Everything you need to know about the Portuguese Golden Visa
The Portuguese Golden Visa is simply a way to unlock opportunity. With its rich history, stunning landscaping, and thriving economy, Portugal has become a beacon for individuals seeking residency in the European Union.
If you’re considering making Portugal your new home, understanding the ins and outs of the Portuguese Golden Visa process is crucial.
In this blog, we’ll break down the requirements, necessary documents, application procedures, and more to help you understand the process.
Table of contents:
- What is a Portuguese Golden Visa?
- Who can qualify for a Portuguese Golden Visa? (Types of Investment)
- Eligibility for family members under the Portuguese Golden Visa
- What documents are required for the Portuguese Golden Visa?
- What is the Application Process for a Portuguese Golden Visa?
- Benefits of the Portuguese Golden Visa: Validity and Residence
- How much does a Portuguese Golden Visa cost?
- Portuguese Golden Visa appeals and refusals
- Can I retire to Portugal from the UK?
What is a Portuguese Golden Visa?
The Portuguese Golden Visa program was first introduced in 2012 to attract non-residents to invest in the country, whilst providing them with the opportunity to obtain residency, and in some cases citizenship.
Unlike more traditional immigration processes, the Golden Visa Program offers a streamlined path to residency through various investment options.
The Portuguese Golden Visa allows non-national individuals to live in Portugal, as a resident, for 5 years, as well as travel within most European countries without an issue. However, to be eligible for this Visa, you will need to live in Portugal and engage in an investment.
Who can qualify for a Portuguese Golden Visa? (Types of Investment)
If you are a non-EU/EEA/Swiss National who is over the age of 18 (with no criminal record), you will be eligible for a Portuguese Golden Visa.
One of the key features of the Portuguese Golden Visa program is the flexibility it offers in terms of investment options. Investors can choose from several avenues to fulfill the investment requirement, including:
- Donation to arts
This is one of the cheaper investment options. To qualify for a Portuguese Golden Visa, a donation of €250,000 to Portuguese arts, culture, or national heritage is necessary. - Venture Capital or Private Equity Funds
Holborn Assets account for Portuguese Venture Capital and Private Equity Funds for the vast majority of new Golden Visa applications as it has the largest selection of investment options. To meet the requirements, an investment of at least €500,000 must be made. - Research activities
Another investment option is to invest in research and development activities, or supporting institutions that engage in scientific or technological research. To meet the requirements, a donation of at least €500,000 is necessary. - Job or company creation
The last type of investment is the job or company creation. By investing in this option, you will be contributing to the country’s economic growth and development. This will require you to invest in 10 employees or 5 employees, and a €500,000 investment.
Can UK Citizens apply for the Portuguese Golden Visa?
Anyone who has a qualifying investment can apply for a Portuguese Golden Visa. This includes all UK nationals who, as of January 2021, can apply for the Portuguese Golden Visa and acquire EU residency.
Eligibility for family members under the Portuguese Golden Visa
Under the Portuguese Golden Visa program, eligibility extends beyond the primary investor to include immediate family members.
This includes:
- Spouses
- Children (Minors)
- Dependent Family Members
This means that upon successful application, you will not only have the right to live and work in Portugal, but your family will also have the same privileges.
It should be noted that family members are included in the initial application process, and their residency permits are issued concurrently with the investor’s permit. This provision ensures that families can stay together and enjoy the abundance of benefits that life in Portugal offers.
This includes access to top-tier healthcare, education, and a high quality of life.
What documents are required for the Portuguese Golden Visa?
- Passport
You must have a valid passport with at least another 6 months validity period. - Proof of 0 Criminal Records
A certificate attesting to the absence of criminal convictions in the applicant’s country of residence. - Proof of Health Insurance
Documentation proving that the applicant and their family members are covered by health insurance. - Proof of Funds
You will need evidence of financial capacity to fulfill the investment required, such as bank statements or certificates of income. - Investment Documentation
Depending on your chosen investment, relevant documents - such as investment agreements or bank transfer receipts - will be required. - Application Forms
Completed application forms provided by the Portuguese authorities, ensuring accuracy and completeness of information. - Other Supporting Documents
Additional documents may be required depending on individual circumstances, such as marriage certificates, birth certificates for accompanying family members, or proof of employment.
