The Portuguese Golden visa program is an investor residency program allowing foreigners to obtain a fully valid residency permit in Portugal. This permit not only allows investors to enter and/or live in Portugal but allows free travel within the 26 member countries incorporated in the Schengen agreement.
The program launched by the Portuguese authorities in 2012 is flexible with basic legal requirements and is fast becoming the European migration plan of choice. According to the latest Portuguese immigration statistics, at the end of January 2015, it had already attracted in excess of 1,25 billion Euros in foreign investment.
The draw for investors is a fast track entry to Schengen Europe, whilst for the Portuguese it’s attracting foreign investment helping to boost an economy still recovering from the recession.
Portugal is a southern European country on the Iberian Peninsula, bordering Spain and the Atlantic Ocean. It is an attractive small country with a temperate climate, 850kms of splendid beaches and 3000 hours of sunshine per year.
Portugal has a unique cultural heritage with a balanced blend of tradition and modernity, and where the people are very hospitable.
There are 3 options for investors namely job creation, property or capital investments. The property option is the most attractive with a minimum investment purchase price of 500,000 Euro for a property either for occupation or for rental income.
Portugal has an established rental market. The investment needs to be maintained for a 5 year period and the funds need to come from abroad.
Residency applications are approved after the investment. The visa granting process is sensible with a 7 day annual stay, and the requirement of a no prior criminal record. The golden visa is valid for 1 year and renewed for subsequent periods of 2 years, and also accommodates immediate family members.
The residency permit will entitle the investor to work and enjoy the same social benefits as the local citizens. Permanent residency can be granted after 5 years on application and citizenship after 6 years.
PS : McLarens Attorneys is able to assist with Golden Visa application’s via its Portuguese Legal firm Associate Program.