Over 50% of wealthy people worldwide have a second passport, and every year this number continues to increase. Still, according to research by Knight Frank LLP, an estate agency & property consultancy, investors prefer to apply for European citizenship.
They find opportunities to use reliable banking systems, scale up their business in the EU and educate their children in the best schools in the world as beneficial and attractive. However, getting a passport in Europe means paying ?880,000 or even more. If compared with the prices of other investment programs, this amount seems excessive. So what are the options for those looking for the EU option only but want to have a hot deal? There is only one answer ? a Portugal Residence by Investment, which quickly turns into full-fledged Portuguese citizenship. What are the benefits and how to get a residence permit, read on?
Residence Permit in Portugal: Program Changes
On January 1, 2022, some program changes for gaining a residence permit in Portugal by investment will come into force. The government will increase the investment range for some available options and finally define the areas for buying real estate and the Golden Visa.
Investors who submitted applications before 01.01.2022 will not be affected by the changes, nor will they affect the residence permit extension. New investors aimed at getting a residence permit in Portugal will expect the following changes:
- The investments in securities or bank accounts will be increased from ?1 million to ?1.5 million.
- The investment in the shares of Portuguese funds will be increased from ?350,000 to ?500,000.
- The amount of investment in real estate will remain the same with significantly limited available areas. Coastal territory, Lisbon, Porto, and their suburbs will be excluded. Real estate will be available on the inner mainland of Portugal, Madeira, and the Azores.
- The option with investments in a company with the following 10 jobs will change from ?350,000 to ?500,000.
- The minimum investment in scientific and research activities will increase from ?350,000 to ?500,000.
These changes will not affect commercial real estate: an opportunity to purchase commercial properties in Lisbon, Porto, and their suburbs will remain. Coastal hotel projects will also meet for Portugal Residence Permit Program. A 20% reduction in investment when buying real estate in sparsely populated regions also remains unchanged.
What are the Portugal Residence Permit requirements?
Before considering how you can apply for a residence permit by investment in Portugal (or the Portugal Golden Visa), let’s find out the benefits of this program:
- Not only an investor but the whole family can gain a residence permit in Portugal. The application can include a wife/husband, unmarried children, and parents.
- An investment residence permit in Portugal allows the investor and the family to enter and travel within the Schengen area freely.
- An investor may open accounts with European banks and use their services. Thus, the investor does not have to worry about their finances.
- The Portugal Golden Visa allows doing business both in the country and in Europe. An investor can create it from scratch or open representative offices of the existing business.
- Portugal’s tax regime is attractive for investors. There are special tax incentives for non-residents and new residents.
- In addition, a Portugal residence permit for financially independent people makes it possible to get citizenship in the future. It is enough to have a golden visa for 5 years to make it happen. Then the investor and his family can apply for permanent residence or immediately for a Portuguese passport.
- At the same time, an investor can keep the residence permit if he comes to Portugal for only 7 days per year. The rest of the time, the investor and the family can be in any other part of the world.
- Visa-free travel to all Schengen countries.
Now let’s consider how to obtain a residence permit in Portugal. Firstly, you need to meet several requirements, but please no worries ? the conditions for getting a residence permit in Portugal are simple:
- be over 18 years old
- pass Due Diligence
- not have any criminal records and not be under investigation for felonies
- not be listed as the Denied Persons in the EU countries, the USA, the UK, and Canada.
Just four simple requirements ? and you can get a residence permit in Portugal.
The government of the country provides several options for giving a residence permit in Portugal. Find the one right for you:
- contribution to the objects of national, cultural, and natural heritage ? you need to make a non-refundable contribution of ? 250,000 or more, these funds will go to the restoration and preservation of the cultural and historical heritage of Portugal
- contribution to scientific and technical research ? you need to make a non-refundable contribution of ?350,000 or more.
- purchase of old real estate ? you need to buy a building requiring restoration aged 30 years old of ?350,000 or more
- purchase of real estate ? you need to buy a building of any type and age of ?500,000
- contribution to your business ? you need to create 10 jobs in your company and invest more than ?500,000
- contribution to the Portuguese economy ? you need to purchase securities or stocks or open an account of ?1 million.
Based on the listed options, we can conclude what income is needed to obtain a residence permit in Portugal.
How to get a residence permit in Portugal
Getting a residence permit in Portugal takes just a few steps. The procedure is the same for everyone ? for Balkan citizens, citizens of the states of the CIS, or any other country for citizens. Let’s consider the example of residency by real estate investment:
- We are signing the agreement. And our experts are taking care of your residence permit.
- You are choosing an investment object. Residential properties and commercial structures represent real estate in Portugal. If you are interested in real estate, you can consider buying restaurants, cafes, hotel rooms, shops, offices, apartment buildings, and many other options.
- You are visiting Portugal to execute the real estate purchase and sale agreement. You need a tax number, a local bank account, and several other documents to buy a property and get a residence permit in Portugal. Our experts will take care of all paperwork.
- We are filing paperwork. The applicant may not be present personally at this step. We will receive the necessary certificates, fill out all the questionnaires for successful consideration and due diligence, and send them to the Portuguese Immigration and Borders Service (SEF).
- Case study. SEF takes 4-7 months to study the case and issue a “Golden Visa.”
- You are obtaining a residence permit in Portugal. You have real estate in Portugal, so all you need is to visit the country, submit biometric data, pay government fees and get your residence permit.
Only six steps and you are the Golden Visa holder. Now you may apply for second citizenship.
FAQ
What are the fees for obtaining and extending a residence permit?
The fee for getting a residence permit is ?5,173.70 for each applicant.
The fee for a residence permit extension is ?2,586.60 for each applicant.
Do I need to visit the country for registration?
There is no need to stay in Portugal during the residence permit process. Applicants need to visit the country only once to submit biometrics and receive resident cards.
Do I need to live in the country after receiving permanent residence to extend it in the future?
No, the residence permit extension in Portugal is possible if you spend only 7 days a year in the country.
What is the Portuguese passport ranking?
The Portuguese passport is ranked 4th (out of 100) in the 2018 Passport Ranking regarding movement freedom.
