Portugal has had its share of hype, first with its natural beauty and quality of life and now with its charming visa programs. As per the US News and World Report, “Protugal’s appeal goes beyond its stunning landscapes and rich cultural heritage. It extends to everyday life, where the friendliness of its people and the ease of acclimatization make the country an exceptional choice for those looking for a new home away from home.”
The Portugal Golden Visa has also made its way to the top, ranking 10th for visa-free travel and 9th for quality of life. So, you see, it’s not just the people of Portugal who are hospitable and welcoming, but so is the government. In this guide, let us explore the many benefits of the Portugal Visa and the reason behind the hype it has created.
What is the Portugal Golden Visa?
Portugal Golden Visa is your ticket to this beautiful country. It is also known as the residence permit for investment activity and is designed for non-EU citizens. Launched in 2012, the primary objective of this program was to attract foreign investors, which it actually did, raising a splendid €7.5 billion.
And why not? Portugal is full to its brim with natural beauty, ranging from pristine beaches and stunning landscapes to delicious cuisine and amicable people to spend the rest of your life with. In addition to these, it gives you a high quality of life at a very affordable price. Could it get any better? Yes! You won’t even need to spend a lot of time in Portugal to acquire your residence permit, just SEVEN days.
If that makes you want to be a part of Portugal, you can find more on Global Residence Index about Portugal’s golden Visa program and its path to Portuguese citizenship.
Why Portugal Visa?
Of course, there’s more to life than those sparkling waters and stunning landscapes. So, let us discuss the actual benefits of the Portugal Golden Visa program. Read on.
Visa-free travel
First and foremost, you get to travel visa-free to 191 countries, along with access to the Schengen area. Undoubtedly, you get to live, work, and study in Portugal once you have acquired the Portugal Golden Visa after five years.
Tax Benefits
Unless you spend 183 days in Portugal, the tax implications are not for you. Even if, on the 184th day, you become a tax resident, the tax regime in Portugal is pretty favorable.
Public Service and Benefits
As said, you’ll be able to live, work, and study in Portugal once you have acquired the golden visa, and hence, you will have access to public schools and medical insurance, and you can even start your own business.
Family Reunion
As an applicant, you can sponsor your spouse, your children below the age of 18, or even your unmarried dependant children below the age of 26, and your parents aged above 65.
High standard of living
Portugal boasts a high quality of life at an affordable price, which is a dream for many. This is one of the additional benefits worth an investment because, apart from the scenic beauty, temperate climate, and prestigious schools, you get everything at an affordable price.
Path to Citizenship
Portugal’s Golden visa will serve as a route to citizenship in Portugal. After five years of residency, you might eventually be granted citizenship in Portugal.
Note: In addition to these, the Portuguese government has made an applaudable move with respect to the five-year residency period. Previously, the investors had to wait for as long as two years to get their residency permit, after which their 5-year residency requirement started. However, as per the latest update, your five-year term requirement starts as soon as you submit your residency application, saving two years of your waiting time.
Investment Options
Portugal no longer allows investments in the real estate sector and instead has the following options for its investors:
Fund Subscription
You may invest a minimum amount of €500,000 in a qualifying Portuguese fund, which includes Private Equity and Venture Capital funds in Portugal but excludes any fund that may have direct or indirect real estate ties.
Donation
You can invest a minimum of €250,000 in preserving the national heritage in Portugal or an investment of at least €500,000 in the research and development activities in Portugal.
Company
Here, you can either create ten new full-time job opportunities in a Portuguese business while you are the owner or create at least eight full-time job opportunities in a Portuguese business in a low-density area, which is also owned by you.
If you do not intend to start your own business, you can invest a minimum amount of €500,000 in an existing Portuguese business, and the said business must also create five full-time job opportunities for three years.
Conclusion
Though Portugal no longer accepts real estate investments, the visa program has not lost its charm and remains one of the most attractive citizenship-by-investment programs in the world. With its mesmerizing scenic beauty along with affordable cost of living, it makes itself more appealing.
However, one must ensure that they have done thorough research on the said country before taking a step further. Also, this article might not reflect the recent changes made in the visa program. Hence, it is crucial for investors to be aware of the latest updates.
DISCLAIMER
This article is for informational purposes only.
Investments may not be suitable for all investors. If you have any doubts as to the merits of an investment, you should seek advice from an independent financial advisor.
An investor may get back less than the amount invested. Information on past performance, where given, is not necessarily a guide to future performance.
