Surfing the wave
After years of economic downturn, Portugal is booming. Economic growth continues to accelerate with real estate investors reclaiming and renovating the unoccupied buildings that adorn the streets of Portugal, thus revitalizing the blissfully elegant shores of the Atlantic Ocean.
Surfing the wave
After years of economic downturn, Portugal is booming. Economic growth continues to accelerate with real estate investors reclaiming and renovating the unoccupied buildings that adorn the streets of Portugal, thus revitalizing the blissfully elegant shores of the Atlantic Ocean.

Procedure and Investment requirements

The Ministry of Foreign Affairs of Portugal set forth the requirements through the Department of Consular Affairs and the Portuguese Trade and Investment Agency (AICEP) and Portugal’s Golden Resident Permit Program was created in accordance with those requirements. In order to attract high net investors to the region, Portugal is now offering residency permit to non-EU citizens. The applicants must fulfill one of the available investment options and also meet the following criteria:

  • Invest in one of the available investment options with funds originating from abroad;
  • Have no criminal record;
  • Fulfill the minimum stay requirements (7 days for the first year, 14 days for subsequent 2-year periods);
  • The first time entry into Portugal must be on Schengen visa;
  • The applicant’s name must not be included on the list of persons whose property is ordered to be frozen within the boundaries of the EU;
  • Must pay applicable processing and due diligence fees.

Benefits

Portugal is a hub of rich culture and the region offers quick access to all the business hubs across the globe. It offers a viable and profitable access to the Schengen zone for high net investors. The residency permit in Portugal offers the following perks:

  • The residence visa requirements will be waived for entering Portugal;
  • The right to freely live and work in Portugal;
  • Visa-free travel within the Schengen member states;
  • Become a permanent resident or citizen of Portugal after 5 years as a temporary resident;
  • Include in the process and extend benefits to family members, such as spouse or partner, dependent children and dependent parents.

Investment options

As of July 2015, the investors and applicants were given the option to choose from any of the following options:

  • Acquisition of property for a total value equal to or above €500,000, or
  • Acquisition of property for a total value equal to or above €350,000 for properties more than 30 years old or located in urban regeneration areas designated for refurbishing, or
  • Acquisition of property fitting any of the above requirements with a 20% reduction on the minimum amount of investment, if purchased in a low density population area (€280,000 or €400,000).

Property Investment Options

Either by investing in a property with residential purposes or by becoming a co-owner in large-scale projects for refurbishment you will get:

  • Guaranteed annual rental return since inception of the Investment. or from the time refurbished is completed, when applicable;
  • Extensive exit strategy;
  • 100% funds return guarantee after obtaining permanent residency or citizenship when this option is offered by developer;
  • 7 days’ accommodation per year.

Additional Options

  • Capital transfer of minimum €350,000 for purchasing shares in investment funds, investment in venture capital, set-up of a commercial society with the creation of 5 jobs or capitalization of existing national companies with creation or maintenance of 5 jobs;
  • Capital transfer of a minimum of €250,000 for investing in the arts, or for reconstruction or refurbishment of national heritage projects;
  • Capital transfer with a value equal to or above €500,000 for purchasing shares in investment funds or in venture capital;
  • Creation of more than 9 jobs.

Process and Timeline

The following 7 steps easily break down the process of application submission. Each step must be completed before moving on to the next one:

MONTH 1

Step 1

Visit the embassy of Portugal to attest the required list of documents or visit Portugal ahead.

Step 2

Transfer of investment amount and applicable fees. All due diligence and applicable fees should be paid at this step.
MONTHS 3-8

Step 3

Submission of investment-related documents and payment for Golden Visa application online (done by law firm through Power of Attorney).

Step 4

Travel to Portugal for 2 business days to collect biometric data.

Step 5

Application approval and payment of temporary permit granting fees (done by law firm through Power of Attorney).
YEARS 5-6

Step 6

Application for permanent residence after completing 5 years as a temporary resident.
YEAR 6

Step 7

Application for citizenship of Portugal can be lodged after having met all the requirements.
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