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PORTUGAL GOLDEN RESIDENCE PERMIT

Portugal Golden Residence Permit Programme

Table of Contents

Background and Guide - Portugal Golden Visa Programme

The Portugal Golden Residence Permit (Portugal Residence by Investment Program) is designed to encourage investment from non-EU/EFTA nationals, who are High Net Worth Individuals. In 2023, the Portuguese Golden Residence Visa Programme offers a fast-track to obtaining a residency permit in Portugal for non-EU investors who invest a minimum amount as defined by law, in Portugal Property (Real Estate), Private Equity Funds or in Business.

Since the Portugal Residence by Investment Golden visa program started in 2012, more than 4,200 Portuguese Golden visas have been approved, representing more than €2.5 billion Euros investment in Portugal. The Portugal Golden Residence Permit financial investment requirements have been established to boost economies in less developed areas, as well as established and urban areas of Portugal.

In 2023, contact VisaConnect's specialist Consultants, together with our partner Portugal Lawyers, by telephone or complete the online Form or visit us in our offices in Brisbane, Australia, Singapore, Hong Kong, London, UK and Lisbon, Portugal for advice and assistance with your Portugal Golden Visa to obtain a Residency Permit in Portugal!

Why Invest in Portugal Business or Property, in 2023?

Lisbon, Portugal - Golden Visa      Tram in Lisbon, Portugal - Residence Permit

Requirements for Portugal Residence Permit for Investment (ARI / Golden Visa)

Portugal Residence Card
To be eligible for the Portugal Golden Visa (Portuguese Residency by Investment Programme), the applicant must meet at least one of the categories listed below:

Portugal Private Equity Fund - Features and Benefits

Portugal Private Equity Fund vs Portugal Residential Property
The main features of a Portugal Private Equity Fund are as follows:

Tax and Fiscal Advantages of Equity Fund

Portugal Investment Fund - Taxation Advantages
The Tax and Fiscal benefits of a Portugal Private Equity Fund are as follows:

1. Witholding Tax - Tax Exempt - Fund distributed Dividends to Non-resident Investors are Tax Exempt - No Witholding Tax.

2. Return of Capital - Tax Exempt - Return of Invested Capital to Investors is Tax Exempt.

3. Fund Capital Gains - Tax Exempt

4. Interest - Tax Exempt - Interests from Funds and Subsidiaries Finance to the Fund are Tax Exempt.

5. Tax Benefits of Investment over Purchase of Property - Purchase of Property requires the following taxes, which are not required for a Private Equity Fund: Municipal tax on transactions, Stamp tax, Municipal tax on Real Estate, Capital Gains tax and Income tax on rents.

Fund Team and Track-Record

EQTY Portugal Fund - Returns and Yield
The following factors are important considerations in choosing a Fund:

1. Leadership - Leadership Team should demonstrate extensive executive management experience within tier-1 private and public companies in markets such as venture capital, energy, water, banking, telecom’s, consulting and distribution.

2. Experience - 20 - 30 Years - Extensive experience within the venture capital market and key institutions.

3. Funds Managed - >€500 m - Funds managed directly by Fund Manager in previous Comapnies and Funds.

4. Returns of 15 - 20% - Average returns of previous funds under direct management by members of the executive management team.

Property Purchase in Lisbon and Porto Not Allowed after 1 January 2022

The objective of the law amendment of 22 December 2020, approved by Portugal's Council of Ministers is to increase foreign investment across the interior of Portugal, specifically in low-density regions. Previously, the majority of Golden Visa investment has been focussed within the main metropolitan hotspots, namely Lisbon and Porto and coastal regions such as the Algarve.

This new law means that Properties acquired for residential purposes after 1 January 2022 are limited to the Azores, Madeira or any of the interior regions of the country. Therefore, Applicant Investors looking to purchase a second home in the booming Lisbon and Porto residential market or in the coastal areas are no longer considered eligible under the Golden Visa law.

Note that Commercial properties in Lisbon, Porto, and Algarve (offices, stores, hotels) can continue to be considered as eligible investments.

New Amendments to the Portugal Golden Visa - effective from 1 January 2022

Portugal Golden Visa - Processing Timeline
Outlined below are amendments to the Portuguese Golden Visa Program regarding Investment amounts:

1. Capital Transfer of funds to Portugal equal to or above €1.5 million euros - Formerly, that amount was 1 million Euros.

2. The transfer of €500,000 Euros for the acquisition of participation units in investment funds or venture capital - Purpose is for incorporation of a commercial company with registered address in Portugal, together with the creation of five permanent jobs, or to reinforce the share capital of an existing commercial company with registered address in Portugal, with the creation or maintenance of a minimum of five permanent jobs and for a minimum period of 3 years.

3. The transfer of €500,000 Euros for incorporation of a commercial company with registered address in Portugal - This Investment amount was formerley €350,000. Also, the creation of five permanent jobs, or to reinforce the share capital of an existing commercial company with registered address in Portugal, with the creation or maintenance of a minimum of five permanent jobs and for a minimum period of 3 years.

4. The acquisition of Real Estate Properties - These Investment amounts have not been increased, and remain at least, €500,000 or, at least, 350,000 if the construction was completed, at least 30 years ago or is located within an urban rehabilitation area and rehabilitation works will be performed. However, since 1 January 2022, the Golden Visa can only be granted for housing purposes if the real estate asset is located within the Autonomous Regions of Azores or Madeira or in less densely populated areas, listed and identified in specific legislation.

