Portugal Golden Visa Grants Citizenship, Confirmed
Portugal Golden Visa Program erased all doubts, as the first batch of investors become Portuguese citizens. Being selected the top Golden Visa Program around the world countlessly, the first citizens of the program consolidate the success of the program.
Before the first citizens confirmed through the Portugal Golden Visa there was widespread speculation regarding the program. Investors were questioning if it is possible to become a Portuguese citizen through the Golden Visa without being a real resident. Now, the reports confirm that gaining the Portuguese passport through this citizenship by investment program is not a fairy tale.
IS IT POSSIBLE TO OBTAIN PORTUGUESE CITIZENSHIP WITHOUT BEING A REAL RESIDENT?
Until recently, Portuguese citizenship was required for its applicants a minimum one year hold of permanent residency. Also, permanent residence permit required a 5 year of legal residency.
According to the Portugal Golden Visa program, the residents receive a temporary residence permit for one year. In the first year, the residents have to spend a minimum of seven days in the country. Then, the residence permit is renewed to be valid for two year. After the third year of residence, the residence permit is renewed for two years for the second time. At the end of the fifth year, the Golden Visa holder becomes eligibile to obtain a permanent residence. This means that an investor could only apply for citizenship 6 years after their initial acceptance to the program.
After the recent amendments, any applicant with five years of legal residency qualifies for the citizenship application. Therefore, the outcome would only be clear after five years of the program’s beginning, which was in 2013. First applicants of Golden Visa Program were qualified to apply for Portuguese citizenship in 2018. They obtained Portuguese citizenship without being a real resident in the country. It was really important to clear there is no requirement of being tax-resident (minimum 183-day stay requirement) in Portugal to qualify for citizenship. Now is the time to erase all doubt.
COMPARING THE EASE OF PROCESSING
The doubt surrounding Portugal Golden Visa Program was the result of disappointing precedent examples. The UK had a similar program with demanding requirements for naturalization. The applicant must not have been absent from the country for more than 450 days during the five years of residency. In the final year of residency, the limit is 90 days. In addition, the applicant’s continued residence does not provide eligibility to their family members. Each member of the family is expected to fulfill their own requirements.
PORTUGAL GOLDEN VISA ADVANTAGE
Portugal Golden Visa Program grants permanent residence permits and the right to qualification for citizenship after five years of legal residence. However, the real difference is their period of physical residency which is just a minimum of 35 days in five years. Also, once the initial five years are complete, the applicants have the option to free themselves from these requirements, too.
The citizenship by investment industry has all that it hoped for now that Portugal Golden Visa Program proved itself to be what it claimed. Now that the uncertainty and the doubts are all dispersed, the applicants can be relieved and new applicants can safely take action.