A Brief Overview of the Portugal Golden Visa Program

What is a Golden Visa?

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Lately, there’s much discussion in the market about this hot new thing called Golden Visa! But most of us still are confused about how it differs from a regular visa?!

Simply, it’s a premium tier visa program that allows you residency in selective countries like Portugal, Singapore, and almost all European union member countries.

This program offers permanent residency and citizenship in that specific country. However, a golden visa still needs renewal each year.

The Portugal Golden Visa program is highly competitive and requires applicants to meet certain eligibility requirements. All applicants must be able to provide documentation of their financial stability and health insurance coverage, as well as evidence that they will be actively using their residency in Portugal. Applications are also accepted on a rolling basis and typically take six months or longer to process.

Now, among all those countries in the Schengen area, Portugal has been gaining quite a lot of popularity for the amazing benefits of its Golden Visa program. It has attracted over a whopping ten thousand applicants since its launch in 2012. So that must be worth taking a look at, right?

This is why today we will walk you through the whereabouts of the Portugal Golden Visa program.

A brief overview of the Portugal Golden Visa program

1. Eligibility criteria

Any non-EU/ EEA/ US or Swiss citizen above 18 years old and with a clean criminal record in their home country and Portugal can apply for a Portuguese golden visa after making the required investments. Also, you shouldn’t have any outstanding tax payments in Portugal.

Eligibility criteria for family members of the applicant may vary. Some special benefits are offered to tax-paying US citizens, like tax incentives and exemptions.

The Portugal Golden Visa program is a great option for those looking for a long-term residency solution. It offers many benefits, including access to social security, health care, and other government services. In addition, holders can live and work anywhere in Europe without visa restrictions.

A basic proficiency certificate in the Portuguese language is another prerequisite.

2. Benefits

• Portugal has the lowest investment threshold in Europe.

• You have to stay just 7 days a year in Portugal.

• Get visa-free access to 188 countries.

• Avail of all public services, including education and healthcare. You may also work in local public and private sectors or start your own business.

• Under the family unification criteria, your golden visa may be extended for your spouse, children under 18 years, dependent unmarried children under the age of 26, and your parents over 65 years old.

• After 5 years, you may apply for a permanent residency/ citizenship.

3. Investment requirements

• Real estate: Applicants must have acquired real estate worth more than €500,000 in Portugal. In the case of properties more than 30 years old, acquisition and renovation for a minimum €350,000 make you eligible too. These total investments might come from a single large buy or multiple property acquisitions.

• Company/ Start-up: Invest a minimum €500,000 in a Portuguese company or create at least 10 new full-time positions for Portuguese workers in your owned company/ start-up in Portugal etc.

4. Minimum requirements to obtain a visa

• Stay requirement: minimum 14 days within first 2 years of getting a Golden Visa, and later 21 days within 3 years of subsequent renewal of the Golden Visa residency program.

• To hold the golden visa residency status, you must make and maintain the qualifying purchases for this whole period (at least 5 years) until you get a permanent residency.

• Proper documentation:This is a must for your successful application. Acquire all necessary documents like – a copy of your passport, evidence of your qualifying investment, declaration of transfer of funds to Portugal, Health insurance, Clean criminal record, declaration of compliance to investment criterion for the next 5 years, documents approved by Portuguese tax, customs authority and social security system, etc. All the issued documents must not be older than 3 months from the date of application. In addition, all non-Portuguese paperwork must be translated and legalized in Portugal.

As the applicant, you must have a Portuguese bank account and a NIF number, a tax identification number.

5. Application process

With the right documents and proper investments, obtaining a Golden visa in Portugal would be a cakewalk. You just have to follow a few simple steps –

1. Decide your investment type
2. Gather all necessary documents, and recheck the dates and stamps. Don’t forget to notarize and certify the needed documents. Submit paperwork online.
3. Get your NIF and open a Bank account
4. Finalize and Invest.
5. Submit an online pre-application.
6. Schedule your appointment with the Serviço de Fronteiras e Estrangeiros (SEF), Portugal’s official immigration and border services office.
7. Grab your Golden Visa (Yayy!!) and renew after 2 years
8. Been there 5 years? Get your Portuguese Citizenship now.

If you’re interested in investing in Portugal’s growing economy, then you may want to consider applying for its Golden Visa program. It offers considerable benefits – including reduced taxes and access to some of Europe’s best cultural attractions – so you won’t regret taking advantage of this opportunity.

Voila! Does that sound lucrative? Yes, because it actually is. What are you waiting for? Talk to your consultant and start pulling strings to get your Golden Visa this year!

Conclusion

Portugal is a beautiful country with a rich history. It has many excellent tourist destinations, and the Portugal Golden Visa program is one way that foreigners can enjoy all of these attractions without having to leave their home country. The Portugal Golden Visa program offers eligible applicants residency in Portugal for two years, provided they meet certain requirements including earning a minimum income and having good health insurance coverage. If you are interested in applying for the Portugal Golden visa program, be sure to read the full eligibility criteria carefully before submitting your application.

Source: A Brief Overview of the Portugal Golden Visa Program – Imagup

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