What is Portugal’s Golden Visa?

After the economic crisis in 2008, finding a way to boost investment in Portugal was essential. They needed international buy-in to invest, live, work, and study in the country. This is when the Golden Visa programme was introduced. Although not quite the same as the infamous golden ticket or valuable golden goose, the Golden Visa is essentially residency through investment. The programme began in October 2012. Since then, over 10,000 people have been granted their Golden Visa in Portugal.

How Does It Work?

If you want the opportunity to become a permanent resident in Portugal, the Golden Visa is the way to do it. Portugal is so popular because the programme is so accessible. The programme allows you to achieve permanent residency in just five years. This is one of the quickest time frames in Europe.

To qualify, you must invest at least €280,000. This is roughly £236,600 or $283,600. This is one of the lowest minimum investment thresholds in Europe. For many of our clients this is through property, but it can be done via a variety of other pathways including capital investment and business.

The threshold increases depending on location. The minimum real estate purchase is €500,000 in limited to designated interior areas and €350,000 for the refurbishment of residential properties older than 30 years or in an area of urban regeneration, including the cost of renovations. So clearly there are specifics to be looked at if you are serious about applying.

Who Is Eligible For The Golden Visa?

The requirements to apply for a Golden Visa in Portugal are minimal but strict. The process takes 6-12 months to complete and can be mostly done online. It is important to note that applications are not cheap as there are processing and application fees to consider as well as any legal fees associated with your application. Currently, the application fee is €5,336.40 per person.

Any non-EU/EEA/Swiss national and to qualify you must:

·       Be at least 18 years old

·       Have a clean criminal record

·       Use funds that originate outside of Portugal

Once you have held a Golden Visa for five years, you can apply for permanent residency. If you have no outstanding tax payments in Portugal, kept a clean criminal record and can pass a basic Portuguese language test, you can apply to become a Portuguese resident.

Can UK Citizens Apply?

Yes. UK citizens became eligible on January 1st, 2021, as a result of Brexit. Now, people from the UK can acquire Portuguese citizenship by investment.

What Are The Benefits Of The Golden Visa?

For anyone who wants to live, work, or invest in Portugal, the Golden Visa is a great programme. Not only will you have the luxury of owning or renting a property in this beautiful country, but you will receive many other benefits too.

·       Who doesn’t love paying less tax? You will not need to pay any additional tax as long as you spend no more than 183 days in Portugal. If you do decide to become a tax resident, there are very good tax programmes that offer certain benefits and exemptions.

·       You’ll get freedom of movement with visa-free access to 188 countries.

·       Although many people do, you don’t have to move to Portugal permanently to take advantage of the Golden Visa programme. To keep your visa valid, the stay requirement is around 7 days per year or 14 days over 2 years.

·       Portugal has a beautiful landscape, affordable living, and high quality of life. It also has great public services including health and education systems, all of which you can access with a Golden Visa. You will need to purchase medical insurance to use state healthcare.

·       You can study and work anywhere and even start your own business.

If you are interested in investing in Portugal or applying for a Golden Visa, we can help. Our currency experts can make the most of your money. From saving money on exchange rates to handling mortgage payments, leave it to us to manage your overseas payments.

Information correct July 2022