Portugal Golden Visa Program in 2020
Portugal will continue to offer its highly advantageous Golden Visa in 2020 and foreign investors will likely keep flocking towards it. Every parameter shows that Portugal’s Golden Visa programs are still highly profitable for both the Mediterrenean country and its many foreign investors.
Portugal Golden Visa in a Glance
It is quite straightforward to receive residency in Portugal through an investment in its real estate market, which is known as a Golden Visa program. If the foreign investor buys a Portuguese property that costs at least 350.000 Euros they will be eligible for the Golden Visa program. One can also invest 350.000 Euros to a Portuguese research fund, transfer a total of 1.000.000 Euros as capital, or create an establishment that employs at least 10 Portuguese to be eligible for the same program. Amidst all this however, real estate option seems to be the best option as thanks to the robust real estate market in the country returns on that investment are always high.
What is a Portugal residency in 2020?
Portugal is a highly developed European country with state-of-the-art medical facilities and plenty of opportunities to get some of the best education on the world. It is a part of the EU thus getting residency in Portugal means being eligible to live and work in many more countries that share the Schengen area. Moreover, Portuguese passport is one of the best in the world and if you do end up acquiring it you can travel to 164 countries without a visa. Taxation system within Portugal allows your income outside Portugal not to be taxed there as well, which is always good news for avid foreign investors.
Why will Portugal Golden Visa be a good option in 2020?
Portugal is almost completely recovered from its crisis back in 2008. This means that soon enough its ever growing real estate market will come to a halt or start growing slowly. But that time has not come yet. Portuguese real estate market is still a booming one and professionals argue that it will remain so in 2020. Buying a house in Portugal for a Portuguese residency as early on as possible in the year can yield a lot of profits to its investor even at the end of the year, after a mere 12 months. It would be wise to make use of this program while it still exists and reserve your own spot in Portugal.
What is golden visa scheme?
Golden visa schemes are programs offered by many countries around the world which offer residency in exchange for substantial investment in one or several destinations designated by the government of the particular country. If the applicants manage to submit all the required documents and qualify after an evaluation process, they and potentially their dependents are granted residence permit for a limited amount of time. Some programs, as a result of successful compliance with all the rules for a period of time, may grant the right to apply for permanent residency or citizenship.
How can I get PR in Portugal?
One of the programs that offer permanent residency after a while is the Portugal Golden Visa Program. After successfully obtaining the Portuguese residence permit, the holder should renew their visa at the end of the first and the third years. After 5 years of residence, provided that all the requirements have been met by the resident, the visa holder can apply for permanent residency.
Who is eligible for a Portuguese passport?
Initially, the applicant must be over 18 years old. They must be non-EU/EEA nationals. Since the path to Golden Visa is through a residence by investment scheme, there must be an investment made in compliance with the rules and designations set by the program’s provider. The source for income, the criminal records of the applying individuals, all the financial activities must be clearly reported during the submittal of documents. After this investment is made, failing to comply with the residency requirements may result in withdrawal of the permit or the passport.
How can I get Portuguese citizenship?
Portugal Golden Visa does not grant direct citizenship. The investors must first successfully complete substantial investments in designated areas and maintain their compliance with all the rules throughout the 5 year period needed for the right to apply for naturalization. Only after 5 years of successful residency, residents can apply for Portuguese citizenship. It is best to keep in mind that the citizenship requires basic knowledge of Portuguese.
Does Portugal allow dual citizenship?
Portugal allows dual citizenship. So, residents on a path to citizenship do not have to worry about this. However, if the original country of citizenship does not allow dual citizenship, the applicant may have to resign that passport in order to be able to be granted Portuguese citizenship. It is a good idea to check this information before starting the process towards Portuguese citizenship.