Golden Visa Portugal

Are you a non-EU citizen looking to invest in Portugal? Portugal’s Golden Visa Program makes your dream of living in Europe true. Great weather, affordability, friendly people, and a welcoming atmosphere are all key factors on why the country is a top destination for expats. 

Start a New Life With the Portugal Golden Visa Program

Using the Portugal Golden Visa Program (ARI) is one of the fastest and safest ways to move to Portugal for non-asylum seekers outside of Europe. You’ll have to invest a minimum of 280,000 EUR for a Portugal residence permit, which allows you to live, work, and enjoy free movement within the Schengen area. 

If you’re not familiar with the country, check out our list of why living in Portugal as an expat is so appealing: 

• Low cost of living in Portugal vs. USA and other Western countries
• A liberal political climate
• High security and stability
• Affordable education for children
• Affordable housing market
• Easier travel opportunities 
• A welcoming culture toward the LGBTQ community

Future of the Golden Visa Program

The government’s proposal’s final text, which will be used to judge applications for Golden Visas and terminate the program, was made public on April 14th 2023.
In conclusion, we highlight the following points in accordance with the proposal made:

• There will be no retroactive effect;
• New applications and renewals submitted before the new law is published will be accepted; pending applications and renewals will be changed into the D2 program, which is an Entrepreneurs Permit, but without the 183-day residency requirement. The government suggests keeping the current special regime of seven days each year.
• The program is stopped as of the day this law takes effect;
• New applications for resident permits connected to investments or support for creative production, recovery, or upkeep of cultural heritage countries are accepted.

Because there was no established transitional time, we feel that Investors who are in a position to continue should do so right away in order to benefit from the regime. We anticipate that the discussion will not begin before May 10th and that it will be finished, in the “best” case scenario, within 45 days, based on the established schedule of the Parliament. It is anticipated that the political party discussions in the Parliament would result in some adjustments, including taking the market pressure for a transition time into account. For our part, we will maintain a careful eye on the situation, informing Clients and Partners of any changes that take place and being accessible for any explanations that may be required. 

Because there was no established transitional time, we feel that Investors who are in a position to continue should do so right away in order to benefit from the regime.

Benefits of the Golden Visa Program in Portugal

• Registration in the Schengen Area Central System, which will allow you to enter 26 European countries without the need for an additional visa after your application has been approved by the SEF (Serviço de Estrangeiros e Fronteiras)
• After five years, you can apply for Portuguese citizenship
• Certain dependent family members can also get Portuguese residency
• Access to free Portuguese healthcare and a high-quality European education system
• You’ll be a resident in one of the safest countries in the world
• Having a second passport allows you flexibility and the possibility to leave your home country whenever necessary
• No necessity to live year-round in Portugal to get a visa or citizenship
• Option to become a non-habitual resident of Portugal and pay little or no tax for 10 years. GV holders automatically qualify for the Portuguese Non-Habitual Tax Regime (NHR). For this, you must stay in the country for more than 183 days, consecutive or not, in any 12-month period beginning or ending in a given tax year and register as a taxed resident.

What are the requirements for a Golden Visa in Portugal? 

Any legal adult with a clean criminal record who is not a citizen of the EU, EEA, or Switzerland can apply for the Golden Visa. Here is an overview of all the requirements:

• Be over 18 years old
• Clean criminal record
• Investment period of at least 5 years 
• No previous refusal to a visa application or to enter the EU
• Sufficient medical insurance if you decide to stay in Portugal
• Anyone who applies for the Golden Visa must spend a minimum of 7 days in the country in the first year, and 14 days in the subsequent years

Currently, applications coming from Iranian citizens are suspended. SEF’s (Serviços de Estrangeiros e Fronteiras) reasons for not accepting these applications were not made public. In addition, the Portuguese embassy in Pakistan is currently closed.

What’s the criteria for citizenship by investment in Portugal?

