PORTUGAL GOLDEN VISA - RESIDENCE PERMIT BY INVESTMENT IN 2020
Portugal Golden Visa Programme - Background
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 2020, 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) or 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.
Contact VisaConnect's specialist Consultants, together with our partner Portugal Lawyers, in 2020, for advice and assistance with your Portugal Golden Visa to obtain a Residency Permit in Portugal!
Why Invest in Portugal Business or Property?
- Safe Country - Portugal is a safe, stable economy and country in which to live and invest
- English Speaking - English is widely spoken in Portugal. Generally, Portuguese people speak fluent English. Studies have highlighted that when English speaking levels are assessed at a global scale, Portugal ranks 15th out of 70 countries
- EU Member Country - Portugal is a Member of the European Union, since 1986, which allows for free movement of people, goods, services, and capital within the internal market. In addition, Portugal has access to the Schengen zone, in Europe. Portugal was one of the first countries to adopt the Euro currency, on 1 January 1999
- Mild Climate - Portugal enjoys a mild climate all year round, with temperatures rarely dipping below 5°C in winter. Summers are hot and sunny, especially in the south, with an average July temperature in the Algarve of 24°C
- Portugal Ranks 3rd in the Global Peace Index - In 2019, Portugal is considered one of the most peaceful countries to live and work in
- Lisbon - Capital City - Lisbon is in an excellent European location, with 5 airports, and has a spectacular shoreline, captivating scenery of seven hills and rich heritage. It is a walkable city, with a relaxing vibe, and has free museums, including: Gulbenkian, Jardim do Principe Real, Jardim de Estrella, Martin Moniz, Miradouro de Nossa Senhora do Monte
- Technology - High speed optic fibre internet is available across Portugal, and wifi is easily available
- Major Companies are Based in Portugal - Microsoft has based their Language Development Centre in Portugal. Also, EDP, the energy provider in Portugal, is the 4th largest company in wind power and the biggest company in the energy business, within the Iberian Peninsula
- Culture and History - Portugal possesses 14 sites registered at UNESCO, including the cultural landscape of Sintra, Porto's historic centre, Luiz I bridge and the Serra do Pilar or Hiéronymites monasteries, and the famous Belém tower
- Beautiful Landscape - Located on the Atlantic Coast, Portugal has some stunning landscapes. Its western coastline has intriguing rock formations that soar out of the water below. Further inland there are mountain ranges such as Serra da Estrela and Serra de São Mamede, plus national parks and nature reserves, beaches on the south coast, and the volcanic islands of Madeira and the Azores
- Food and Drink - Portugal has a great selection of fish and seafood right on its doorstep. Portugal has many native wine grapes in its vineyards and is home to the famous fortified wine known as port. You can enjoy some unique gastronomical delicacies in Portugal, such as pastéis de nata (custard tart)
- Golf Courses - Living in Portugal is heaven for golfing enthusiasts. It is home to what are often described as the best courses in Europe or even the world! The top-rated courses include Monte Rei, Oitavos Dunes and Oceanico
- Low Cost of Living - Most expats consider the cost of living to be lower in Portugal than in their home countries. This is most evident in terms of grocery shopping, eating in restaurants and rent prices
- Portugal's Property Market - As at 2019, "In Lisbon, construction and reconstruction projects have proliferated. The whole city centre has practically been renovated,” said Nadezhda Yakimenko, Managing Partner of the Cascais Real Estate Agency. She added that foreigners currently account for some 90% of all property buyers in Lisbon. Across the country, residential property prices have increased by 8.5% since March 2013. Financial database Trading Economics predicted that Portugal property prices are expected to increase by 4.5%, in 2020.
