Golden Visas attract interestBy Kerstin Buechner Dias • May 3rd, 2013 • Category: Quinta Lifestyle
Portugal has already granted 13 golden visas to foreign citizens, representing a total investment in the country of €10 million, a source from the foreign affairs ministry told Expresso newspaper.
With the rules to obtain the Portuguese ‘golden visa’ relaxed (read below), the permits are issued to foreign citizens who invest a minimum of €1 million in Portugal, set up companies employing at least 10 people or purchase real estate worth a minimum of €500,000.
Holders of these golden visas are 10 Brazilian, one Indian, one Venezuelan and one Chinese.
A further 60 golden residence permit applications, some from Angolan citizens, are currently being analysed, confirmed the government source.
Meanwhile, the Portuguese ‘golden visa’ rules have been relaxed to simplify the Golden Residency Permit Programme and make it more attractive to foreign investors.
Law firm Neville de Rougemont told the Algarve Resident this week: “In January 2013, changes to the ‘golden visa’ rules were approved by the government and entered into force on January 29. The legal requirements for application of the residence permits have been relaxed, making it easier for applicants to meet the conditions.”
The amendments are as follows:
Establishment of a company that has created a minimum of 10 jobs – the applicant must show proof of the 10 job positions and proceed with the registration of the employees with the Social Security (previous rules demanded the creation of at least 30 jobs);
Acquisition of property(ies) in an amount equivalent to or higher than €500,000 – the applicant must bear a legal title of immovable asset(s), either individually or in co-ownership so long as each owner invests individually at least €500,000; or make a promissory contract of purchase and sale with a deposit of at least €500,000, so long as the purchase is effected prior to the application for renewal of the residence permit;
Transfer of capital in an amount equivalent to or higher than €1 million – the applicant must show proof of having invested the minimum amount required, including investment in shares of companies (previous rules demanded that companies that were not listed were excluded from this condition).
These requirements must be fulfilled when submitting the application for the residence permit.
Concerning the period of mandatory stay in Portugal for investors, it has been reduced from 30 to seven days for the first year and from 60 to 14 days in the following year and subsequent periods of two years. The investment activity in Portugal must last for a minimum of five years from the date the residence permit is issued.
source: Algarve Resident 26-Apr-2013