New legal provisions open up the possibility of applying for a residence permit for pursuing investment activities to those who have entered the country regularly (v.g. holders of valid Schengen Visas, or beneficiaries of Visa exemption), by transferring capital, creating jobs or acquiring real estate.
The holders of Golden Residence Permit for Investment Activity have the right to family regrouping, and may gain access to a permanent residence permit, as well as to Portuguese citizenship in accordance to the current legal provisions.
Travel freely, without a visa, to the Europe Schengen Area:
The holders of a Golden Residence Permit / Visa in Portugal do not require a visa to enter the Europe Schengen area. They can transit and enjoy free movement in the Schengen area for a maximum period of three months (90 days) per half-year from the date of first entry.
Obtaining a Golden Visa for Portugal through Property Purchases
Recent legislative changes are sure to attract significant attention from foreign investors interested in obtaining a golden visa for Portugal. The new regulations known as the Golden Residence Permit Program are designed to bring greater foreign investment into the country by offering in exchange a quicker and simpler way for investors to receive temporary residency (golden visa).
The legislation means that it is now possible for a temporary residence permit (golden visa) to be granted without the need to first obtain a full residency visa for Portugal if the foreign national, personally or through a company, makes one of the following investments:
- The purchase of a property or properties valued at €500,000 or more. The latest legislative changes also allow:
- a) The possibility of co-ownership with each co-owner making an investment of a minimum of €500,000;
b) Promissory contracts will now be acceptable for the initial investor residency application, provided that a deposit of a minimum of €500,000 has been paid. The property purchase must then be completed before the time of the first renewal of the residency permit.
c) The possibility of financing to purchase a property above the set €500,000 investment;
d) Properties purchased under this scheme can be freely rented and let for commercial, agricultural and tourism purposes;
- A capital investment with a transfer of funds equal to or greater than €1,000,000. Under this option the investor must present a declaration from a Portuguese financial institution stating that the applicant is the sole or first holder of the capital or, if it is an investment made by a company an up to date commercial registration certificate declaring the holding of the stake in the company, valued at the amount of the investment required for this purpose. Funds can be invested in all types of companies.
- An investment that directly creates at least 10 new jobs in Portugal which must be registered for social security purposes.
Applicants wishing to obtain an investment visa for Portugal must have made one of the above investments after 8th October 2012 but prior to their application for a visa and the investment must be maintained for a minimum of five years after the residence permit is granted.
To obtain a temporary residency visa for Portugal you must also have entered Portugal with a valid Schengen visa if necessary, comply with the general requirements for temporary residence and apply for residence within 90 days of arrival. Once the temporary residence permit is granted the investor must stay in Portugal for at least 7 days during the first year and 14 days in each subsequent period of two years. The temporary residency visa is valid for the period of one year and may be renewed for successive periods of two years. Five years after the first renewal you may apply for permanent residency, a year after permanent residency is granted you may apply for Portuguese nationality.
Typical application costs for an investment golden visa for Portugal under the Golden Residence Permit Program
- Application Fee and renewals €513.75
- Initial Golden Visa Permit €5,135.50
- Renewal of Golden Visa Permit €2,568.75
- Initial Golden Visa Permit for Family Members €5,135.50
- Renewal of Golden Visa Permit for Family Members €2,568.75