, and Switzerland, as well as with 4 more countries such as Bulgaria, Croatia, Romania, and Cyprus being in the process of joining the region.
- Residency opens the door not only to border-free traveling, but also the opportunity to live and reside in any EU country including Iceland, Liechtenstein, and Norway.
- As of 2021, the Portuguese passport ranked the 4th most powerful in the world and allows visa-free travel to 186 countries. Besides, you don’t have to wait for 5 years to enjoy travel benefits. Your Golden Visa residence permit grants visa-free travel privileges from the day of obtaining it.
- Unlike many other programs that require you to stay a year or two in the country before receiving the residency, Portugal’s Golden Visa Program requires you to be in the country only for 7 days per year, making it 35 days within the required 5 years.
- After successfully obtaining a Golden Visa, you are eligible to apply for Portuguese citizenship, meaning that you can have dual citizenship without giving up your country passport.
- If you consider moving to Portugal with your family, you will greatly benefit from it. This amazing country offers a high standard of living, including stability, work, healthcare, education, a great climate, and safety.
- Did you know that based on the new law, children born to foreign parents where at least one has lived in Portugal for a minimum of one year will be eligible for Portuguese citizenship at birth?
What Are the Options for Obtaining Portugal’s Golden Visa?
There are 3 options for getting Portugal’s Golden Visa that include investment in real estate, business, or capital contributions.
1. Investment in Real Estate
Being one of the most popular types of investments, the government offers 3 categories for you to choose from:
a. The first is an investment into a property that can be more than 1 with a total value of €500.000 ($585,000) or more. Due to the changes that are coming from January 1, 2022, there will be limits for qualifying areas excluding high-density areas like Lisbon, Porto, and the Algarve, as well as coastal regions Setubal and the Silver Coast, so don’t procrastinate. If you have already found your property, purchase it, and submit your application as soon as possible. If you are currently looking for a property in one of these places, look for a developer who is willing to let you back out of the deal if you fail to obtain the Golden Visa through the investment.
b. The second option that will be one of the main directions in the upcoming year is aimed for the investment in the properties located in the urban rehabilitation areas with a value of €350.000 ($409,500). However, the property should be at least 30 years old and has a renovation project.
c. Being the cheapest real estate investment option, it is ideal for those who would love to live or invest in the countryside. With the investment of €280.000 ($328,000), you can be eligible for the Golden Visa, but you should keep in mind that these properties are most of the time located in the no man’s land between Portugal and Spain with nothing around.
2. Business Investment
If you’re an entrepreneur, then the Portugal Golden Visa has an option for you. Unlike real estate, business investment is aimed for the investors to create and provide at least 10 jobs in Portugal and register each employee in the Portuguese Social Security system. The program is ideal for those who have a bit more money and a bigger staff, as Portuguese companies pay 23.75% of gross wages to social security, while employees also pay a rate of 11% on their salaries. To qualify for the visa, both rates must be met. Additionally, keep in mind that the setup also includes the payment of the corporate income tax that is 21%, and personal income tax that is progressive from 14.5% to 48%. Don’t be scared as you can reduce it if you prove that you are a non-habitual resident.
3. Capital Contributions in Portugal
Unlike the other 2 programs, capital contribution saves time spent looking for properties and is stress-free. To qualify you should do the capital transfer of a minimum of €350.000 ($409,500) into an SEC-approved Investment Fund or Venture Capital Fund with a maturity period of at least 5 years. However, with the changes coming from January 1, 2022, the minimum investment level will be increased to €500.000 ($585,000).
Also, 2 other options include such donations as:
- A minimum investment of €250,000 in preserving national heritage in Portugal.
- A minimum investment of €350,000 in a research and development activity in Portugal.
Should I Apply Now?
Depending on the options you chose, we advise you to hurry up and invest now, especially if you are planning either to buy a residential property in Lisbon, Porto, or the Algarve region, or you are going with the investment fund option. Start the process now to secure your position and submit a completed application before January 1st, 2021.
If you need help or don’t want to waste time, Vazir Group is here for you. Our dedicated specialists are ready to assist you with any issues you face, answer all your questions, and help during the whole application process.
