If you’re looking for a way to obtain European citizenship and enjoy the benefits of living and doing business in the European Union, investing in Portugal for residency through the Portugal Golden Visa program might be the perfect option. This comprehensive guide will provide you with all the essential information you need to know about Portugal residency by investment, including the recently proposed amendments to the program, eligible investment options, the application process, and the path to Portuguese citizenship.
Understanding the Proposed Amendments to the Portugal Golden Visa Program
The Portugal Golden Visa program is currently facing proposed amendments that could significantly impact the investment eligibility criteria. The proposed amendment, introduced by the Portuguese Government’s Socialist Party, seeks to bring unexpected changes to the program. Under the new approach, specific investment options will no longer be allowed, such as capital transfers of 1.5 million euros or more, the acquisition of properties valued at or exceeding 500,000 euros, and the purchase of real estate that is at least 30 years old or located in urban rehabilitation areas requiring significant rehabilitation works.
However, if approved, the new amendment maintains the residency program and offers alternative investment options. These options include the creation of a minimum of 10 jobs, capital transfer for research activities conducted by scientific research institutions, support for artistic production and cultural heritage preservation, investment in venture capital funds, and the incorporation or share capital increase of a commercial company with job creation requirements.
Eligible Investment Options for Portuguese Residency
- Creation of a minimum of 10 jobs:
- Foreign investors can obtain Portuguese residency by creating a minimum of 10 jobs. This investment option contributes to job creation in Portugal and promotes economic growth.
- Capital transfer for research activities:
- Investors can transfer 500,000 euros or more for research activities conducted by public or private scientific research institutions integrated into the national scientific and technological system. This investment option supports innovation and scientific development in Portugal.
- Support for artistic production and cultural heritage preservation:
- A capital transfer of at least 250,000 euros can be made to support artistic production, preservation, or maintenance of national cultural heritage through various public and private entities engaged in these tasks. This investment option promotes preserving and promoting Portugal’s rich cultural heritage.
- Investment in venture capital funds:
- Investors can transfer 500,000 euros or more to acquire participation units in investment funds or venture capital funds focused on company capitalization. These funds must comply with Portuguese legislation and have a maturity of at least five years, with a significant portion of the investment value allocated to national-based commercial companies. This investment option supports entrepreneurship and the growth of Portuguese companies.
- Incorporation or share capital increase of a commercial company:
- A capital transfer equal to or exceeding 500,000 euros for incorporating a commercial company with headquarters in Portugal, combined with the creation of five permanent jobs, can lead to Portuguese residency. Alternatively, the transfer can be used to increase the share capital of an existing company headquartered in Portugal, leading to job creation or retention for a minimum duration of three years. This investment option promotes business development and job opportunities in Portugal.
The Application Process and Requirements for Portugal Residency by investment
To apply for the Portugal Golden Visa program and obtain residency through investment, foreign investors must fulfil certain requirements and follow a specific application process. Here is a step-by-step guide to help you navigate through the process:
Step 1: Eligibility Check
Before starting the application process, it is vital to ensure that you meet the eligibility criteria for the Portugal Golden Visa program. These criteria include being a non-EU/EEA/Swiss citizen, having a clean criminal record, having a valid passport, and having proof of sufficient funds to make the chosen investment.
Step 2: Choose an Investment Option
Once you have confirmed your eligibility, you must select one of the eligible investment options mentioned earlier. Consider your investment goals, risk tolerance, and the impact you wish to make in Portugal when making your decision.
Step 3: Engage Professional Assistance
Given the complexity of investing in Portugal for residency and the corresponding application process, it is highly recommended to engage professional assistance from experienced service providers. These professionals can guide you through the entire process, ensure compliance with all requirements, and optimize your chances of success.
Step 4: Prepare Documentation
Gather all the necessary documentation to support your application. This may include a valid passport and other identification documents, a police clearance certificate, proof of funds and financial statements, and investment-related documents such as contracts or share purchase agreements.
Step 5: Submit the Application
Submit your application to the Portuguese authorities along with the required documentation. It is crucial to ensure that all documents are complete, accurate, and adequately translated into Portuguese, if necessary.
Step 6: Attend Biometrics Appointment
Once your application is submitted, you may be required to attend a biometrics appointment. Your fingerprints and photograph will be taken during this appointment for identification purposes.
Step 7: Application Processing
The Portuguese authorities will review your application and conduct due diligence checks. This process may take several months, so it is essential to be patient and prepared for potential delays.
Step 8: Receive Residence Permit
If your application is approved, you will receive a residence permit, allowing you to reside in Portugal and enjoy the benefits of the Golden Visa program. The residence permit is typically valid for one year and can be renewed.
Step 9: Maintain Residency Requirements
You must comply with the minimum residency requirements to maintain your residency and progress towards Portuguese citizenship. The minimum requirement is seven days of residency in Portugal per year.
Step 10: Apply for Citizenship
After completing the required duration of the Golden Visa program, typically five years, you become eligible to apply for Portuguese citizenship. The citizenship application process involves additional requirements, such as language proficiency and knowledge of Portuguese culture and history.
Conclusion
Portugal residency by investment through the Golden Visa program offers foreign investors an attractive opportunity to obtain European residency and access the benefits of living and doing business in the European Union. The recently proposed amendments to the program provide new investment options while aligning with national priorities and promoting economic growth, innovation, cultural preservation, and job creation. By following the application process and fulfilling the requirements, investors can embark on a journey towards Portuguese residency and enjoy its many advantages. Engaging professional assistance and ensuring compliance with all regulations are critical to a successful application. Start your investment journey in Portugal today and unlock a world of opportunities.
Miguel Pinto-Correia holds a Master Degree in International Economics and European Studies from ISEG – Lisbon School of Economics & Management and a Bachelor Degree in Economics from Nova School of Business and Economics. He is a permanent member of the Order of the Economists (Ordem dos Economistas)… Read more
