Portugal’s Golden Visa scheme is one of the most popular in Europe thanks to the benefits and flexibility including various investment options, minimal requirement to spend time in Portugal and ability to apply for permanent Portuguese residency after just five years to name a few.
If you’re interested in finding out more about applying for a Golden Visa in Portugal read our frequently asked questions below!
What are the advantages of a Portuguese Golden Visa?
Ultimately having a Portuguese Golden Visa grants you many of the same rights as a Portuguese resident: the right to live and work in Portugal without needing a special visa; access to the healthcare and education system; free travel in the Schengen area etc.
The Portuguese Golden Visa also allows you to bring your family members with you, including your spouse, children who are dependents (i.e. single, in education and being supported by you) and parents who are dependent on you. In principle, parents aged 66 and over do not need to prove dependency, though this can vary from case to case.
After five years it’s possible to apply for permanent residency and citizenship in Portugal, if you wish, offering the ability to freely live, work, study and travel in any country within the European Union. Portugal’s favourable tax regime might be another incentive to apply for permanent residency.
Who can apply for a Golden Visa in Portugal?
Any adult citizens outside of Portugal and the EU/EFTA are eligible to apply for a Portuguese Golden Visa providing they can meet the following criteria:
- No criminal conviction carrying more than a one-year prison sentence
- No ban from entering the Shengen Zone
- Make an investment into Portugal (see further details on investment options below);
- Spend a minimum of seven day in Portugal in the first year of investment;
- Spend a minimum of 14 days in Portugal every two years thereafter.
The investment can either be made an as individual or through a company, providing that you are the sole owner of the company. The company must be based in Portugal.
What investment options are available?
There are a number of investment options available for those seeking a Portuguese Golden Visa. The most commonly sought opportunities are the following:
- Invest in property worth at least €500,000
- Reduced investment of €350,000 into property requiring renovation – the property must be qualified and approved by the Serviço de Fronteiras e Estrangeiros (SEF)
- Transfer of capital of at least €1,000,000
- Creation of at least 10 jobs.
How do I apply for a Portuguese Golden Visa?
The application for a Portuguese Golden Visa should be submitted online, and, once approved you’ll be invited for a face-to-face interview by the SEF.
Although the application process is not necessarily complicated, a lot of documentation must be gathered from both the applicants home country and Portugal. Foreign documentation (i.e. not issued in Portugal) will also need to be notarised and legalised and anything that’s not in Portuguese will also need to be translated. So, it strongly advisable to instruct a legal professional to assist with your application to ensure that all the documentation is completed accurately.
It’s also necessary to obtain a Portuguese fiscal number (NIF number) and set up a bank account, which a Portuguese lawyer can assist with if you are not present in Portugal.
The application process typically takes five to six months; however, this can vary depending where it is lodged. For instance, if an application is lodged in Lisbon it can take up to a year, due to the high volume of applications.
How much does it cost to apply for a Golden Visa in Portugal?
The Government fees for an application are €5324.60 per person, plus renewal fees every two years charged at €2666.30 per person. There is a processing fee of €532.70, plus €83.10 for additional family members, on submission of the application for Portugal’s Golden Visa. Processing fees are also applicable in relation to the renewals every two years.
Furthermore, applicants should budget for the additional costs associated with a property purchase in Portugal, including, lawyers’ fees, notary fees, purchase taxes etc. We recommend budgeting 10-12 per cent of the property purchase price.
For more information about applying for a Golden Visa in Portugal or for legal assistance with an application contact Worldwide Lawyers on 01244 470339 or email email@example.com.
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*The information provided is intended as general guidance only for those considering applying for the Golden Visa in Portugal and is not a substitute for specific legal advice about your specific information. If you would like specific legal advice in relation to Golden Visa Applications from an experienced lawyer contact Worldwide Lawyers.
**The Schengen area countries in Europe are: Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, Switzerland and Liechtenstein.
***EU countries include: Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and the UK.