Portugal's Golden Residence Permit
(Source: Gov of Portugal, SEF)
Portugal is the westernmost sovereign state of mainland Europe, bordered on the west and south by the Atlantic Ocean and on the north and east by Spain. Its territory also includes the Atlantic archipelagos of the Azores and Madeira, both autonomous regions with their own regional governments.
Portugal boasts a rich and diverse culture, Mediterranean climate, and a safe and stable setting ideal for raising families, conducting business or travelling. Portugal is a founding Member of the EURO Zone, member of EU and Schengen countries & member of the UN, NATO and WTO.
The Portugal Golden Residence Permit Program, or "Golden VISA", is a five-year residence-by-investment program for non-EU nationals. The residence permit gives the right to live, work, and study in Portugal and allows free circulation in Europe's Schengen Area.
Meant to charm foreign investments to the country, program offers residency permit in Portugal to non-EU investors who could invest in Portugal under the following conditions:
- Investors should hold no criminal record
- Investors can enter Portugal for the first time on their valid Schengen visas.
- The investor should stay for at least seven days for the first year, 14 days for subsequent two-year periods etc.
- The investor must submit proof of investing funds generated from outside Portugal.
- The investor must pay filing, application and processing fees when and where relevant.
The Golden Resident Permit Program is foreseen by Law 23/2007, of July 4th and subsequent amendments and is filled at the Foreign and Borders Office (SEF) under the tutelage of the Ministry of Foreign Affairs.
- 5 years period Investment, or until citizenship issuance;
- The investor must be over 18 years old - children under 18 can be reunified;
- No criminal record (both in the residence country and in Portugal);
- Portuguese Tax Number (for investment purposes);
- Bank account in Portugal;
- Health Insurance Policy;
- In accordance with the “ACT”, the temporary residence permits to third country nationals, according to the “PROGRAM”, are granted to those who intend to perform, by themselves or through a company, any activity that generally leads to the concretization of at least one of the following situations, in national territory:
- Capital transfer with a value equal to or above 1 million Euros;
- The creation of, at least, 10 job positions;
- The purchase of real estate property with a value equal to or above 500 thousand Euros
Residency Permit Renewal, Permanent Residency (PR) and Citizenship Application
- Residency is renewed at the end of year 1, year 3, and year 5;
- Family maintains residency for 5 years;
- Reside minimum 7 days during the 1st year residence permit period;
- Reside minimum 14 days for each two-year residence permit period;
- Apply for Permanent Residency after 5 years if eligible;
- Apply for Citizenship after 6 years if eligible
(Ref; Law on Nationality, Article 167 and 169(2) of constitution. SECTION 3, Article 6 Requirements.
b) Legally residing in the Portuguese territory for at least five years.
c) Know the Portuguese language sufficiently.)
PORTUGAL'S CITIZENSHIP BENEFITS
Investors find many opportunities in Portugal’s secure and fast-developing market, including the following:
- Residence visa waiver for entering Portugal
- Live and work in Portugal
- Permanent residency or citizenship of Portugal after five years as a temporary resident.
- Inclusion of family members, such as spouse or partner, dependent children and dependent parents.
Portugal Golden Visa Benefits for Investors:
- Affordable investment options starting from Euros 280,000
- Only 5-years until you qualify for a PR Permanent Residency & one of major requirements other than holding property investment is Portuguese language minimum A2 level and 6-years for European citizenship and passport when eligible
- Property investment that would generate good return
- Reasonable Residency requirement with annual Short Stays
- Visa-free travel within the Schengen member states
- Access to 26 nations in the EU & visa-free travel to 183 nations
Family members can be included in Portugal's Golden Visa application:
- The application for Family Reunification can be made simultaneously with the application of the family member/ Golden Visa Investor
- It is always subject to the approval of the Golden Visa application
Family members are defined as:
- The spouse of the applicant
- Minors or incapable children under guardianship of the couple or of one spouse
- Minors adopted by an unmarried applicant, by a married applicant or by the spouse, following decision taken by the relevant authority of the country of origin, provided that its legal framework comprises the same rights and duties of natural filiations and provided that such decision is acknowledged by Portugal
- Children who are of legal age, unmarried and dependent on the couple or on one of the spouses, and who study in an education establishment, regardless of the Country in which that establishment is located
- First-degree relatives in the direct ascending line of the resident or his/her spouse, provided that they are dependent on them
- Minor siblings provided they are under the tutelage of the resident, in accordance with a decision made by the relevant authority of the country of origin, and provided that such decision is recognized by Portugal.
PROPERTY INVESTMENT OPTIONS
In July 2015, through Act 63/2015 and Regulatory Decree 15-A/2015, the required investment options were revised and new ones added. Investors can now choose from the following:
- Applicants may acquire property valued at €500,000 or more, or
- Applicants may acquire property valued at €350,000 or more for properties more than 30 years old or located in urban regeneration areas designated for refurbishing, or
- Acquisition of property fitting any of the above requirements with 20% reduction on the minimum amount of investment, if purchased on a low-density population area (€400,000.00 or €280,000.00).
PROCEDURES & TIMELINE
- Applicant Assessment
- Decision to invest on the Project
- All Agreements and Power of Attorneys signed at Portugal Embassy
- Prepare for funds transfer
- Funds received in investor account in Portugal and transferred to escrow bank account (in Portugal) and execution of deed of sale
- Submit online residence permit application (mandatory online pre-registration)
- Prepare for visitor’s visa
- Landing in Portugal to:
Receive the Residence Permit after SEF decision
Keep the Residence Permit for 5 years
Apply for Permanent Residence
- Prove legal entry and stay in Portuguese Territory;
- Legalize all agreements;
- Get biometric data collected at SEF
ARTICLE 80 OF THE ALIENS ACT, IN CONJUNCTION WITH ARTICLES 64 AND 65-K (FOR HOLDERS OF A RESIDENCE PERMIT FOR INVESTMENT PURPOSES) OF THE REGULATORY DECREE N.º 84/07 OF 05/11, AS AMENDED
ORDER NUMBER 1563/2007, OF 11/12
COSTS AND FEES
The following is a list of fees that will be incurred when obtaining a Golden Residence Permit from Portugal. Contact GLI for the current cost for each item below:
- Advisory Fee
- Legal fees (ME) - Main Applicant
- Legal fees (ME) / Dependent
- Translations to Portuguese + certifications
- Tax Representative/Couple/year (ME)
Real Estate Investment:
- Real estate purchase
- Refurbishment works
- VAT on refurbishment contract
Taxes & Investment-Related Fees:
- Property Transfer Tax (IMT)
- Stamp Duty
- Notary & Public registry
- Bank expenses
- Health Insurance per person
- Application fee - Main Applicant
- Application fee - Dependent(s)
- Residence Card fee per person