Changes to the Portuguese Golden Visa Program

On 1 January 2022, changes to Portugal's residence permit for the investment program will come into force. The amount of investment for some of the available options will be increased, as well as finalize the zones where you can buy property to obtain a "Golden Visa".

Investors who applied before 01.01.2022 will not be affected by the changes, nor will they affect the extension of the residence permit. New investors who are just going to get a residence permit in Portugal will be affected by the following changes:

• The amount of investment in securities or opening bank deposits will be increased from €1 million to €1.5 million.
• The amount of investment in shares of Portuguese funds will be increased from €350,000 to €500,000.
• The amount of property investment will remain the same, but will significantly limit the areas available. The coastal areas, Lisbon, Porto, and their suburbs will be excluded. Property will be available to buy in the inner mainland of Portugal, as well as Madeira and the Azores.
• The option to invest in companies followed by the organization of ten jobs will change from €350,000 to €500,000.
• The minimum investment in scientific and research activities will increase from €350,000 to €500,000.

These changes will not affect commercial property: it will remain possible to purchase commercial properties in Lisbon, Porto, and their suburbs. Hotel projects in coastal areas will also qualify for the Portuguese residence permit program. The possibility of reducing the investment by 20% when buying property in sparsely populated areas also remains unchanged.

Obtaining a residence permit for Portugal: how to apply?

Before we consider how you can get a residence permit in Portugal for investment (or a golden visa), let's talk about the advantages of this proposal.

• Getting a residence permit in Portugal not only for the investor but also for members of his family. Thus, the application is allowed to include wife/husband, unmarried/unmarried children, and parents.
• Having an investment residence permit for Portugal, the investor and his family can freely enter and travel in the Schengen zone.
• It is also allowed to open accounts in European banks and use their services. Thus, the investor will not have to worry about his finances.
• The golden visa of Portugal allows you to conduct business in the country and on the territory of Europe. The investor can create it from scratch or open representative offices of his already existing business.
• The tax regime of Portugal attracts investors. There are special tax benefits for non-residents and new residents.
• In addition, a residence permit in Portugal for financially independent people allows obtaining citizenship in the future. To do this, it is enough to hold a golden visa for 5 years. Then the investor and his family can apply for permanent residence or immediately a passport of Portugal.
• In this case, to maintain the status of a residence permit, it is enough to come to Portugal every year for 7 days. The rest of the time the investor and his family can stay in any corner of the world convenient for them.
• Also, the advantages of the program include visa-free entry to all Schengen countries.

Now let's get directly to the question of how to get a residence permit in Portugal. Firstly, you need to fulfill several requirements, but do not worry - the conditions for obtaining a residence permit in Portugal are very simple, you need to:

• be over 18 years of age;
• pass a due diligence check;
• not have a criminal record and not be under investigation for serious criminal offenses;
• not be on the sanctions lists of the EU, USA, UK, and Canada.

Just four simple requirements – and you can get a residence permit in Portugal.

The government of the country provides a lot of options for acquiring a residence permit in Portugal. It remains only to favor the most favorable. Let's list all the options:

• contribution to the objects of national, cultural, and natural heritage – it is necessary to make a non-refundable contribution of € 250 000 or more, these funds will go to the restoration and preservation of the cultural and historical heritage of Portugal;
• contribution to scientific and technical research – a non-refundable contribution of €350,000 or more must be made;
• purchase of an old property – this requires the purchase of a building 30 years old or more, with a value of €350,000 or more, in need of restoration work;
• purchase of a property – you must buy a building of any type and age with a value of €500,000;
• investment in your business – to obtain a residence permit in Portugal in this case you need to create 10 jobs in your company and invest more than €500,000 in it;
• contribution to the Portuguese economy – you need to buy securities or shares or open an account for the amount of €1 million.

Based on the above options, you can conclude what income is required to obtain a residence permit in Portugal.

