Portugal Golden Visa Program

Golden visa program in Portugal through buying a property; Then after 5 years holding a golden visa, you can apply for Portuguese citizenship.
Article Published: 08 Nov, 2020, Updated: 17 Jan, 2023 under Golden Visa (Non-EU)

The most common route in the Portugal Golden Visa Program is through buying a property.

The advantage of this option is that the property can be rented out or operated for commercial, agricultural or tourism purposes.

It is important to note that due to a recent change in the Portuguese immigration law in 2020, the initial residence permit that was valid for one year is now valid for two.
Likewise, the renewal permit became valid for three years instead of two.

Acquiring the golden visa is a straightforward process once you have all the required documents to hand, however there are some particular aspects of the application process of which investors need to be mindful.

For instance, the transfer of funds to buy the property needs to come from an authorised Portuguese credit institution. If you transfer from your overseas bank account directly to the seller’s account, you could put the whole application in jeopardy.

 

Life within Portugal Golden Visa Program

After you have been granted the golden visa, the obligations are minimal: maintain the property for at least five years from the date of issuance of the residency title and stay in the country for an average of 7 days a year.

After 5 years of holding a golden visa, you can apply for Portuguese citizenship.

 

New Rules - Update 03/21

The rules of the golden visa program in Portugal will change on July 1st 2021 with a “transitional regime during 2021 and 2022”. Until 2022, you can still become a Portuguese Resident and later obtain citizenship through investment in real estate in all areas of Portugal. However, from 2022, investment in property located in any so-called 'high-density population centres'  such as major cities like Lisbon or Porto or areas such as the Algarve and the Silver Coast will not have the same incentive. Qualification for the Golden Visa programme will be restricted to more sparsely populated areas in the interior of the country or in Madeira or the Azores.

 

Property Investments

The purchase of real property with a value as follows;

  1. €500k - any property;
  2. €350k - (i) a property built over 30 years ago + (ii) for refurbishing (€350k includes the purchase of the property and the costs of the renovation project)
  3. €280k - (i) the property must be located in one of Portugal’s designated low-density areas + (ii) construction dating back more than 30 years + (iii) for refurbishing (includes the purchase of the property and the costs of the renovation project)

 

Capital Investments

Another change in 2022 relates to capital investments in Portugal, with increases across the board:

  • Capital Transfers: €1m > 1.5m
  • Investment Funds: €350k > €500k
  • Business Investment: €350k > €500k
  • Research Investment: €350k > €500k

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Service Details

Golden Visa (Non-EU)

Available in the following locations: Aveiro, Castelo Branco, Faro, Lisbon, Portimao, Porto, Viseu

* If your local town is not listed, a lawyer from our nearest office will be happy to assist you.

Who Is This Service For?

The Golden Visa programme in Portugal offers individuals and their families the possibility to live and work in Portugal.

The Visa application process takes around 4 months and the visa is issued initially for a 1 year period, renewable for 2 years, until year 5.

Once the holder of a Portuguese Golden Visa has lived in Portugal for 5 years, an application for citizenship may be made.

Requirements

  • Main applicant must be over 18 years of age
  • Valid passport
  • Valid Birth Certificate
  • Suitable private health insurance
  • No criminal record in Portugal or in your country of Origin
  • Evidence of having made one of the approved investments and that it is maintained for a minimum of 5 years

Approved Investments

Portugal offers the Golden Visa upon a minimum investment by the applicant: The amount of the investment varies according to the type of investment made, as follows:

  • €500,000 in any real estate
  • €350,000 an any property built at least 30 years ago
  • €350,000 an any property located in an area of urban rehabilitation, with a requirement to renovate and improve the property
  • €280,000 where the property is either over 30 years old or located in an area designated a¡for urban rehabilitation where the area is also an area designated to be sparsely populated.
  • €350,000 towards scientific research (in companies integrated in the national scientific and technological system)
  • €350,000 in investment funds. The investment company must be a regultated Portuguese firm of at least 5 years of operation.
  • €350,000 in a commercial company with a registered office in national territory
  • €1 million via capital transfer to an approved Portuguese bank account, for specified investment options
  • Unspecified amounts may be invested in a business that results in the creation of at least 10 jobs in Portugal (reducing to 8 jobs if this investment takes place in an area of low population)

Benefits

  • Expedited Process (much simpler than other visa application processes)
  • Goldent Visa holder may leave and return to Portugal as often as they wish without restriction
  • You may also travel freely to any of the 27 countries that comprise the European Union
  • This visa confers a right to both live and work in Portugal
  • Ability to bring your family

Potential Issues

As of early 2021, Portuguese officials are considering applying restrictions to the ambit of the Golden Visa such that there may be introduced restrictions on where property may be purchased in order to qualify for the visa.

Likely to be excluded would be the most popular locations in Portugal such as the Algarve area, Lisbon and Porto.

What Does This Service Consist Of?

  • An initial discussion with lawyers highly experienced in making successful applications for a Golden Visa
  • An application for visa by property purchase is prepared, and all other documents required for a successful application are assembled under the guidance of your lawyer
  • Your lawyer makes the application to the appropriate governmental bodies, on your behalf, in the correct time-frame
  • You will be informed of the success of the application
  • Once approved, your lawyer will assist you to collect your foreigner identity card(s)

Free Support Services Included

When combined with the free and innovative Advocate Abroad support services you can be sure that you are obtaining completely transparent legal services from registered and regulated English-speaking lawyers abroad.These support services include:

  • Verification of the regulatory status of your professional.
  • Fees as recommended by the Local Professional Body
  • Fees specified in advance and legally guaranteed.
  • Service levels agreed in advance and guaranteed.
  • All professionals must hold professional indemnity insurance.
  • Professionals' proficiency in English monitored.
  • Continuous quality controls and reviews.

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