The Portugal Golden Visa became very popular in recent years, as many people have opted to go beyond the borders of their hometowns. With globalization connecting everyone, Portugal has emerged as a hotspot for expats seeking new experiences, a retirement haven, or a lucrative investment prospect. Fortunately, Portugal has favorable policies for foreigners, one of which is the Portugal Golden Visa program which you will learn more about in this article.
What is the Golden Visa?
The Portugal Golden Visa Program allows non-European Union (EU) citizens to acquire residency in Portugal through strategic investments in designated sectors of the economy hence why it is also known as the resident permit for investment activity (ARI).
Since its inception in 2012, the country has granted over 11.600 Golden Visa, adding more than €6 billion ($6.44 billion) to Portugal’s economy.
Who can apply for Portugal Golden Visa?
When it comes to nationalities, there are no restrictions. Any foreigner can apply for Golden Visa. However, the applicant must be at least 18 and free from criminal records.
5 Benefits of obtaining the Golden Visa
There are five important benefits for those who obtain the Portugal Golden Visa:
- Residency in Portugal: It grants holders the right to reside in Portugal and visit other EU countries in the Schengen Area.
- Extendable to family members: You can also extend the application to family members. It includes your spouse, minor children, dependent children under 26, and your parents if they are over 26.
- The first step to Portuguese citizenship: After holding a Golden Visa for at least five years, individuals are eligible to apply for Portuguese citizenship, the passport allowing you to travel to 188 countries visa-free.
- Real estate investment opportunities: The visa allows investors to explore diverse investment options, especially in real estate. It provides a gateway to potential financial growth. In addition, you can enjoy the real estate market without residing in the country.
- Favorable tax regime: Portugal offers attractive tax incentives. Golden Visa holders are not taxed immediately as tax residents in Portugal. Hence one benefit is that you are only taxable for income earned in the country.
How much does a golden visa in Portugal cost?
There is a required minimum investment value of €250.000 ($268.190), which you can choose from selected sectors such as real estate, capital investment, job creation, or donation to charitable institutions. You must maintain this investment for at least five years.
Get your Portugal Golden Visa in 3 steps
Step 1: Obtain a tax identification number (NIF)
NIF (Número de Identificação Fiscal) is Portugal’s tax identification number which is mandatory to have when you want to invest in real estate. You can apply for a NIF through their online portal, which you can go to by clicking this link.
Step 2: Buy a property in Portugal
Before obtaining the Golden Visa, it is necessary to have a property already. Ensure you have notarized the property deed, locally known as the Escritura Publica de Compra e Venda, and register it with the Land Registry Office to avoid any problems. Also, remember the minimum investment value to qualify for the golden visa program.
Step 3: Apply for Golden Visa
Once you are done, you can finally apply. The forms, contact number, and registration details are in this link. If you cannot apply for the visa personally, make sure you have a Power of Attorney (POA) to the person who will act as your legal representative to complete the transaction on your behalf.
While the golden visa has brought significant success and economic contribution to the country, there are talks that it will undergo revamping, which might affect your opportunities to invest in Portugal soon. Therefore, starting the application as quickly as possible becomes imperative. To simplify it, have a professional real estate agent or lawyer help you quickly get that coveted Golden Visa. By hiring professional services, you can streamline the process and have a higher chance of having your golden visa approved.
Frequently Asked Questions (FAQs)
How do you qualify for a golden visa in Portugal?
Non-EU nationals must make at least €250.000 ($268.190). investments in predetermined economic areas.
Can I get residency in Portugal if I buy a house?
You can obtain residency in Portugal by purchasing a house through the Golden Visa program, as long as the property meets the investment. However, the grant is not automatic, and you must still apply and meet the requirements.
Can Americans retire in Portugal?
Yes, Americans can retire in Portugal. Portugal offers a welcoming environment for retirees, and Americans can take advantage of the Golden Visa program or apply for a long-term residence visa.