Golden Visa Portugal – A Gateway to Living and Working in Portugal
Every country requires investments for it to move forward and guarantee quality life for its citizens. Portugal is a good example of those countries.
Back in October 2012, it launched a Portugal Golden Visa Citizenship program in a bid to fast-track foreign investment from non-EU countries.
The program grants citizens from other countries apart from the EU, the opportunity to invest and obtain a residency permit in Portugal. With the Portugal investor visa, investors together with their family members can enter and live in Portugal at will. The Portugal investment immigration status also gives the opportunity to travel freely in any of the 26 European countries covered by the Schengen Agreement.
Eligibility for the Golden Visa Program Portugal
Any individual or company qualifies for the Golden Visa Portugal arrangement to the extent that they meet the legal and financial requirements. For you to apply for the Residence Permit for Investment, you must fulfil at least one of the following Golden Visa Portugal requirements.
- You must create 10 job opportunities in Portugal on the minimum
- You must do a capital transfer valued at €1,000,000 and above • Buy real estate property valued at €500,000 and above
- Purchase real estate property that was constructed over 30 years ago or one located in urban renewal areas with a value equal to or over €350,000.
- Invest €350,000 in research activities conducted by either private or public research institutions in the area of technological or scientific systems.
- Invest or support arts with a value of €250,000 and above.
- Invest in venture capital funds or investment funds which are dedicated to the capitalisation of companies.
The citizenship by investment Portugal program requires that investments made should come from abroad and held in Portugal for a period of not less than 5 years. When the Golden Visa Portugal is finally issued, it is valid for an initial duration of 12 months after which it is renewed for periods of 2 years each into the future.
Limitations of Portuguese Citizenship by Investment Program
On paper, the Portugal Golden Visa citizenship arrangement looks enticing, but truly it is not without its pitfalls.
For instance, the officials at the immigration unit have made the Golden Visa Portugal processing time unnecessarily lengthy. This means even after committing loads of money you may have to wait a little longer to get your documents processed.
Golden Visa Portugal scheme is seen as a costly way to gain residency in Portugal. There are other ways you can follow apart from the citizenship by investment Portugal route such as getting married to an EU citizen who declares themselves a resident of Portugal. The processing fee for the Golden Visa Portugal is also inhibitive and it is largely seen as a scheme to take advantage of wealthy investors.
All these coupled with the fact that the Portuguese economy is not really in good shape casts doubt on the attractiveness and efficacy of the Portugal investment immigration program. The cases of corruption and suppressed legal systems leave the Portuguese citizenship by investment with little to hang on in terms of investor safeguards and security.
The better alternative: Italian Golden Visa
The best alternative to the Portugal investment immigration is the Italy Golden Visa. This was launched in 2017 under the Budget Law. It banks on the strength of the Italian economy, the amazing lifestyle, and level of innovation. The Italian economy is growing at an impressive rate and its real estate market is more dynamic and convenient compared to that of Portugal.
If you have been looking for an equivalent of Golden Visa Portugal that gives you unfettered access to the European Union region, contact us for a free consultancy. We are experts in Golden Visa programs!
Contact us, we can provide full-advice and find the best solution for your needs.