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This article gives you the lowdown on what to expect with the Portugal Golden Visa. The Complete Guide For 2024.
If you’ve been eyeing the Portugal Golden Visa for that dream of Portuguese citizenship, Schengen Area freedom, and waving around a snazzy Portuguese passport, you’re in for some updates.
According to SEF stats from 2012 to April 2023, the Golden Visa program has seen an impressive total investment of €6.9 billion. That’s some serious cash flowing into the Portuguese scene.
As of Saturday, October 7, 2023, there’s a new twist: real estate investments are no longer the golden ticket for the Portugal Golden Visa. But fear not.
The cool part is that there are many other ways to jump on board and snag that Golden Visa.Consider it your ultimate guide as you apply for the Portugal Golden Visa 2024.
What is a Portugal Golden Visa?
So, you’ve got this cool thing in Portugal called the Golden Visa program, or as some people call it, the Residency Permit Program.
This nifty setup kicked off in 2012, aiming to attract big bucks from foreign investors and boost the Portuguese economy.
Now, what’s a Portugal golden visa? Well, this Golden Visa gig is like a golden ticket for international investors.
If you throw down a serious chunk of change into Portugal’s economic pot, they roll out the red carpet, giving you residency and citizenship rights.
The notable reason you can consider this special Portuguese passport you get from the deal is that you’re not just limited to the sunny shores of Portugal.
You get a ticket to explore and work freely in any European Union country. It’s like unlocking a whole new level of possibilities.
Who Is Eligible For The Portugal Golden Visa?
After knowing the definition of Portugal’s golden visa, it’s now brilliant to know its eligibility.
To sum it up, if you’re not an EU citizen but looking for a different investment environment, whether on your own or with a company based in Portugal or any other EU country, you can go for a Residence Permit for Investment.
The ARI/Golden Visa gig is not open to Portuguese, EU, or EEA nationals. So, it’s like an exclusive club for non-EU individuals looking to invest and get that residence perk.
Advantages of the Portuguese Golden Visa
So, you’re curious about the Portuguese Golden Visa? Let’s break down the perks below.
Ease of Movement
First things first, imagine having the freedom to navigate through the Schengen Area without worry. That’s what Portugal’s Golden Visa offers. You will get visa-free entry and the ability to move from one city to another.
Family Reunion
It could be possible that you’re not embarking on this adventure alone. Therefore, you should know this: The Golden Visa allows you to bring your spouse and kids under 18.
Additionally, you can include those over 18 but still dependent and studying. Remember that even the parents and minor siblings can join you with the help of a Portugal golden visa.
Live, Work, Study
Now, picture this: you’re a resident in Portugal, and suddenly, the doors swing open. You can dive into any professional gig, and guess what?
The National Education Service, schools, and vocational training are all at your fingertips.
Road to Citizenship
Fast forward five years, and you’ve got options. Apply for permanent residency or take the plunge into citizenship. Still, there’s a Portuguese language test on the citizenship route.
Short Stay requirement
It’s helpful if we talk about the nitty-gritty. The Golden Visa journey starts with a seven-day stay in the first year, then 14 days every two years after that.
Flexibility in Investment
Here’s the cool part about the Portugal Golden Visa: your entry ticket into the Golden Visa club starts at just €280,000. Affordable and flexible, just the way you like it.
Tax Benefits
Are you thinking about taxes? Choosing Portugal as your tax residence means you get VIP access to the Non-Habitual Resident (NHR) tax regime.
You will get the special tax treatment for a decade, differentiating between income sources and a flat 20% rate for high-value activities.
Moreover, there are no wealth taxes. You can bring cash into Portugal without agitations.
Healthcare Perks
Generally, health still matters as you relocate to a new place, right? For the Portugal Golden visa, you can secure health benefits after spending over 183 days in Portugal.
Undoubtedly, you’re in the National Healthcare loop (SNS). Just swing by your local health center to get in on the action.
Non-residents, you might want to snag some private health insurance for your Portuguese adventures.
What Are the Investment Options For Portugal Golden Visa?
At this point, let’s discuss the incredible opportunities within the Portuguese Golden Visa Program. It’s like a menu of options, each offering a unique way to snag residency and citizenship. Check it out:
Investment Funds
First up, we’ve got the Investment Funds option. You’ll need to throw in a chunk of €500,000 or more. Think of it as investing in the excellent funds or venture capital stuff Portugal has going on.
