The Golden Visa Program in Portugal has been one of the most attractive residency by investment programs in the world since its creation in 2012. Originating as an initiative to stimulate foreign investment in the country, the program has already attracted over 7 billion euros in investments to Portugal. It is one of the most practical and expedient ways to obtain residency authorization in a European Union member country, allowing individuals to enjoy the benefits of living, working, and studying in Portugal, as well as free movement within the Schengen Area.
In 2023, the program underwent changes that are currently being processed in the Portuguese congress. Further alterations are on the horizon. In this article, we will delve into what the Golden Visa Program is, its benefits, requirements, and its current status, as well as potential future changes.
What is the Golden Visa Program (ARI) in Portugal?
The Golden Visa, officially known as ARI (Authorization for Residency by Investment) by the SEF (Immigration and Borders Service of Portugal), is a five-year residency by investment program for non-European Union citizens. The residency permit grants the right to live, work, and study in Portugal, as well as allowing free movement within the Schengen Area.
The program requires the foreign investor to make an investment in Portugal, which must be maintained in the country for a minimum of 5 years.
Another major advantage of the Golden Visa Program, under the current rules, is that it only requires the interested party to stay in Portugal for 7 or more days in the first year of the program and 14 or more days in the subsequent years. This means there is no requirement to live in Portugal or spend long periods of time there. However, this rule is currently under review by Portuguese authorities and may be subject to change at any time. We will discuss the proposed changes by Portuguese authorities in this article.
After the 5-year period of the program, it is possible to apply for Portuguese citizenship.
Benefits and Advantages of the Golden Visa Program in Portugal
The program offers several benefits to individuals who choose to invest in Portugal. Here are some of the advantages of obtaining a Golden Visa:
- Residency Permit: The Golden Visa provides a residency permit, allowing non-EU citizens and their families to live, work, and study in Portugal.
- Visa-Free Travel: With a Golden Visa, individuals can travel freely within the Schengen Area without the need for additional visas.
- Path to Portuguese Citizenship: After holding a Golden Visa for a certain period of time, usually five years, investors may be eligible to apply for Portuguese citizenship and obtain a Portuguese passport.
- Flexibility: The Golden Visa program does not require individuals to reside in Portugal continuously. Investors can maintain their residency by spending a minimum of seven days per year in the country.
- Family Reunification: The Golden Visa extends to immediate family members, including spouse, children, and dependent parents, allowing them to also benefit from residency in Portugal.
- Real Estate Investment Opportunities: The program offers various investment options, including real estate acquisition. Investors can choose to invest in residential or commercial properties, promoting economic growth and expanding the real estate market in Portugal.
- Schengen Visa Facilitation: The Golden Visa holders can enjoy facilitated procedures when applying for Schengen visas for other Schengen Area countries.
- Access to Public Services: Golden Visa holders have access to public services, such as healthcare and education, similar to Portuguese citizens.
It’s important to note that the specifics of the Golden Visa program may vary over time, and it’s advisable to consult with legal professionals or official sources to obtain the most up-to-date and accurate information.
Qualification Requirements and Criteria
The qualification requirements and criteria for the Golden Visa program in Portugal include the following:
- Investment Options: Investors must choose one of the eligible investment options to qualify for the Golden Visa. These options include real estate acquisition, capital transfer, job creation, scientific research, or cultural heritage contribution.
- Minimum Investment Amount: The minimum investment amount varies depending on the investment option chosen. For example, the minimum investment in real estate can range from €280,000 to €500,000, depending on the property location and condition.
- Clean Criminal Record: Applicants and their family members over the age of 16 must provide a clean criminal record from their country of residence.
- Health Insurance: Investors must have valid health insurance that covers Portugal or obtain Portuguese public health insurance.
- Funds from Legal Sources: The funds used for the investment must come from legal sources and be fully traceable. Documentation proving the origin of funds will be required.
