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'Golden visas' have been a popular alternative in recent years for anyone looking to relocate to a new nation via an investment path.
If you have the necessary funds to invest in your chosen country's economy, these visa pathways will enable you to do so in return for residency and ultimate citizenship. The Portugal Golden Visa permits you to lawfully enter Europe; moreover, Portugal allows you to seek citizenship five years after receiving a residence visa.
But even a residence permit has perks, such as the ability to live near the sea and travel throughout Europe visa-free, grow a company in Europe and earn tax benefits, or create a nice haven for your family life.
Investment Options
Although there are other investment categories, each with a different minimum amount and conditions, the minimum amount required to invest is €250,000.
Donation route: If you want to donate to a Portuguese organisation, the amount you must provide varies depending on the organisation's industry. A minimum gift of €500,000 is required for scientific research or technical firms. However, if you opt to make a gift to a historical or arts group, you will just need to donate €250,000, making this the least expensive method to get the golden visa.
Fund Subscription: A minimum investment of €500,000 is required to invest in an equity fund established in Portugal.
Capital transfer route: If you prefer to deposit money directly into the Portuguese financial system, you must transfer a minimum of €1.5 million in order to secure a visa in this method.
Route of Job Creation: The amount of jobs you need to generate via this route depends on whether you plan to start a new firm or invest in an existing Portuguese enterprise. In any instance, the jobs must be valued at least €500,000. To qualify, you must generate a minimum of 10 jobs if you are just starting your own firm.
Who Can Apply for a Golden Visa in Portugal?
Although qualifying for this visa type is rather straightforward, there are a few criteria to consider before applying, as well as certain procedures to follow to ensure that your investment is qualified.
Whatever investing strategy you pick, the money must be kept in a Portuguese bank account. To create an account with a Portuguese bank, you must first receive an NIF number, which is a tax identity number in Portugal. Once you have this, you will be able to create an account and transfer the amounts required for your investment.
Applicants for this visa must have a clean criminal record, that you must prove to the appropriate Portuguese authorities. You must also be above the age of 18 and from a nation that is not a member of the European Union, a Swiss citizen, or a EEA member country.
Some of these characteristics may need paperwork in order to be proven to the appropriate authorities. If this is the case, it is advisable to get any required documents within three months of submitting your application, since current material is more likely to be approved. If the papers were obtained outside of Portugal, they may additionally need to be notarized to confirm their authenticity.
Application Process
You can register with the SEF's Golden Visa application site, the ARI site, online. There are many application choices on the website depending on whether you are applying yourself or via a legal representation.
Fill out the online application form. Depending on the kind of investment, upload the necessary documentation for the Golden Visa. Then you can confirm that your application has been submitted.
Pay the application cost for the Golden Visa. To schedule your appointment, wait for verification from the SEF. After getting your verification, return to the ARI portal and go to the "Calendar" section. Choose the SEF service station you wish to apply at, as well as the day and hour of your appointment. The scheduling receipt should be printed. Come to the specified SEF service desk on the day of your appointment and provide your biometric data as well as physical copies of the needed papers.
Timeline for the Golden Visa Process
The first application and accompanying documentation are submitted to the Serviço de Fronteiras e Estrangeiros (SEF) online. SEF is Portugal's official migration and border services agency. After they have approved your application, you must attend in person for an interview.
As the primary applicant, you and all dependents may schedule the SEF appointment at the same time. You will get your Golden Visa cards after the in-person interview. These residency permit cards normally take four months to arrive.
Year One and Year Two
The original validity period of your Golden Visa residency card is two years. You must spend an overall of fourteen days in Portugal within these two years.
You must renew your residence permit at the ending of this time. So, within 30-90 days before your card's expiry date, you must repeat the aforesaid SEF appointment for renewing your cards. To renew, you must resubmit the most recent paperwork (such as criminal records), biometrics, and the application processing cost.
Year Three and Four
Your reissued Golden Visa will be good for another two years. You have to spend at least fourteen days in Portuguese within those three years.
The Fifth Year
After you renew your card for another two years and let one year lapse, you have three choices at the end of the fifth year; request Permanent Residence in Portugal, apply for Portuguese Citizenship, or continue with the Portugal Golden Visa program for temporary residency.
If you choose to apply for a permanent resident or a citizen of Portugal, you will no longer be required to keep your Golden Visa investment in the country.
While there is no requirement to obtain legal assistance in completing your application, the process may not always be straightforward, and as such it may be useful to get advice from a legal professional with experience in immigration law.