Portugal Golden Visa Program’s inception dates back to October of 2012. The Portuguese government essentially introduced it to contribute to the country’s wealth. In Europe, the program acts as the pioneer of residency by investment programs. Countries with stagnant economies –especially with stagnant real estate markets- frequently resort to this option of introducing a residence or citizenship by investment program. These programs generally require the applicants to make a substantial investment in real estate.
Portugal Golden Visa scheme, however, employs many options for its prospective applicants around the world. For investors seeking different methods to choose from while applying for one of these schemes, Portugal Golden Visa Program has no shortage of options. The costs and returns on investment vary depending on the investment methods of choice.
How Much Does It Cost to Invest in Portugal for Citizenship?
In this method, the investor transfers at least €1 million to Portugal. They might choose to follow these different routes:
- A bank deposit.
- The purchase of a shareholding in a Portuguese company or the incorporation of a single-member private limited company having a paid-up share capital of at least €1 million; the subject company is then free to invest the capital freely.
- The purchase of Portugal sovereign debt instruments.
- The purchase of Portugal traded securities.
The investors may choose to invest in Portuguese property of at least €500,000. They may choose to invest as an individual or as a joint legal entity. If the property is in a “low-density area,” the minimum requirement gets reduced to €400,000.
Real Estate and Rehabilitation
The investors may choose to invest in Portugal property that is in need of rehabilitation and restoration. In this case, the minimum requirement gets decreased to €350,000. The property either has to be built more than 30 years ago or has to be located in a designated area of urban rehabilitation. If the property is in a “low-density area,” the minimum requirement gets reduced to €280,000.
Investors might prefer to create a business that creates ten new permanent jobs. The number gets decreased to 8 if the business in a “low-density area.”
The investors may select the option to invest €350,000 in scientific research that is conducted by accredited institutions that are part of the national scientific and technological system. If the project is in a “low-density area,” the amount gets decreased to €280,000.
The investors can also invest at least €250,000 in the artistic production or the recovery or maintenance of the national cultural heritage that is conducted by accredited institutions. If the contribution is made in a “low-density area,” the minimum requirement gets decreased to €200,000.
The investors might choose to invest at least €500,000 in units of a Portuguese fund that invests in the share capital of small or medium-sized businesses.
How long do you have to live in Portugal to become a citizen?
To be able to apply for Portuguese citizenship, one has to reside in the country for at least five years. If the application is through marriage, this period is reduced to three years.
How long does it take to obtain Portuguese citizenship through Portugal Golden Visa Program?
In 2018, the Portuguese government changed the Portuguese Nationality Law and reduced the required period of residency to 5 years from 6 years. Therefore, the residents that acquired the right to reside through Portugal Golden Visa can obtain citizenship after five years of residence.
Which countries can I travel to with a Portuguese passport?
Portuguese Golden Visa has significant travel advantages. An average European Union passport provides its holder with visa-free travel to at least 150 countries around the world. As a European Union country, Portugal certainly has its perks in terms of visa-free travel. Portugal residents can travel freely to all the EU countries and the Schengen Area.
Can I work in the UK with a Portuguese passport?
United Kingdom’s situation with the European Union is kind of blurry at the moment, but the Portuguese passport allows its holder to live, work, and study in any EU country.
Can I work in Canada and the USA with a Portuguese passport?
Portuguese passport grants visa-free travel to Canada, but to be able to work, passport holders go through a different application process. A trip to the USA needs a visa since Portugal citizenship does not grant that. Because these countries are not EU members, working in these countries requires separate permits.
Can I travel visa-freely to the USA and Canada with a Portuguese passport?
Portuguese passport grants his holder the right to freely travel to and from Canada, but not the USA.
Does Portugal allow dual citizenship?
Portugal allows dual citizenship, but if the applicant’s home country does not allow it, the applicant may have to renounce their citizenship of their own country.
How strong is Portuguese passport?
To start with, Portugal is a European Union country, meaning that holding a Portuguese passport grants its holder the right to live, study and work in the EU. The country is ranked 18th according to the Passport Index. In terms of visa-free travel, it is one of the strongest passports in the world.
After I obtain Portuguese citizenship, do I have to maintain the property or am I allowed to sell it and keep the citizenship?
Yes, after the Portuguese citizenship is granted, the owner is allowed to sell the property or hold it.
Can I include my children – later on?
Portugal Golden Visa allows entrance to the country without a visa. It grants the right to live and work in Portugal, and to bring the resident’s family into the country. If one person in the family holds a residence permit, Portugal’s 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.