- Residency Requirement: While the Golden Visa program does not require continuous residency, applicants must spend a minimum of seven days per year in Portugal during the first year, and a minimum of 14 days per year in subsequent two-year renewal periods.
- Compliance with Immigration Laws: Applicants must comply with all Portuguese immigration laws and requirements throughout the application process and residency period.
It’s crucial to note that the Golden Visa program’s requirements and criteria are subject to change, and it is advisable to consult with legal professionals or official sources to obtain the most up-to-date and accurate information before applying.
Eligible Investments to Obtain the Visa Gold in Portugal
To obtain a Golden Visa in Portugal, there are several eligible investment options available. These include:
- Real Estate Investment: Investing in real estate is one of the most common options. It involves purchasing properties with a minimum value of €280,000 to €500,000, depending on the property location and condition. Properties can be used for residential, commercial, or tourism purposes.
- Capital Transfer: Making a capital transfer of at least €1 million into a Portuguese bank account is another investment option. This can include investments in shares of Portuguese companies, government bonds, or bank deposits.
- Job Creation: Creating a minimum of 10 full-time jobs for Portuguese citizens is an eligible investment option. This option is typically more suitable for those looking to establish or expand businesses in Portugal.
- Scientific Research: Investing at least €350,000 in scientific research conducted by public or private institutions in Portugal is another qualifying option. This investment aims to promote innovation and development within the country.
- Cultural Heritage Contribution: Making a minimum investment of €250,000 in the restoration, preservation, or promotion of Portuguese cultural heritage is an eligible investment option. This can include supporting projects related to arts, culture, and national heritage.
It’s important to note that the investment amounts and specific requirements may vary, and it’s advisable to consult with legal professionals or official sources to obtain the most accurate and up-to-date information regarding the eligible investments for the Golden Visa program in Portugal.
Application Process and Required Documentation for the Golden Visa
The application process for the Golden Visa in Portugal involves several steps and requires specific documentation. Here is an overview of the process and the required documents:
- Engage Legal Representation: It is recommended to engage the services of a qualified legal representative who specializes in Golden Visa applications to ensure a smooth and successful process.
- Investment Selection: Choose the eligible investment option that best suits your goals and financial capabilities, such as real estate acquisition, capital transfer, job creation, scientific research, or cultural heritage contribution.
- Due Diligence and Funds Preparation: Ensure that your funds for the chosen investment option are prepared and available from legitimate sources. Be ready to provide all necessary documentation and evidence to prove the origin and legality of the funds.
- Application Submission: Submit the Golden Visa application along with all required documentation to the Portuguese Immigration and Borders Service (SEF) or through an authorized representative.
- Biometric Data Collection: Once the application is accepted, you will need to schedule an appointment to provide biometric data, including fingerprints and a photograph, at a SEF office or a designated location.
- Residency Permit Issuance: If your application is approved, you will receive a residency permit, allowing you and your family members to reside in Portugal.
Required Documentation:
The specific documentation required may vary depending on the chosen investment option, but typically, the following documents are necessary:
- Valid Passport
- Completed application form
- Proof of legal entry and stay in Portugal (if applicable)
- Proof of health insurance coverage in Portugal
- Criminal record certificate from your country of origin or residence
- Evidence of the chosen investment option, such as property purchase agreement, bank statements, employment contracts, research project details, or cultural heritage investment plan
- Proof of financial means to support yourself and your family in Portugal
It is crucial to consult with legal professionals or official sources to obtain the most accurate and up-to-date information on the application process and required documentation for the Golden Visa program in Portugal.
About CAP International
If you are considering the Golden Visa program in Portugal, we can provide you with access to a network of trusted lawyers and accountants who specialize in Golden Visa applications. Contact us today to explore the opportunities that await you and embark on your journey to obtaining the Golden Visa in Portugal.
CAP International is a full service global brokerage firm spealizing in Portugal. If you are interested in buying a property in Portugal, call us today: Click here to start the conversation now via WhatsApp (My name is Bruna Barros).