Residence permit in Portugal when buying a property

Separately, it is worth considering the golden visa of Portugal through the purchase of real estate. The fact is that a residence permit in Portugal through the purchase of real estate is the most advantageous option of all offered by the government. Let's talk about the advantages of a residence permit in Portugal when buying property:

• First of all, an investor who is going to buy a property, but does not want to live in it, can rent the object to those who want to rent it. Every year the country is visited by a large number of tourists, who, naturally, need an overnight stay. And since Portugal is a favorite destination for travelers, the property will turn into an excellent source of passive income.
• In addition, property prices in Portugal are constantly on the rise. This means that when an investor wants to sell his building, he will be able to earn extra on the margin. Buying property and reselling it is a very popular type of business in Portugal. Just don't forget: to extend your residence permit for the first 5 years you must always have a property worth €500,000 or more.
• Portugal is considered one of the safest countries in the world. If an investor wants to create a wonderful future for himself and his family, this country will be the best fit. In addition, a Portuguese residence permit for pensioners is a good option, for example, for your parents.

How to obtain a residence permit in Portugal

Obtaining a residence permit in Portugal takes only a few steps. The procedure is the same for everyone – for Ukrainians, Russians, and citizens of other countries. Let's consider on the example of obtaining a residence permit through property investment.

1. Conclusion of the contract. You conclude a contract with Migronis and from that moment our experts will deal with obtaining a residence permit.
2. Selecting an object for investment. Property in Portugal is represented not only by residential properties but also by commercial structures. When choosing your way to buy property you can consider purchasing restaurants, cafes, hotel rooms, shops, offices, income houses, and many other options.
3. Visit Portugal to formalize the property purchase agreement. You need a tax number, a local bank account, and several other documents to buy a property and obtain a residence permit in Portugal. All this will be handled by our experts.
4. Preparation of documents and filing of the case. The personal presence of the applicant at this stage is no longer required. We will obtain the necessary certificates, fill out all the forms for successful consideration and passing the due diligence check, and submit them to the migration agency in Portugal.
5. Case review. The Portuguese Migration Agency conducts a review from 4 to 7 months, after which it makes a decision to issue a Golden Visa.
6. Obtaining a residence permit in Portugal. You have a property in Portugal, it remains only to visit the country, pass biometric data, pay government fees, and get a residence permit.

Just six steps and the Golden Visa is in your hands. Now, if you want – after obtaining a residence permit through property investments, you can also apply for a second citizenship.

Indispensable papers to become a resident in Portugal

With your application for a Golden Portugal Investment Visa, you must also apply the next documents:

• passport or valid identity document
• proof of legal entry into Portugal (specifically, a Schengen short-stay visa)
• proof of medical insurance (issued within the last three months)
• police clearance certificate from the country of origin/residence (issued within the previous three months)
• prove of compliance with assessment and social obligations
• payslip of Portuguese Golden Visa fees.

Candidates must also demonstrate that they are committed to keeping the investment fund for at least five years in addition to this list of paper trails. Additionally, candidates must provide proof of their investment, such as:

• bank statement on financial placements
• employment agreements regarding job creation
• acts of purchase for real estate investing.

Applicants renewing their Golden Visa in the Portuguese Republic will be asked to show that they have fulfilled the necessary conditions to stay during the visa validation time. To prove this, each form of investment has its own set of criteria.

Getting Portugal citizenship by investment with the help of the Portugal Golden Visa will take several months to process. SEF may contact the respondent (or their legal assignees) to set up a meeting after it has been reviewed.

Golden Visa fees and costs

In Portugal, the expense of acquiring a residency card is €5,173 per family member. The cost of extending a residency in Portugal is 50% of this amount, or €2,586.

The fee for applying for and renewing a residency permit is €517 for the principal applicant and €80 for a family member.

The expense of obtaining a tax number (NIF) and the services of a tax representative is €200. Medical insurance is also around €200 per person.

Conclusions

Although Portugal offers only the Golden Visa, the benefits of the program are undeniable. The possibility of getting a passport, permanent residence in Portugal, and citizenship in 5-6 years makes the offer even more attractive.