What are the Golden Visa requirements?
To be eligible for the Portugal Golden Visa, you should meet the following requirements:
- Be a non-EU/EEA citizen or a Portuguese resident.
- Be able to invest and maintain the qualified investment for a minimum of 5 years.
- Reside in the country for a minimum of 7 days per year.
- Translate, certify, legalize, and submit all the necessary documents on time.
- And finally, pay the fees that are not as low as expected for a Tier A passport compared to others. The fee of €5.325 ($6,240) should be made for every applicant, however, during the renewal, it will come with a 50% discount. Besides, the processing fee for the main applicant is €533 ($625) while for each family member is €83 ($97).
What Documents Are Required for the Golden Visa?
To be able to apply to the Investment Program you should provide such documents as:
1. Copy of a passport or other valid travel document.
2. Criminal record of the current country of origin or residence that was issued within 3 months of the form submission.
3. A completed permission form that authorizes SEF to access your criminal records in Portugal.
4. Declaration from Portuguese financial institution that confirmed the transfer of funds.
5. Proof of the fee’s payment.
6. Proof of investment made by the main applicant.
-If in the real estate, it should be a deed or promissory sale agreement with proof of deposit payment.
-If it's an investment fund, provide proof of fund subscription from the fund management.
7. Proof of health insurance to cover your stay in Portugal.
8. A declaration on compliance from you stating that you agree with the investment requirements for the required minimum of 5 years.
9. Documents proving that you are in good standing with the Portuguese Tax and Customs Authority and Social Security systems issued within 45 days from the form submission.
10. Proof of your legal entry into the country, such as Schengen short/long-stay visa.
Due to COVID-19, the process is almost completely digitalized, and you can apply from any part of the world online through Immigration and Borders Services portal, Serviço de Estrangeiros e Fronteira (SEF), called the Autorização de Residência para Investimento (ARI). But keep in mind that all the documents that are issued outside of Portugal should be translated into Portuguese, certified, and legalized.
How to Apply to A Portugal Golden Visa?
Unlike many other application processes, a Portugal Golden Visa requires some preparation with documents, but the process is quite easy and has the following steps to follow:
Step 1. Decide on the Investment.
Step 2. Gather all the documents.
Step 3. Apply for NIF (Número de Identificação Fiscal) a tax identification number required to conduct certain transactions in Portugal such as opening a bank account or buying a property. Note you will be required to provide the name of a Portuguese attorney, friend, family member, or accountant that tax authorities can communicate with on your behalf. Or you can also contact Vazir Group for all the hustle on your behalf.
Step 4. Open a bank account to be able to transfer money and make a required investment.
Step 5. Transfer the funds to your Portuguese bank to finalize the investment.
Step 6. Translate, certify, and legalize your documents into Portuguese. Make sure that all of them are certified by a Portuguese notary or a Portuguese consulate in the country of origin to meet SEF’s requirements.
Step 7. Create an account with the SEF, complete the pre-application, and payment processing fees for you and your family members.
Step 8. Schedule the interview. Remember, bigger cities, like Lisbon, have longer the time needed to get an interview.
Step 9. Attend the interview and get your and your family’s biometric data collected.
Step 10. Get an approval that might take from 6 to 12 months and pay the application fee of €5.325 ($6,240) per person to get your residence card.
Step 11. Welcome to Portugal! Now you can come and live in this beautiful country with your residence permit.
Step 12. Apply for citizenship. If you were able to maintain the investment and met minimum residency requirements for 5 years, congratulations, you can now apply for citizenship!
Sounds like a long and tiring process, right? Of course, you can't get a permit over a night, and it takes effort, especially with all the changes coming from January 1st, 2021. Fortunately, there is no room for panic, as the professionals at Vazir Group keep track of all the changes and are ready to assist you with any questions. Our professional consultants are always here for you to provide premium class services. We will check your eligibility for the program, review all the documents, support you with any help required, and submit the documents on your behalf. With our rich experience and expertise in the market, we will make your application process smooth.
Call us today and let us help you to make your migration dreams come true.