What is Portugal’s Golden Visa Program? How can you apply and What are its benefits?
Want to live in Portugal? Now is your chance to make this dream a reality by using Portugal’s golden visa program. The program that has been in place since October 2012 allows you to get a visa through investment, work, live and study here. Also, you get a chance to become a permanent resident of this beautiful country in mere five-six years. And who doesn’t want to live in Portugal? It’s safe and secure, with low-income tax and other benefits making it a dream country for anyone.
If you are interested in getting a golden visa and a chance to become a native of Portugal, here is how you can do it. The following blog focuses on the golden visa program, how to apply for the same, and its benefits.
What is Portugal’s golden visa program?
The residence permit program or Portugal Golden Visa Program is a five-year residency-by-investment program applicable to all non-EU nationals. The reason for this program is to get more investors in Portugal. It’s part of Portugal’s immigration scheme to invite investors to the country and increase its economy.
If the investor qualifies in the program, they and their family have the golden opportunity to work, live, and study in this beautiful country. Also, they can explore the Schengen states without any visa or permits.
The golden visa program was launched in October 2012 to invite international investors, needed due to the country’s economic crisis in 2008. Through this program, the nation has accumulated over 6 billion pounds. The best part about this program is, as we said above, you can become a permanent citizen of the nation in 5-6 years.
How to apply for the Portugal Golden Visa Program?
To apply for Golden Visa Program, the applicants can choose between three options:
Either create a minimum of ten new jobs OR give 500,000 EUR to increase the share capital of a firm registered in Portugal. Also, you need to develop or maintain five permanent jobs for three years.
Real estate purchase of a minimum of 500,000 EUR or 400,000 EUR (low-density area). OR
Real estate purchase of a minimum of 350,000 EUR for refurbishment. It is for residential properties older than 30 years and includes the renovation charges too. (280,000 EUR for low-density areas).
Minimum of 1.5 million EUR capital transfer in a Portuguese bank or other investments.
Minimum of 500,000 EUR for research activities. (National, scientific, and technological system)
Minimum of 250,000 EUR for supporting artistic production or maintenance/recovery of national cultural heritage.
After choosing any of these options, the company will determine if you are eligible or not by looking at your nationality, preferences, and financial situation. After that, they will arrange a trip for you to Portugal for you to see the options you have for yourself. They can help you get a Schengen visa too.
Eligibility for the visa
If you fulfill these requirements, you are eligible for the Golden Visa Program:
- Applicants need to be over 18 years old.
- Applicants need to make a massive investment (mentioned above) beneficial to the economy.
- The applicant should have no criminal records.
- The applicant should maintain the investment for at least five years.
- Applicants can only invest the money they owe.
The application process in a nutshell
- Onboarding: After you decide on the investment scheme, have all the paperwork for your dependents and yourself ready. The firm you are applying through will check, review, and submit.
- Bank account: To get a NIF (tax identification number) in Portugal, you will need a fiscal representation that the firm can help you with. Now, it’s time to open an account in a Portuguese bank for investment purposes.
- Investment: Follow the procedure to invest.
- Online application: The applicant has to lodge an online application now.
- Pre-approval: Pre-approval of the application comes.
- Biometric visit: After booking a visa interview for two months, you attend the biometric collection session.
Golden visa: After four months, you get a golden visa.
Benefits of Portugal Golden Visa Program
You get to travel visa-free.
With the Golden Visa permit, you get registered with the Schengen area central system. It allows you to travel within Europe permit free. Also, you can get Portuguese citizenship and a passport after five years. That allows the applicant to travel to 188 countries without a visa.
You get to work, live, and study.
With the Portugal Golden Visa, you can live, work, and even study in Portugal. However, with this visa, if you want to live in Portugal, having medical insurance is necessary.
You get to work anywhere in Portugal or even run a business with a work permit. For studying purposes, you can get admission to any school with a Portuguese curriculum. Also, there are American and British private schools too.
Applicants can live with family.
The applicant can apply for a golden visa for their family too. The process will happen simultaneously, and the eligibility is this:
- Children below 18 years of age
- Dependent children who are students under the age of 26
- Applicant’s parents, who are over 65 years of age.
The NHR program provides multiple benefits to people who apply for this visa. It includes:
- No paying of personal taxes for up to 10 years
- Most revenues profited outside of Portugal are exempt from taxes.
- No inheritance or wealth tax
When traveling or thinking about acquiring citizenship, people prefer a safe country. Thankfully, Portugal is the third-safest country, according to a recent poll. In addition, the crime rates are low here, making it a peaceful country for all.
The time is right now to invest in a residency project in Portugal and get your golden visa. With this, you can roam multiple cities and Schengen states without applying for a visa. Follow these tips to get your visa now.