Portugal Golden Visa Program has been the most popular residency by investment program in Europe, since its introduction in 2012. This program’s goal is to encourage foreign investors to invest in Portugal. Since the program’s inception, the overall investment amount has surpassed several billion euros, with over a thousand family applications received each year.
The program has been attracting Chinese, Turkish, Russian, and Brazilian citizens since the beginning. Nowadays, the program has started to attract Australian citizens, too, mostly because of current rules regarding the COVID-19 and strict lockdowns in their native country. This is why many Australians have started to look for ways of moving out of the country and live in Europe. Thanks to its easy application process and easy citizenship criteria, they’re choosing Portugal over other European countries.
Can Australian Citizens Get Portuguese Citizenship with Portugal Golden Visa?
Yes, they can. Australia allows dual citizenship and when you get your Portugal Golden Visa, you can be eligible for Portuguese citizenship only after five years. At the first stage, the program will grant you a temporary residency which is valid for two years. To maintain your status, you’ll be required to stay in Portugal for fourteen days in total in two years. With your Portugal Golden Visa, you can travel freely within the Schengen Zone. After these two years, you’ll be eligible to renew your Golden Visa. With this renewal, your residence permit will be valid for three more years.
When you complete this five-year period, you can be eligible to apply for citizenship. In order to obtain citizenship, you’ll be required to enter a basic Portuguese Language exam.
Golden Visa Program in Portugal
Portugal Golden Visa program is open to those who are not from the EU, EEA, or Switzerland. The age requirement is that you’re over 18. You’re also going to provide a clean criminal record to qualify.
The first step for a Portugal Golden Visa is to make a qualifying investment in Portugal. Real estate acquisition, fund investment, capital transfer, and some other options are available.
- Buy a property with a value of €500,000
- If it’s in a low-density area, the minimum investment amount drops to €400,000
- Buy a real estate property with a value of €350,000, which is older than 30 years and needs to be renovated
- If the property is in a low-density area, the minimum investment amount drops €280,000
- Subscribe to a qualifying Portugal investment fund
- Make a capital transfer of €1 million to Portugal
- Set up a company that creates a minimum of ten jobs for Portuguese citizens
- Complete an investment of €250,000 in the arts or in the refurbishment of national heritage projects in Portugal
Note that there are going to be some changes as of 1st January, 2022. For example, a residential property bought in Lisbon, Porto, and along the coast won’t qualify investors for a Portugal Golden Visa. Plus, the fund subscription investment amount will increase to €500,000.
Get Golden Visa: Who We Are and How We Can Help You
Get Golden Visa is a bespoke investment advisory firm. We help people get an additional residency and citizenship by making a qualifying investment through property acquisition, fund subscription, or other investment vehicles.
With our team of legal professionals in Lisbon and Porto offices, we offer our clients a tailor-made and transparent journey in their quest for Portugal Golden Visa through real estate acquisition and investment funds.
Contact us and talk to one of our experienced team members to help you with any and all your questions.
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Portugal Golden Visa: Advantages for Australian Citizens
Portugal Golden Visa holds many benefits to its applicants. We’ve listed some of them in this section.
Extend Your Golden Visa to Your Family
One of the most appealing parts of this program is that you can extend it to your family members as well. Your spouse and children under the age of 18 are covered by the reunion. It may also cover children above the age of 18 who are full-time students and financially dependent on you.
Live, Work, and Study in Portugal Freely
As a Golden Visa holder, you’re going to have the right to live, work, and study in Portugal. It also applies to your family members. This means that your children can benefit from the education system in Portugal.
Become an EU Citizen After Five Years
A huge highlight of the program is that it allows you to apply for citizenship at the end of five years. With your Portuguese passport, you can study, work, and stay anywhere you wish in the EU.
Spend Less on Living
The general cost of living in Portugal is less than it’s in Australia. According to the latest data provided by Numbeo:
- Consumer prices in Australia are 57.78 percent higher than in Portugal (without rent)
- Consumer prices including rent in Australia are 62.72 percent higher than in Portugal
- Rent prices in Australia are 75.90 percent higher than in Portugal
- Restaurant prices in Australia are 73.63 percent higher than in Portugal
- Grocery prices in Australia are 91.55 percent higher than in Portugal
Plus, if you decide to live in a smaller city or a town in Portugal, the costs will be less.
Travel Within Europe Easily
This is a huge benefit too if you’re going to live in Portugal full-time. As Lisbon is well-connected to the rest of Europe, you can travel more easily to different countries than you’d do from Australia.
Enjoy a Peaceful Life
Australia is known for its high quality of life, however, according to the current statistics shown in Global Peace Index, Portugal ranks 4th in terms of safety, while Australia ranks 14th. Portugal boasts a warm climate, too, as Australia does. So you’re going to get the sunshine you’re used to in Australia.
International Schools in Portugal
If you have children at school-age, note that there are many international schools in Portugal with different curricula, including American and British. The British School of Lisbon, International School Cascais, St. James Primary School are some of the famous ones. If you’re planning to live in Lisbon, you might want to check our Lisbon neighborhoods close to international schools article.