Knowing the Portugal Golden Visa requirements is important when applying for this Portuguese residency permit. The Portugal Golden Visa Program is one of the most popular pathways for foreigners to gain residency in Portugal. Since its introduction in 2012, more than 10,000 investors have successfully acquired Portuguese residency through the program. This article explains the necessary Portugal Golden Visa requirements.
Basics of the Portugal Golden Visa
The Portugal Golden Visa Program offers a range of benefits aside from residency opportunities. It includes visa-free travel within the Schengen area and the potential to apply for Portuguese citizenship after five years of residency. But to obtain the visa, one must meet all Portugal Golden Visa requirements.
Who can apply for the Portugal Golden Visa Program?
According to the Portugal Golden Visa requirements, the program is open to non-EU citizens and EEA nationals who meet the specified criteria and make a qualifying investment in Portugal. It’s important to note that Portugal’s Golden Visa for European citizens is unnecessary since they can live in the country by just obtaining a residency permit.
Portugal Golden Visa investment options
One of the unique elements of the Golden Visa Program different from the D7 Visa Portugal is that it offers various investment pathways. These are:
- Real estate: Invest €280,000 ($302,700) in real estate in Portugal.
- Art and culture: Invest €250,000 ($270,265) in Portuguese arts and culture
- Job creation: Invest €250,000 ($270,265) in creating a business employing at least ten people
- Research: Invest €500,000 ($540,530) in scientific research
- SME: Invest €500,000 ($540,530) in a small to medium enterprise (SME) in Portugal
- Investment funds: Invest €500,000 ($540,530) in Portuguese investment funds
- Capital transfer: Transfer €1,500,000 ($1,621,600) to a Portuguese bank account
Renewal and citizenship
The Golden Visa is initially valid for two years, and you can renew it afterward. During these periods, applicants must spend at least 14 days in the country to maintain residency status. After five years of residency, applicants can apply for Portuguese citizenship, subject to meeting the language proficiency and community integration requirements.
What are the Portugal Golden Visa requirements?
The Portugal Golden Visa Program has specific requirements that applicants must meet to be eligible for Portuguese residency. The Portugal Golden Visa requirements include the following:
- Compliance with minimum investment options (as mentioned above)
- Maintain the investment for five years
- Clean criminal record
- Stay requirement (14 days within two years)
- Proof of legitimacy of funds
Be aware that Portugal Golden Visa requirements might change over time.
Documents required for a Golden Visa in Portugal
Prepare the following documents to comply with the Golden Visa Portugal requirements.
- Valid passport
- NIF (Tax Identification Number)
- Health insurance
- Declaration from a Portuguese financial institution to show proof of the legitimacy of funds
- Sworn statement of compliance with the minimum investment and five-year maintenance period
- Evidence of the qualifying investment
- Proof of clean criminal record
- ARI application
Be aware that the required documents for the Portugal Golden Visa might change over time.
Changes to the Golden Visa Program in Portugal in 2022
The Golden Visa Program in Portugal undergoes constant developments. The latest Golden Visa Program changes were made in 2022 and contained restrictions in major metropolitan areas of Portugal, including Lisbon, Porto, and the coastal Algarve region. Individuals can no longer purchase real estate in these sought-after locations as part of the Golden Visa Program.
In addition, similar to the Golden Visa in Spain, the most significant change is the intention of the government to abolish the program or significantly increase the minimum investment amount. Applications are only open until July 1st, 2023.
How to apply for a Portugal Golden Visa in 3 steps
Those who meet all Portugal Golden Visa requirements can apply for the visa in three stages.
Step 1: Obtain a tax identification number (NIF) and open a bank account
To invest in real estate in Portugal, obtaining a tax identification number (NIF), known as Número de Identificação Fiscal, is mandatory. You can easily apply for a NIF through their online portal. Once you have the NIF, you can easily open a bank account from numerous choices, which will help facilitate all financial transactions.
Step 2: Make the investment
Before applying for the Golden Visa, it is essential to meet the investment requirements. Ensure that you have acquired proof of evidence of the qualifying investment made. A notarized deed suffices for real estate if you follow the Portugal Golden Visa property requirements. At the same time, for investment funds, you will need evidence of fund subscription from a fund manager.
Step 3: Submit the Golden Visa application
Once you’ve invested, you can apply for the Golden Visa. Access the necessary forms, contact information, and registration details through this link. If you cannot personally submit the visa application, you must grant a Power of Attorney (POA) to an individual who will act as your legal representative and complete the transaction on your behalf.
Although the Golden Visa Program has brought substantial investments into Portugal’s economy, potential changes could impact your opportunity to get that residency finally. Consequently, it becomes even more crucial now to start your application process. To expedite the process and ensure compliance with Portugal Golden Visa requirements, we advise that you seek assistance from a reputable immigration expert or lawyer. By engaging them, you can streamline the application process and increase your chances of having your application approved before the deadline.
Frequently Asked Questions (FAQs)
Can I travel to other EU countries with a Portugal Golden Visa?
Yes, by complying with the Golden Visa Portugal requirements, you have the privilege of visa-free travel within the Schengen Area, which includes several EU countries. It allows you to freely visit and explore other EU nations, such as Spain, without obtaining a new Golden Visa in Spain.
How long is the Portugal Golden Visa valid?
The Golden Visa is initially valid for two years, starting from the date of issuance. After the initial period, you can renew it for a subsequent three-year period as long as the applicant meets the renewal Portugal Golden Visa requirements and maintains the qualifying investment.
What are the residency requirements for the Portugal Golden Visa?
To maintain residency, the Golden Visa Portugal requirements provide that applicants must spend at least seven days in Portugal during the first year and at least 14 days in subsequent two-year periods.