• Capital transfer of at least 1 million EUR into Portugal
• The creation of at least 10 job positions in Portugal by founding a company
• The purchase of real estate in Portugal worth at least EUR 500.000 EUR (reduced to 400.000 EUR if it is located in a low-density area).
  • You can achieve this option also with more than one property which is, from an investment point of view, even better because rental returns do not grow proportionally with the real estate value
• The purchase of real estate in Portuguese urban regeneration areas or that is at least 30 years old to the value of minimum 350.000 EUR (reduced to 280.000 EUR if located in a low-density area).
  • In this option you have to invest some part of the money into renovations. Such projects need to be approved by SEF as qualifying for the reduced investment amount and it is critical to ensure the right project and legal advice is obtained before embarking on such investment
• Investment of at least 350.000 EUR in scientific research in Portugal
• Minimum 250.000 EUR investment in Portuguese arts, culture and heritage
• 500.000 EUR or more investment in small and medium businesses in Portugal
• A private equity fund investment of at least €500,000 

A low-density area which gives you a 20% reduced investment complies to the NUT3 level with fewer than 100 inhabitants per squared kilometer or GDP per capita less than 75% of the national average.

Note that you can not get a bank loan or mortgage in Portugal to buy a property. You have to prove that you bring the capital 100% to Portugal. However, you can apply for a mortgage in your own country.

The transfers to purchase the property as well as to deposit money in Portugal have to come from accounts in your name. You can not transfer money or make purchases from other peoples or company accounts.

Can the Golden Visa Program Extend to My Family Members?

Yes, the Golden Visa is extendable. Here’s who can qualify: 

• A spouse or legal partner
• Children under 18 years
• Dependent children under 26 years, provided they are unmarried and are full-time students, in which case they will also have access to the European education system
• Parents of either spouse over the age of 66 or 55 if proven dependent
• Siblings under the age of 18, from either spouse/ partner, if legally responsible

Why Invest in Real Estate in Portugal? 

• It’s Profitable – Real estate can easily grant annual capital growth rates of around 8%. Touristic renting can achieve rates of 15% or higher. Liquid funds do not guarantee a return rate, and if they do, the maximum is 1,5%.
• It Provides Stability – Even during a financial crisis, rent remains. Savings, however, will likely lose capital. Real estate increases in value over time and does not depend on venture capital managers. The fund investor can expect to achieve all gains in only 5 to 10 years.
• Safety – If you come to Portugal because you have to leave your home country, you already have a home you can use. If your children want to live and study in Europe, they immediately have a place to stay. 
• Growth – Despite some increases in prices, Portugal is still among the cheapest real estate markets in Europe. With a strong growth rate of around 15% per year in cities, and 5% in rural areas, investments in Portuguese real estate remain profitable.

Can I Invest in Lisbon, Porto, or the Algarve? 

Yes, you may invest in Lisbon, Porto, or the Algarve. Here’s what you can and can’t buy in these regions: 

• Invest in non-interior areas and buy commercial properties such as offices, hotels, and local serviced accommodations (e.g. Airbnb apartments with service licenses). The Algarve is considered a low-density area, so you only need 280,000 EUR to invest in a property that requires renovation.
• It’s no longer possible to buy residential investments in non-interior areas, e.g. an apartment in Lisbon where you live permanently.       

How We Can Help You Find the Right Property in Portugal 

When you choose to work with Pearls of Portugal, we help you find the right area, based on the two regional parameters. Whether you prefer to invest in a tourism condo with a high return rate or already know which region you want to buy real estate in, we help you find a property that meets your needs and is eligible for the Golden Visa program in Portugal.   

Restructure of the SEF (Immigration and Borders Service) in 2023 

Due to complaints of violence and abuse of power, the abolition of the SEF and the creation of a new Borders service (APMA) was announced in 2021. It has been delayed since then but the change is set to be officially implemented in 2023.

Besides the more serious troubles, the SEF was also known for its delays and administrative issues. So it’s expected that this change will speed up response times and improve the overall quality of the organization and, by doing so, your experience of immigrating to Portugal.