Benefits of the Portugal Golden Visa

Processing Time for Portugal Private Equity Fund

Outlined below are the benefits of obtaining the Portugal Residence Permit (Portugal Golden Visa):

Step by Step Process - Portugal Golden Visa

Portugal Investment Fund - Process and Timeline
Outlined below are the Steps to obtain a Portugal Golden visa. Note that the Fees and Values listed below are subject to change:

1. Appoint a Visa Agency - VisaConnect - we provide personal and cusomized assistance to you including: finding a Portuguese Lawyer, assistance with Document preparation, Co-operation with the Portuguese Lawyer to expedite the process, Introduction to Portugal Funds or Properties, Checking and reviewing all Fund and Property Agreements, on your behalf, and assistance with Bank account opening and Golden visa application.

2. Appoint a Portuguese Lawyer - Your trusted Visa Agency will introduce you to experienced Portuguese Lawyers for you to select based on cost, service and personal connection. Sign a Power of Attorney with the Portuguese Lawyers and certify passports.

3. Due Diligence checks

4. Open a local Portuguese bank account and obtain a NIF (Tax ID Number).

5. Client Investor signs Funds document - and Fund Manager approves the Investor. Then the Investor transfers money from his overseas bank account to his new Portuguese bank account and then transfers the funds from his local Portuguese bank account to the Fund's account.

6. Make Fund or Property Investment (€ 500 K) - and retain investment in Portugal for at least 5 years. The Fund Manager and Depository bank issue declarations for the Golden visa application.

7. Gather all required documentation from country of origin - get documents legalized (e.g., with an apostille of the country of origin), translated into Portuguese, less than 90 days before the submission of the online application.

8. Gather required documentation in Portugal - along with proof of investment (Fund Subscription declaration).

9. Submit Application to SEF - Fill out, upload documentation and submit the Golden Visa application for Temporary Residency on the SEF website.

10. Include Family in Application -The main applicant can include their spouse, their children under 18 years old, their dependent adult children who are full-time students up to 26 years old and not married, dependent parents of either spouse, any other dependents (e.g. such as minor siblings) to their application.

11. Pay Application processing fee - Fee of €533.90 for the main applicant (plus €83.30 for each additional family member).

12. Pre-Approval from SEF - Wait until SEF sends a pre-approval- usually within 3 months from date of Golden visa application, and then schedule 1 in-person biometrics appointment (fingerprints, etc.) and bring the original documentation (done for each applicant).

13. Final Approval Payment - After the final approval a payment of €5,336.40 is due for each applicant.

14. Temporary Residency card is issued - valid for 1 year with 7 days mandatory stay. This initiates the Golden Visa 5 years term.

15. Renewal of Residence Permit - this process should be renewed (90 days before the current residence card expires) - 3 additional times, each time valid for 2 years with 7 days mandatory stay per year (or 14 days combined).

16. Renewal re-Processing Fees - during the renewal process, all the applicants will pay a re-processing fee of €533.90 for the main applicant (plus €83.30 for each additional family member), must redo their biometrics, provide up-to-date criminal records and pay an approval fee of €2,668.20 for each applicant.

17. Apply for Permanent Residency or Citizenship - after the 5th year, the applicant should do a 3rd Temporary Residency renewal and in tangent apply either for Permanent Residency or Passport/Citizenship (otherwise they may continue renewing the Temporary Residency every 2 years.

Supporting Documents for a Portugal Golden Visa

Lisbon, Portugal - Golden Residence Permit
Outlined below are the supporting documents that must be provided to the Portuguese Immigration and Borders Service (Servico De Estrangeiros E Fronteiras - SEF) for the Golden Residence Permit:

1. Passports - of all applicants, certified copies.

2. NIF and Bank Account details

3. Portugal Visitor or Business Visa - evidence of legal entry into Portugal, such as a Schengen visa.

4. Health Insurance - Minimum coverage of at least 30,000 EUR. It should cover all member states of the Schengen Area and cover any expenses which might arise in connection with repatriation for medical reasons, urgent health attention and/or emergency hospital treatment or death. Coverage should be for the length of the Residency duration.

5. Criminal Record Certificate - All applicants over 16 years of age. Issued from your Country of Residence, within the last 3 months, before applying. Applicants must have a clean criminal record - they should not have any criminal records in any country that they have previously resided in. Complete form to authorize SEF to retrieve Portuguese Criminal records.

6. Evidence of Dependent Children - evidence may include a University letter and confirmation of payment of tuition fees.

7. Receipt of payment of Visa Fees - payment of the Portuguese Golden visa application fees.

8. Documents showing a good standing - with the Portuguese Tax and Customs Authority and Social Security.

9. Evidence of having made the Investment in Portugal - Bank statement for financial investment, employment contracts for job creation or deeds of purchase for real estate investment or Fund Subscription Declaration.

Contact VisaConnect! - Portugal Golden Residence Permit and Buying Property in Portugal

For information about the Portugal Property (Real Estate) and how our Immigration Consultants and Portugal Lawyers can assist you, click on the following VisaConnect website pages:

Office Address and Telephone - VisaConnect Portugal

Contact VisaConnect's Consultants at our Lisbon, Portugal office below:

VisaConnect Portugal
Avenida do Atlântico, Nº 16, escritório 5.07,
1990-019, Parque das Nações
Lisboa
Portugal

Telephone: (+351) 304 501 939

Statistics 2021 - Portugal Golden Visa

Portugal Golden Visa - Statistics 2021

Comparison of Portugal Golden Visa Programme with Other EU Programmes

Portugal Golden Visa - Comparison with EU Programmes

Long Term Performance of Portugal Real Estate, Equity and Bond Assets

Long Term Performance of Portugal Real Estate, Equity and Bond Assets

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