The Golden Visa Program in Portugal: The Definite Guide

Portugal's Golden Visa program is a popular immigration program that provides a fast-track pathway for non-European Union (EU) citizens to obtain residency in Portugal. The program was launched in 2012 with the aim of attracting foreign investment into the country, and since then, it has become one of the most popular investment visa programs in the world. In this article, we will provide you with all the information you need to know about the Golden Visa Program in Portugal, including its requirements, application process, benefits, and implications.
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What is the Golden Visa Program in Portugal?

The Golden Visa Program in Portugal is a residency-by-investment program that allows non-EU citizens to obtain a Portuguese residence permit by investing in the country. The program was introduced in 2012 and has since attracted a significant number of foreign investors looking to take advantage of Portugal's favorable business environment, low cost of living, and high quality of life.
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Investment Categories

The Golden Visa Program is open to individuals who are willing to invest in one of the following categories:

1. Real Estate Investment: Investing a minimum of €500,000 in real estate property in Portugal, which can be used for commercial or residential purposes.
2. Capital Transfer: Investing a minimum of €1,000,000 in a Portuguese bank account or purchasing shares in a Portuguese company.
3. Research and Development: Investing a minimum of €350,000 in research and development activities in Portugal.
4. Job Creation: Creating a minimum of 10 jobs in Portugal.
5. Cultural Activities: Investing a minimum of €250,000 in Portuguese cultural activities.
6. Urban Rehabilitation: Investing a minimum of €350,000 in the rehabilitation of a property in a designated urban rehabilitation area.
7. Small and Medium Enterprises (SMEs): Investing a minimum of €500,000 in a Portuguese SME or creating a minimum of 5 jobs in an SME.
8. Scientific Research: Investing a minimum of €350,000 in scientific research carried out by Portuguese public or private institutions.
9. Artistic Production: Investing a minimum of €500,000 in Portuguese artistic production or supporting the arts in Portugal.

Regarding the real estate investment option, it's worth noting that there are some additional possibilities to invest less than €500,000 and still obtain a Golden Visa. For example, if you invest in a property that is more than 30 years old or located in an urban regeneration area, the minimum investment amount can be reduced to €350,000. Additionally, if you invest in low-density areas, the minimum investment amount can be reduced to €280,000. It's important to note that these reduced investment amounts are subject to certain conditions and requirements, so it's always advisable to consult with a qualified immigration lawyer or advisor for the most up-to-date information.

The Golden Visa Program in Portugal is designed to attract foreign investment to the country, and it has been successful in doing so. Since its inception, the program has attracted over €5 billion in foreign investment to Portugal.
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What are the requirements for the Golden Visa Program in Portugal?

To qualify for the Golden Visa Program in Portugal, applicants must meet the following requirements:

1. Investment: The applicant must make an investment in one of the eligible categories mentioned above.
2. Clean criminal record: The applicant must have a clean criminal record in their country of origin and in Portugal.
3. Health insurance: The applicant must have valid health insurance in Portugal.
4. Residency requirements: The applicant must spend at least 7 days per year in Portugal.
5. Source of funds: The applicant must demonstrate that the funds used for the investment were legally obtained.
6. Tax obligations: The applicant must have no tax obligations in Portugal.
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What is the application process for the Golden Visa Program in Portugal?

The application process for the Golden Visa Program in Portugal is relatively straightforward and can be completed in a few simple steps:

1. Choose an investment category: The first step is to choose an investment category that meets your requirements and budget.
2. Invest: Once you have chosen an investment category, you need to make the investment in Portugal.
3. Application: You can then apply for the Golden Visa Program by submitting your application to the Portuguese Immigration and Borders Service (SEF).
4. Biometric data: Once your application is received, you will be required to provide biometric data, such as fingerprints, at a SEF office in Portugal.
5. Decision: After your application is reviewed, you will receive a decision from SEF. If your application is approved, you will receive your Golden Visa and can begin your residency in Portugal.
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What are the benefits of the Golden Visa Program in Portugal?

The Golden Visa Program in Portugal offers numerous benefits to foreign investors, including:

1. Residency: The program provides a fast-track pathway for non-EU citizens to obtain residency in Portugal.
2. Travel: Golden Visa holders are free to travel within the Schengen Area without the need for a visa.
3. Family reunification: Golden Visa holders can also apply for family reunification, allowing their family members to live with them in Portugal.
4. Citizenship: After holding a Golden Visa for five years, investors are eligible to apply for Portuguese citizenship, which provides the opportunity to live and work in any EU country.
5. Education: Portugal is home to a number of top universities, and Golden Visa holders can take advantage of the country's world-class education system.
6. Quality of life: Portugal is known for its excellent quality of life, including a warm climate, beautiful scenery, and a relaxed lifestyle.
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What are the implications of a successful Golden Visa application?

A successful Golden Visa application can have a number of implications for investors, including:

1. Taxation: Investors who obtain a Golden Visa are subject to Portuguese tax laws, including income tax and property tax.
2. Real estate investment: Real estate investment is the most popular investment category for the Golden Visa Program, but it also requires careful consideration of the real estate market in Portugal.
3. Investment risks: Like any investment, there are risks associated with investing in Portugal. Investors should carefully consider the risks before making an investment.
4. Renewal: Golden Visas must be renewed every two years, and investors must demonstrate that they continue to meet the program's requirements.
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Conclusion

The Golden Visa Program in Portugal is an excellent opportunity for foreign investors to obtain residency in Portugal and take advantage of the country's favorable business environment, low cost of living, and high quality of life. The program offers a fast-track pathway for non-EU citizens to obtain residency in Portugal, and it provides numerous benefits, including travel within the Schengen Area, family reunification, and the opportunity to obtain Portuguese citizenship. However, investors should also carefully consider the implications of a successful Golden Visa application, including taxation, real estate investment, investment risks, and renewal requirements. Overall, the Golden Visa Program in Portugal is an attractive option for investors looking to gain residency in Europe and take advantage of Portugal's many benefits.
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Is the Golden Visa Program in Portugal ending?

Edited: February 27, 2023

On February 16, 2023, the Portuguese Government made an announcement that it will end its Golden Visa Program. This marks the beginning of a period of review where the Government will be subjecting the measures to public scrutiny from a political standpoint. During this phase, it's expected that input from major stakeholders in affected industries will be considered in order to gain a more comprehensive understanding of the positive and negative impacts of each measure.

If you want to find out more, read our blog post about the ending of the Golden Visa Program in Portugal and its implications for current applicants or homeowners that acquired a property through the program over the last years.