Portugal

RESIDENCY

Portugal

RESIDENCY

Portugal - Golden Visa Program

In South Western Europe, nestled between the Atlantic Ocean and Spain, lies Portugal. With a naturally diverse and stunning landscape, Portugal has everything from dramatic mountains and valleys to white sand beaches and turquoise waters. The colder Northern areas are rocky and wild, while the Southern areas are warmer and more populated. The Azores and Madeira islands are autonomous Portuguese regions that are incredibly picturesque and well worth discovering. Portugal’s rich cultural history left imprints on the landscape from several different ancient civilizations, giving it 15 UNESCO World Heritage Sites. The people enjoy a lively and warm culture with arts, music, theatre and dance being a forefront of activity. Wine is also popular with many traditional high quality varieties being produced. Social inclusion is ever present in Portugal with a strong café and conversation culture, an active nightlife, and strong family oriented values.

Portugal is a member of the European Union and Schengen States with a parliamentary democracy. Entire parties are voted for instead of single representatives. Portuguese and Mirandese are the official languages, but spoken English is commonly found. While the taxing structure can be significant in some areas, new residents can benefit from the Non-Habitual Residents Regime (NHR). The NHR allows for substantial reductions like Portugal sourced income rates of 20% as well as total tax redemptions in areas like business, pension and foreign income. There are also no taxes on wealth and on inheritance or gifts between families. The standard VAT is 23% with reduced rates for some services at 13% and 6% for basic foods. VAT rates in Madeira and the Azores are of a similar structure but reduced again. With the one of the most popular Golden Visa Programs in Europe, a Residency Permit can be obtained allowing access to all Schengen states. This can be used over a 5 year period with the possibility of advancing to a Permanent Resident or Citizenship status. Professionals at IRC can help you obtain your initial residency in less than 6 months.

Benefits of the Portugal Golden Visa Program

  • Residency can be obtained in as little as 6 months
  • After 5 years of the Golden Visa Program, the option to apply for Permanent Residency or, with some knowledge of the Portuguese language, full Citizenship
  • Residency, when granted, to the applicant and family, can include dependent children under 26 and parents over 65
  • Visa-free travel to all of the Schengen states
  • Many investment options available
  • No restrictions on Dual Citizenship
  • A beneficial taxation schedule under the NHR

How to Become a Resident

Making a significant monetary investment in Portugal, having a tax planning session (where you are given a NIF tax identification number), and opening a bank account are the first steps. After a receipt for the purchased property or investment is secured, applicants can then apply for the Golden Visa Program through various government agencies, including Immigration and Border Services.  The residency permit is valid for 2 years and allows the applicant to live and work in Portugal. With a minimum presence of 14 days in the first 2 years, the permit can be renewed for 3 more years with a minimum presence of 21 days. If the investment has been maintained for five years, the applicant may then approach Permanent Residency. Citizenship is also an option, with a basic knowledge of the Portuguese language. Currently, there are several investment options available under the real estate and capital investment sections:

Real Estate Option

Owning a property in Portugal is very rewarding as you can choose to live, do business or rent the location for a return on your investment. Variable property taxes will apply and more than one property can be used to meet the minimum investment requirement.

  • A minimum of 280,000EUR real estate investment that is in a low density area and over 30 years old. Renovation costs can be included in the minimum threshold.
  • A minimum of 350,000EUR real estate investment that is over 30 years old or in an area deemed an urban rehabilitation area. Renovation costs can be included in the minimum threshold.
  • A minimum of 400,000EUR real estate investment in a low density area
  • A minimum of 500,000EUR real estate investment in a high density area

Capital Investment Option

Ranging from donations to fund investments, job creation and bank account transfers, there are many different available options.

  • A minimum of 250,000EUR donation to national heritage maintenance or artistic output
  • A minimum of 350,000 EUR donation to research and technology in the private or public sectors
  • A minimum of 350,000EUR worth of units purchased for investment or venture capital funds with at least 60% being realized for Portuguese companies
  • A minimum of 350,000EUR investment in an existing Portuguese company creating at least five permanent full-time jobs for a minimum of 3 years
  • The creation of 8 permanent full-time jobs in an existing Portuguese company in a low density area
  • The creation of 10 permanent full-time jobs in a Portuguese company owned by the  applicant
  • A minimum of 1,000,000EUR transfer of capital to a bank in Portugal

Current fees are as follows:

Processing fees are 5870.30EUR + 83.30EUR per dependent for the first application. For application renewals the cost is 3202.10EUR + 83.30 per dependent. Variable legal fees also apply.

Legal Requirements

- Applicants must be 18 years of age or older and be a non-EU national

- Applicants must not be engaged in a criminal court case, or be identified as a security or reputational risk

For More Information

For additional information please don’t hesitate to contact the IRC. We provide professional assistance from the beginning to the end of the process and ensure a secure transaction. Additional assistance can be provided to find and acquire real estate.

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