Obtaining Portugal's "Golden Visa"

The “Golden Visa” is the most popular immigration program in Europe, which is understandable due to the simplicity of conditions, wide opportunities for applicants, and the prospect of obtaining citizenship.

Portugal's Golden Visa – Key Advantages

The Portugal Golden Visa is a special government project that allows investors to obtain Portuguese residency quickly. This opportunity is available to any citizen of a non-EU country. The project aims to attract investment capital to boost the economy.

By obtaining Portuguese residency, you gain numerous privileges:

• A real chance to obtain EU citizenship and a passport in 5 years.
• The investor and family members can freely live, work, conduct business, and study in Portugal.
• Very favorable investment thresholds and a wide range of investment projects.
• No need to reside in the country permanently, but an annual visit of at least 7 days is mandatory.
• A favorable tax climate and special tax status for new residents.
• A simplified procedure for submitting and processing documents. Many operations are available remotely.
• The opportunity to obtain Portuguese citizenship without renouncing your current citizenship, in compliance with Portuguese law.
• Visa-free access to over 187 countries worldwide.

For any questions related to obtaining Portuguese citizenship, contact GARANT IN – a leading company in investment immigration. Our specialists will consult with you, help you choose the optimal investment project, handle documentation, and provide prompt qualified assistance even with complex issues.

Residency and Citizenship in Portugal for Golden Visa Holders

A Golden Visa holder initially receives Portuguese residency, allowing them to stay in the country for a certain period. The residency is valid for 2 years and can be renewed if necessary. The investor’s Golden Visa also enables them to eventually obtain Portuguese citizenship and a passport. After 5 years, you can apply for permanent residency. Portugal's permanent residency is valid for 5 years and can be renewed indefinitely.

Residents who obtained a visa through the investment program can apply for EU citizenship and residency.

Main Requirements:

• Applicant is over 18 years old.
• Resident of Portugal for at least 5 years.
• Proficient in the language at or above international level A2.
• According to Portuguese law, the applicant has not been convicted of any offenses and has no criminal record or served any prison sentences.

After obtaining permanent residency or citizenship in Portugal, you no longer need to maintain the investments made under the Golden Visa.

Portugal began issuing "Golden Visas" in October 2012. During this time, more than 9,000 investors from around the world and nearly 16,000 of their family members participated in the program and received residence permits. As of July 2019, the total investment amount from the "Golden Visa" program in the country exceeded €5.43 billion, with €4.9 billion invested in real estate, accounting for 90% of all foreign capital brought into Portugal.

Additionally, over 500 visas were issued through direct investments in the national economy and business during the program's operation.

Real estate investments continue to dominate other types of capital investments at a ratio of ten to one. Investors prefer new buildings costing from €500,000. However, the crisis related to the spread of COVID-19 has introduced some changes, and in 2020, the number of foreign nationals willing to invest in old real estate increased by almost 20%. These changes are linked to a lower entry threshold for this option (from €350,000).

July 2020 was not the most successful for Portugal in terms of attracting foreign capital. The number of visas issued decreased by nearly 43% compared to July 2019. In total, 808 foreign nationals received a "Golden" Portuguese residency permit in the first 6 months of 2020. The investment amount was almost €440 million, 37% less than in the same period in 2019.

As for the nationality of applicants, the majority of investors are from China, followed by Brazil and Turkey. Russia rounds out the top five countries whose citizens dominate the list of applicants for Portugal's "Golden Visa" program.

Portugal's "Golden Visa" demonstrates the best results among European residences by investment programs.

In September, the Portuguese Golden Visa program reached a new milestone in the number of approved applications for residency by investment.

10,000 foreign investors and nearly €6 billion in capital attracted to the country over the 10 years of the "Golden Visa" exceeded all analysts' expectations.

The majority of the amount is invested in real estate, as 9 out of 10 program participants prefer this option. The average investment is €600,000 per applicant, with a noticeable decrease (to €500,000) in the investment portfolio over the past year. This is explained by a shift in investor demand towards program options with lower entry thresholds – purchasing commercial real estate and properties with fixed returns, as well as investments in financial funds.

Forecasts for the Next Year

According to forecasts, the trend will continue as the list of territories where investors are allowed to purchase real estate under the program will be revised, excluding the most popular areas. Properties in Porto, Lisbon, coastal, and resort areas will no longer be available for purchase. In this case, investor interests will shift to other sectors with lower capital requirements, affecting the country's income from the immigration program.

There is a monthly and annual decrease in revenue, which does not reflect the real demand for residency by foreign investors, as it directly depends on the options chosen.

National Composition of Applicants

Among the applicants for Portugal's "Golden Visa," representatives from China, Brazil, Russia, South Africa, and Turkey predominate. American citizens' applications also consistently appear in monthly reports.

Processing times for foreign investors' residency applications by the Portuguese Immigration Service (SEF) take around 400 days.

This period is sufficient to screen candidates according to the highest standards and make decisions on issuing residency permits under the supervision of the EU's monitoring of investment programs.

Conditions for the Golden Visa Program

From January 1, 2022, the Golden Visa Program in Portugal was revised, with changes to the investment regions for real estate and increased minimum investments for some options. The changes were made to attract investment capital to low-density areas.

After the changes, it became impossible to purchase residential real estate in the Algarve, Porto, and Lisbon, as well as in coastal areas such as the Silver Coast and Setubal. Commercial properties can still be purchased in the above areas without restrictions. Today, some of the most favorable areas for investment include Madeira, the Douro Valley, Peneda-Gerês, and Aljezur.

Minimum investment amounts are:

• From €500,000 for a new real estate property;
• From €350,000 for a property over 30 years old included in a renovation program;
• From €280,000 if the chosen property is in a low-density area.

Other types of investments under the Golden Visa program:

• Minimum capital transfer threshold of €1,500,000;
• Investment in research activities from €500,000;
• Transfer to venture funds from €500,000;
• Starting your own business with a minimum investment of €500,000 and creating at least 5 jobs.

Portugal's Golden Visa – Procedure, Processing Time, and Conditions

The procedure for obtaining an investor visa involves several stages:

1. We are choosing an investment project. The most popular option is purchasing residential and commercial real estate. The licensed agency GARANT IN is ready to provide a portfolio of verified real estate properties. We work directly with developers, selecting the best option for individual requests.
2. Collecting and preparing documents for the applicant and their family members – translation of documents, notarization, and apostille.
3. Obtaining an NIF, and opening a bank account in Portugal. According to the program requirements, the investment contribution must be transferred from an active account in a Portuguese bank, and without a NIF (Tax Identification Number in Portugal), this cannot be done.
4. Making the investment transfer according to the selected program.
5. Registering with SEF – the Immigration and Border Service, also responsible for issuing the Golden Visa.
6. Visiting SEF to submit biometric data.
7. Paying government fees.
8. Issuing the resident card.

To simplify and speed up all procedures, all applications have been digitized. Even obtaining a Portuguese Tax Identification Number can be done online.

Obtaining Portuguese residency takes about 6 months from the time of submitting the applicant's documents.

If you need assistance with obtaining a Golden Visa for Portugal or have questions, contact the immigration company GARANT IN. With extensive experience, solving complex cases, and highly qualified staff – we will help you resolve any issue quickly. You will save time, money, and effort. All you need is minimal involvement and a willingness to cooperate.