- Healthcare - A World Health Organization (WHO) ranking of global healthcare systems places Portugal’s at number 12. The National Health Service of Portugal (Serviço Nacional de Saúde) is available to citizens as well as both temporary and permanent residents
- Excellent Universities - The Universidade NOVA de Lisboa earned a place in the QS ranking of the world’s top 50 universities under 50 years old, the Universidade Católica Portuguesa (UCP) has a world-class Masters in Management, and the Faculty of Architecture of the University of Porto (FAUP) is a leading European architecture school
- Increasing Tourism Numbers - In 2017, Portugal won over 2,000 international awards from different areas of tourism, including the World Travel Awards as the Best Tourism Destination in the World. According to official statistics there were 20.6 million visitors in 2017, up 8.9% on 2016
- Gross Domestic Product - GDP is projected to rise by around 2% a year between 2018 and 2020. In 2019, Employment has picked up and the unemployment rate has fallen from 17% to below 7%. Over the same period, the economy has increased its reliance on renewable energy sources, such as wind power
Portugal Golden Residence Permit - Investment Requirements
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:
- Capital transfer of at least 1 million Euros into Portugal
- The creation of at least 10 job positions in Portugal
- The purchase of real estate property in Portugal worth at least 500,000 Euros
- The purchase of real estate property in Portuguese urban regeneration areas at least 30 years old to the value of at least 350,000 Euros
- Investment of at least 350,000 Euros in scientific research in Portugal
- Investment of at least 250,000 Euros in Portuguese arts, culture and heritage
- Investment of at least 500,000 Euros in small and medium businesses in Portugal
Property Purchase in Lisbon and Porto Not Allowed after 31 December 2020
The Portugal Executive, on express instructions from the Prime Minister, decided that they want to comply with everything that was agreed with Block and PCP in this year's Budget. The measure to end Golden Visa applications through purchase of Real Estate (Property) in Lisbon or Porto, was foreseen in the State Budget for 2020 in the form of legislative authorization, but was postponed because of the pandemic. However, now the Executive will accelerate the process.
This new rule, which should be ready by the end of the year, means that foreigners wishing to acquire a residence permit in the country through an investment in real estate must do so outside the country's major centers (Lisbon and Porto). Visas will only be issued to those who purchase property in regions in the interior of Portugal.
Benefits of the Portugal Golden Visa
Outlined below are the benefits of obtaining the Portugal Residence Permit (Portugal Golden Visa):
- Permanent Free Entry to Portugal and the Schengen Area - Free Movement in Portugal and the other 25 Schengen Area countries
- Freedom to Live, Work and Study in Portugal
- Flexible Residence Requirements - The minimum stay requirements are 7 days in the first year and 14 days during each of the two subsequent 2-year periods, whether or not consecutive.
- Become a "Non-Habitual Resident" of Portugal for Tax Purposes - Anyone residing in Portugal for 183 days or more during a single calendar year must pay taxes in Portugal on worldwide and local income. Non-residents – those who reside in Portugal fewer than 183 days per year – are not required to pay tax on worldwide income.
- Eligible for Permanent Residence - After 5 years of having made the initial investment, the applicant can apply for Portugal Permanent Residence
- Acquire Portuguese Citizenship - Option to acquire Portugal Citizenship by Investment and Portugal Passport and obtain all rights of an EU National, after 5 years of having made the initial investment
- Dual Citizenship - You do not need to renounce your previous nationality to become a Portuguese citizen.
- Portugal Passport is Ranked 5th in the World - The 2019 Passport Index ranks the Portugal Passport as 5th most powerful passport in the world, and it allows visa free access to 185 countries worldwide
- Family Residency - The Applicant's family members are eligible for Residence, including: the spouse or partner, under-aged or dependent children and dependent parents
- Fast Processing Time - 3 to 6 months until the Golden Visa application is approved, and the Residence Card is issued for an initial period of 1 year, and renewed for periods of 2 years
Supporting Documents for a Portugal Golden Visa
Outlined below are the supporting documents that must be provided to the Portuguese Immigration and Borders Service (SEF) for the Golden residence Permit:
- of all applicants
2. Portugal Visitor or Business Visa
- evidence of legal entry into Portugal, such as a Schengen visa
3. Health Insurance
4. Criminal Record Certificate
- All applicants over 16 years of age. Issued from your Country of Residence, within the last 3 months, before applying
5. Evidence of Dependent Children
- evidence may include a University letter and confirmation of payment of tuition fees
6. Receipt of payment of the Portuguese golden visa fees
7. 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
Portugal Property and Citizenship
For information about the Portugal Property (Real Estate) and Portuguese Citizenship eligibility criteria, and how our Immigration Consultants and Portugal Lawyers can assist you, click on the following VisaConnect website pages:
PORTUGAL GOLDEN VISA – RESIDENCE BY INVESTMENT PROGRAM – PORTUGAL RESIDENCE PERMIT - LAST UPDATED: December 4, 2019