Portugal Golden Visa program is now under quite high demand. According to the report of The Global Residence and Citizenship Programs 2017-2018, Portugal Golden Visa Program is world’s best residence by investment program. It is the third consecutive year for Portugal to be announced to have the top residence by investment program across in the world. The report uses ten indicators, namely: citizenship requirements, compliance, financial requirements, processing time and quality of processing, quality of life, reputation, taxation, time to citizenship, total costs, and visa-free access. From all these indicators, Portugal’s program achieved 79 points out of 100.
Within six and a half years of its launch, the program generated close to 4,5 billion Euros for the Portuguese government through investments, real estate sales, and creation of new jobs. There are many reasons for Portugal’s Golden Visa program’s success.
1- The Ability to Obtain Citizenship
Portugal Golden Visa program allows investors to receive Portuguese residence permits. One requirement for this is to be a non-EU national. Through Portuguese residence permit and being a legal resident in Portugal for at least five consecutive years, the investors have the opportunity to become eligible for a naturalization application. The program recently proved its promise to obtain citizenship after 5 years of legal residence. When the program came into effect in 2012, there were doubts about the accuracy of the path to citizenship. However, the first successful applicants of the program received their citizenship and confirmed the claim of the program. The holders of Portugal Golden Visa enjoy many privileges including the right to travel visa-free within the Schengen area.
2- Family Reunification
If one person in the family holds a residence permit, Portugal Golden Visa program allows their family to also gain access to a permanent residence permit and Portuguese citizenship in accordance with the legal provisions. They may also enter the country without a residential visa. Of course, it is a good idea to remember that even though the citizenship by investment program of Portugal does not require a substantial number of days of physical, continued residence; the applicant must still spend at least seven days in the country for the first year of residence to be able to renew his/her residency. After that, 14 days of residence over the two subsequent periods of two years each are required for the next renewals.
3- Economy and Real Estate Market on the Rise
Portugal’s growing economy offers a favourable environment for investors. According to the report of the Emerging Trends in Real Estate, Lisbon is the number one city to invest in. The report emphasizes on the observable shift towards the smaller cities in real estate investment within the European Union. The increase in demand for dynamic European cities shows in other sectors as well. Lisbon has been one of the most popular touristic destination in Europe for the last couple of years. Portugal’s economy is expected to grow above the EU average in the coming years.
4- Relatively Low Cost of Living
Portugal offers some of the lowest costs of living in the EU. Portuguese residents enjoy reasonable prices in many aspects including property, transportation, grocery, education and health care services. If you want to reach the European standards of living with affordable costs, then Portugal is surely one of the best options.
5- High Quality of Life
For an investor, financials are always crucial. In terms of market positioning, Portugal is geopolitically in a secure and reliable area. Situated in a critical location between Africa, Europe and the Americas –also being a European Union member- Portugal has strong relations with Brazil, Mozambique and other Portuguese-speaking markets.
Being quite developed in IT and infrastructure, Portugal offers opportunities in different sectors. Recently, Together with its incomparably low crime rates and amazing nature, the country is one of the most popular destinations for the tourist crowds in every season.
Following the crisis in 2010-2014, the Portuguese state introduced policies that encourage entrepreneurship to develop the country. Especially in the country’s capital, Lisbon, more than 2500 entrepreneurship companies were established recently. The city is rapidly changing towards becoming one of the main commercial centers in Europe, while offering a rare opportunity for real estate investors. Offering countless options for an investor and constituting an amazing alternative for citizenship by investment, it is not really shocking to witness the success of Portugal Golden Visa Program.