What is the Application Process for a Portuguese Golden Visa?
The application process for a Portuguese Golden Visa is relatively straightforward but requires attention to detail and adherence to specific requirements. Typically, the application process will involve the following steps:
- Step One
Investors must choose their preferred investment option, and ensure they meet the minimum investment threshold. - Step Two
Once the investment has been made, applicants must gather the necessary documentation. - Step Three
Following the collection of the required documents, applicants can submit their application to the Portuguese Immigration and Borders Service (SEF), or through a designated intermediary. - Step Four
The SEF will then review the application, conduct any necessary due diligence checks, and will then issue a residence permit upon approval. This will be valid for one year initially, and renewable for subsequent periods after that.
Benefits of the Portuguese Golden Visa: Validity and Residence
The Portuguese Golden Visa not only grants investors and their families residency rights, but it also offers flexibility and security in terms of validity and residence.
Upon approval, successful applicants initially receive a residence permit which is valid for one year and is then renewable for subsequent two-year periods, as long as the investment requirements and residency conditions are maintained.
The Portuguese Golden Visa residency permits can be extended to family members, including spouses dependent on children, and even parents, fostering a sense of unity.
If you are thinking about long-term residency and potential citizenship, the Portuguese Golden Visa program will help start you on this journey.
You will need to have a Portuguese Golden Visa, as well as continuous residency and citizenship before you can apply for permanent residency in Portugal.
How Much Does a Portuguese Golden Visa Cost?
The cost for a Portuguese Golden Visa is as follows:
- Processing Fee = €550 for the first year/€80 for each renewal.
- Application Fee = €5,325 (£4540) per person.
- Renewal Application Fee = €2,663 (£2270) per person
You should also anticipate legal fees. The prices will vary depending on the law firm and investment type. These prices start at around €5,000.
Portuguese Golden Visa Appeals and Refusals
In the event of a Portuguese Golden Visa application refusal, applicants will then have the option to appeal the decision through the Administrative Courts in Portugal.
These appeals must be based on valid grounds, such as:
- Procedural Errors
- Misinterpretation of Facts
- Violation of Legal Principles
It is essential that applicants thoroughly review the reasons for refusal provided by the SEF and gather supporting evidence to substantiate their appeal.
This appeal process can be time-consuming and complex, so don’t hesitate to get in touch with one of our experts, who can help direct you to professionals who are familiar with Portuguese immigration law. This will significantly increase the chances of a successful outcome.
Can I retire to Portugal from the UK?
Portugal’s culture and breathtaking scenery make it a very popular choice with UK retirees.
However, according to the retirement residency law in Portugal, non-EU citizens must apply for a residence permit to retire in Portugal.
This is where the Portugal Golden Visa can help.
With the Portuguese Golden Visa, you have the option to live in Portugal legally, whilst enjoying a cost of living that is much lower than the UK.
The process of gaining a Portuguese Golden Visa can take time though, as we’ve seen, but don’t worry!
There is also the option for UK retirees to obtain a D7 residence visa, which will allow non-residents, with a passive income, the ability to reside in Portugal for 4 months, whilst an application for a residency permit is ongoing.
Portuguese Golden Visa: A Summary
The Portuguese Golden Visa offers a unique opportunity for residency through investment.
By following the steps above, and meeting the necessary criteria, the Portuguese Golden Visa will allow you to embark on a journey towards a new chapter in the beautiful country of Portugal.
At EasyFX we offer bespoke currency solutions, including advising on foreign investments.
Our experts will guide you through the entire process of obtaining a Portuguese Golden Visa and more.
Get in touch with our friendly team today!
Common FAQs about the Portuguese Golden Visa
Surprisingly enough this is a very common question. Unfortunately, the Portuguese Golden Visa will not allow you to reside in Spain. However, Spain has their own Golden Visa Program, which you can read about here: Understanding The Spanish Golden Visa.
Ready to buy a property in Portugal?
Buying a house in Portugal can be an exciting and rewarding experience with careful planning and professional assistance. Embrace the unique charm and lifestyle Portugal offers, and with the right guidance, you can turn your dream of owning a property in this beautiful country into a reality.
Remember to stay informed, seek expert advice, and immerse yourself in the local culture to make the most of your Portugeuse property ownership. Happy house hunting.
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