What does the Golden Visa program consist of?
It is a program that allows non-EU citizens to obtain a temporary residence permit in Portugal for investment activity (ARI) without needing a residence visa to enter the country.
Who can apply?
Citizens of any non-European nationality who carry out an investment activity, either personally or through a company incorporated in Portugal or another EU state and with a permanent establishment in Portugal.
To obtain this residence permit (ARI/GOLDEN VISA), you must have made an investment in Portugal for a minimum period of 5 years and fulfill one of these three requirements:
- Acquisition of property worth 500,000 euros or more;
- Transfer of capital totaling 1 million euros or more;
- Investment that leads to the creation of at least 10 jobs.
As of this date, it is possible to acquire a gold visa through one of the following investment options.
- Transfer of capital totaling 1,000,000 euros or more;
- Creation of at least 10 jobs;
- Acquisition of property worth 500,000 euros or more;
- Acquisition of properties more than 30 years old or located in urban rehabilitation areas with rehabilitation works totaling 350,000 euros or more;
- Capital transfers totaling 350,000 euros or more to national public or private scientific research institutions;
- Capital transfers totaling 250,000 euros or more for investment in or support for artistic production, recovery, or maintenance of national cultural heritage;
- Capital transfers of 500,000 euros or more are invested in the acquisition of units in investment or venture capital funds for the capitalization of small and medium-sized enterprises.
Property investment includes:
- Acquisition of one or more properties with a total value equal to or greater than 500,000 Euros
or
- Acquisition of one or more properties completed more than 30 years ago or located in urban rehabilitation areas, with urban rehabilitation works, carried out by the respective law, totaling 350,000 euros or more.
This type of investment includes
- Commercial or residential property.
- Properties acquired in joint ownership provided that the investor’s share is the minimum amount indicated.
- Properties are acquired individually or through single-member private limited companies in which the investor is a partner.
- Leased properties.
- Properties encumbered more than the minimum investment amount.
The legislator established the possibility of reducing the amounts in question by 20% if the property is located in areas of low population density.
According to the current law, a territory is considered to have a low population density if it has fewer than 100 inhabitants per square kilometer or if the GDP of that same region is below 75% of the national average.
The residence permit is granted for one year, renewable for two successive periods of two years, and presupposes the maintenance of the investment for a minimum period of 5 years and a stay in Portuguese territory of 7 days (consecutive or interpolated) in the first year and 14 days (consecutive or interpolated) in subsequent two-year periods.
The authorization may be extended to the investor’s family members and after the initial period of 5 years, the residence permit may be granted permanently. Portuguese nationality by naturalization can be applied for after 6 years.
Benefits
- Enter Portugal without a residence visa;
- Reside and work in Portugal, while being able to maintain another residence in another Schengen area country without the need for a visa (Austria, Belgium, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Czech Republic, Norway, the Netherlands, Poland, Portugal, Spain, Sweden and Switzerland);
- Right to Family Reunification: In addition to their spouse, minor children, or relatives in the ascending line, “Golden Visa” holders may apply for a residence permit for family reunification, about the adult dependent children of the couple, or of one of the spouses, who are studying in Portugal or abroad, under the conditions laid down by law;
- Apply for a Permanent Residence Permit after five years under the terms of the Aliens Act (Law 23/2007, of 4 July, as amended);
Possibility of applying after six years to acquire Portuguese nationality, by naturalisation, fulfilling the other requirements of the Nationality Law (Law 37/81, of 3 October, as currently worded).
Duration of the Golden Visa
The residence permit is granted for an initial period of 1 year and may be renewed for periods of 2 years (provided that the requirements for granting it are met).
For renewal purposes, applicants must demonstrate that they have stayed in Portugal for at least 7 days, consecutive or interpolated, in the first year; and 14 days, consecutive or interpolated, in each of the subsequent 2-year periods.
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