Posted by John Concrane on August 31, 2020 in Business
Portugal travel objectives, real estate opportunities and Visa for Europe? Why live and invest in Portugal ? Because is one of the major touristic attractions of Europe and the perfect retirement home! What is Portugal’s Golden Visa Program Definition & History? The Golden Visa Portugal is an investor visa program designed to attract foreign capital and business people in exchange for residency and, after 5 years, citizenship. Portugal launched the Program 2012 and by today the program attracted more than 4,4 billion EUR and more than 7200 investors. 95% of this amount has been invested in real estate. The applicants must invest in real estate for at least 500’000 EUR for 5 years. The majority of applicants are coming from China followed by Brazil, South Africa, Turkey, Russia and Lebanon.
The Portuguese parliament recently passed a budget proposal (translation) that seeks to exclude properties in Lisbon, Porto and (potentially) all other coastal municipalities from qualifying for the Golden Visa. The minimum investment amount and number of people you need to employ if you go the business investment route may also be increased. The actual rule changes aren’t yet known. The budget proposal isn’t specific when it comes to the implementation—it only gives the government the mandate to change the rules. Government representatives have said that they don’t wish for this to impact any ongoing investments, and have suggested that the new rules won’t come into effect until the end of the year.
In order to be eligible for the scheme you must conduct an investment activity either as an individual or a company set up in Portugal or another EU Member State, meet the time requirements above and do one of the following: Purchase real estate property with a value of at least 500,000€ (five hundred thousand euros) or 400,000€ (four hundred thousand euros) for the Algarve as it is classed as a low-density area. Find more information on https://www.idealhomesinternational.com/services/golden-visa-portugal-residency-portugal-property-for-sale-portugal-real-estate-portugal_458.
Established in 2012, Portugal’s Golden Residence Permit Program (ARI) enables non-EU/EEA citizens to obtain a special residence permit in exchange for a 5-year investment in Portugal. What’s unique about the permit is that the investor only has to spend about seven days per year in Portugal to maintain the residency, while still reaping all the benefits of being an EU resident—including visa-free travel in the entire Schengen area. By far the leading share of Golden Visas have been issued to Chinese nationals (although their share has been declining recently), followed by Brazilian, South African, Turkish, and Russian citizens.
As well as being able to experience the Portuguese lifestyle for yourself, the Golden Visa scheme will also provide you and your family with the opportunity to explore the rest of Europe and discover all that it has to offer. Those enrolled in the scheme will benefit from the following: No visa required to enter Portugal , Visa exemption for travelling through Europe (within Schengen Area). You can live and work in Portugal. Dependent family members can also obtain temporary Portuguese residency. Find additional information at this website.