The Portugal Golden Visa program has been an enormous success, especially for expats with businesses, jobs, and families. New changes and updates have made it more attractive for people to apply for it this year. There have certainly been multiple amendments to the essentials, but these changes focus more on investors, professionals, and entrepreneurs. So do keep reading if you want to know more.
Benefits of Portugal Golden Visa
A Portugal Golden Visa has many benefits and is one of the most popular immigration options available. One of the main benefits is that it allows you to live and work in an EU country for a period of five years. This means that you will be able to stay in the country and pursue your career goals. Another advantage is that it gives you access to Portuguese healthcare, government programs and education, as well as the ability to travel to all the Schengen countries, and bring your family with you to join you in Portugal and live with ease.
Conditions to Qualify
The applicants do not need to be in Portugal to start the Golden Visa application. Still, they must produce original documents and biometric data to the Portuguese Foreign Services during the procedure. An analysis fee at the beginning of the process and an insurance card fee at the end bring current application costs to less than EUR 6000. The average processing time is one year.
To be eligible for the Golden Visa scheme after January 2022, you have to meet one of the following conditions:
The municipalities of Alcoutim, Aljezur, Castro Marim, Monchique, and Vila do Bispo are the only ones in the Algarve where residential properties are eligible for a GV application. The parishes of Alte, Ameixial, Salir, Querença, Tôr, and Benafim are all included in the municipality of Loulé's interests.
Purchases of residential, non-residential, and building plots with a value of at least EUR 500,000 in the interior of Portugal are also eligible.
Purchase EUR 350,000 worth of residential or non-residential real estate in Portugal that was built more than 30 years ago.
Purchasing residential or non-residential real estate worth at least EUR 350,000 in an "urban regeneration" region to renovate it.
A capital transfer of at least EUR 1,5 million to Portugal.
A EUR 500,000 investment in research from scientific institutes that are part of the national science and technology system.
A EUR 250,000 investment in or support for artistic output or the recovery and preservation of national cultural treasures.
Under certain conditions, purchase of EUR 500,000 worth of shares in investment funds or venture capital funds dedicated to the capitalization of firms formed under Portuguese legislation.
Subscription of EUR 500,000 in share capital in a commercial firm with the main office in Portugal, including creating 5 permanent jobs for at least three years.
Another qualification is creating a minimum of 10 permanent job positions in Portugal.
In conclusion, the Portugal Golden Visa program is an excellent opportunity for foreigners who want to live and work in the country. The recent updates in the requirements specifically benefit investors and entrepreneurs residing in Portugal. So, if you're looking to invest in a property in Portugal, now is the right time! Get in touch with one of our agents to know more.
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