Portugal Golden Visa: Basic Details That You Need To Know

The Portugal golden visa offers a simple and quick route to get Portugal citizenship. In this route, the applicant has to do real estate investment to obtain citizenship. The Portuguese government has launched this program in 2021 to increase investment in Portugal. After launching this golden visa Portugal, Portugal has received several billion Euros investment because more than 2,00 family has applied for it.  

INVESTMENT

Investors have to make real estate investments in Portugal. This real estate investment can be residential or commercial. Also, it is not necessary to make the entire investment in just one property and you can combine the sum of investment you have made on different properties. If you invest in a property which is constructed 30 years ago, then you can make an investment of approximately €350,000 plus the amount needed for refurbishment.  

PROCESS

The golden visa applicants have to make an investment before applying for the visa. Usually, the property purchasing process takes one to three months. After that, completing the application process will also take a few months. Once you have selected the property, hire a lawyer and make an investment. The typical application incorporates initial discussion which usually takes 3 to 4 days to see the properties, hires a lawyer, opens up a bank account, and meets immigration professionals for biometrics. After making the right investment that person is eligible for application. Once the residence permit is approved, then the applicant has to visit Portugal to collect the residence permit. If you are not able to travel, you can also collect it remotely.

REQUIREMENTS

In addition to the real estate investment applicants will need a clear criminal record and medical insurance to cover any stay in Portugal. Applicants will need to maintain their investment spending one week in the first year and two weeks every two years in Portugal in order to renew the residency visa.

FEES

The fee for every family member to apply for Portugal golden visa is €5,336.40. In addition to this, you also have to pay a renewal fee every two years and the renewal fee is 50% of the initial fees. Moreover, you have to pay the processing fee for the application and renewal as well. The processing fee charged by the applicant is € 533.90 for the main applicant plus and for the family member is € 83.30. The lawyer fees are also included in the total expense.

FAMILY

The family members who can apply for the golden visa are spouses and children under 18. Kids 19 and above can apply for full-time or part-time education. Also, parents aged above 66 can also apply for the Portugal golden visa along with the main applicant. In addition to this, parents whose age is between 55 to 65 can also apply for the Portugal golden visa, but it is important to prove their dependency. It is very important to know which family member qualifies for a golden visa before making the investment. There are so many golden visa Portugal properties that need to be considered.

TAX BENEFITS

There are so many benefits of the golden visa program in Portugal. It offers tax benefits to those who will become residents of Portugal. The Portuguese residents have to pay only tax for their worldwide income. This country has quite a favorable tax regime for those who are living in this country. The residents do not need to pay tax for the income they have earned in their country. Taxes are not charged for the income earned for the first ten years. Moreover, there is no tax on inherited property. The annual property tax varies from 0.3% to 0.8% of the property valuation.

LIVING AND WORKING

Usually, the golden visa application wants to live in Portugal full time. Those who want to live in Portugal need medical insurance. Though families have quick access to medical services, still medical insurance is mandatory. The Portugal golden visa applicants have the right to work in Portugal and set up their business.

TRAVEL

After getting the Portugal Golden Visa, the residents also get access to visitor visas to Europe and Schengen zone. Getting a travel visa to the European countries is problematic for the Middle East, Asia, African people. Once the applicant has obtained the Portuguese residence permit, then they have the freedom to travel to various EU Schengen countries. But applicants have to renew their Visa after their expiration.

CITIZENSHIP AND PASSPORT

The visa applicants can apply for the permanent residency of Portuguese after holding the residence permit for five years, then you can apply for Portuguese citizenship. To apply for Portuguese citizenship, you have to give a basic language test. Once you have obtained permanent residency, then you do not need to renew your golden visa.

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