These funds should be around for at least five years, and 60% of your investment should go to local companies.
Business Investment
Now, if you’re more of a business-minded person, the Business Investment option is your go-to option. Drop at least €500,000, and start your own company in Portugal.
In addition, you’ve got the chance to create five permanent jobs. Alternatively, if you’re boosting an existing company, you must keep or create at least five jobs for at least three years.
Correspondingly, if you’re setting up shop in a ‘low-density’ area, you get a sweet 20% discount.
Cultural Heritage Contribution
Here’s something artsy: the Cultural Heritage Contribution, also known as the Cultural Golden Visa. To start this investment option, you need a minimum of €250,000.
You can use this money for artsy projects to support arts or spruce up the national heritage. One important thing to note is that cultural heritage contributions can be made with local authorities, public institutions, or private foundations.
As a rule, if it’s in a ‘low-density’ area, you guessed it – 20% off.
Scientific Research
Feeling a bit scientific? The Scientific Research option might be your ticket. Transfer €500,000 or more for research activities in national institutions.
And guess what? If you do this in a ‘low-density’ area, you get a 20% discount.
Job Creation
Last but not least is the Job Creation gig. Start your own company, create at least ten jobs, and you’re on the right track.
To sweeten the deal of Portugal’s golden visa, if you’re doing job creation in a ‘low-density’ area, a 20% discount is waiting for you.
So, it’s like a choose-your-own-adventure for getting into Portugal. It could be to invest, start a business, get artsy, or create jobs. Plus, those ‘low-density’ areas?
They’re like the hidden bonus levels with extra perks. It’s a win-win.
How Can I Apply For a Portugal Golden Visa?
Are you thinking about diving into the Portugal Golden Visa process? Let me walk you through it like we’re mapping a remarkable journey together.
Step 1: General Requirements
Alright, get comfortable with the basics. Check out what the Golden Visa program demands. For instance, know who’s eligible and what papers you need.
Furthermore, gather essentials like a valid passport and a squeaky-clean criminal record certificate.
Step 2: NIF and Bank Account Setup
To start this party, you need a special Portuguese Tax Number (NIF). It’s your golden ticket for tax purposes.
Moreover, don’t forget to pick someone as your fiscal representative. You can sort out your bank account remotely. Easy, right?
Step 3: Investment Completion
Next up is the investment game. Choose your adventure if it’s creating jobs, capital transfer, investment funds, real estate, or diving into scientific research.
Just make sure you hit the investment target based on your chosen path.
Step 4: Online Application
Ready to make things official? Head to the Agency for Integration, Migration, and Asylum (AIMA) website and submit your Golden Visa application.
Fill in all the blanks, upload the required docs, and settle that application fee.
Step 5: Biometrics in Portugal
Schedule a date with AIMA in Portugal to give them your biometric scoop. The data that should be captured are fingerprints and a photo. You’ll need to be in Portugal for this step.
Step 6: Golden Visa Approval
And now, the moment of truth. After your biometric gig, AIMA takes a good look at your application. If all boxes are ticked, guess what?
You’ve just earned yourself a residency permit, a Portugal golden visa, valid for the first adventure.
What is the Minimum Stay Requirement For The Portugal Golden Visa?
So, for the Portugal Golden Visa stay rules, here’s the deal: In your first year, you’ve got to spend at least seven days there. After that, mark down an extra 14 days on your calendar every two years that follow.
When renewing your visa, the Portuguese border officials might ask for proof that you’re playing by the stay rules.
That could mean showing off your passport stamps, flight history, and maybe even a receipt from where you crashed.
Are you eyeing permanent residency or becoming a Portuguese citizen after five years? Here is the cool part: the actual number of days you hung out in Portugal doesn’t matter.
You’re golden as long as you’ve hit those minimum stay requirements. So, live it up and enjoy your time in Portugal without stressing too much about the clock.
Wrapping It Up
In a nutshell, the Portugal Golden Visa journey offers a dynamic pathway to residency and citizenship. You can renew it every two years to enjoy a range of investment options.
From maintaining a minimum stay in Portugal to submitting essential documents, the process involves a blend of practical considerations and commitment to the investment venture.
Ultimately, it’s a unique adventure, combining paperwork, cultural immersion, and the exciting world of investment in the vibrant setting of Portugal.
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