Golden Visa applicants have the right to live and work in Portugal, but there is no requirement to do so. The country offers a favorable tax regime to those who decide to relocate to Portugal. The applicants enjoy free travel within the European Schengen visa zone. After holding a Golden Visa for five years, the applicants can apply for citizenship or permanent residency in Portugal, leading to a passport. The Portuguese passport allows the owner to live, work, study anywhere within the European Union
Portugal’s Golden Visa program is one of the most popular residence by investment programs in Europe and in the world. The program started in October 2012 and since then almost ten thousand families have received their Golden Visas.
Portugal’s Council of Ministers has adopted amendments to the residence permit for investment program. From January 2022 (contrary to a controversial law passed at the end of last year restrictions to Portugal’s money-spinning ‘golden visa’ regime will not now come into effect on July 2021), investors will only be able to buy property in certain regions of the country. The new conditions of the programme limit investors’ choices: you can’t buy property in major cities and resort areas, such as Lisbon, Porto and Cascais. In order to qualify for the so-called golden visa, you need to buy a property in an area with a low population density, in the Azores or Madeira.
How to obtain a residence permit in Portugal under 2020 conditions
The current conditions of the residence permit programme in Portugal allow investors to buy property in Lisbon, Porto and popular resorts, primarily in Cascais. The minimum transaction amount is €500,000 and the property must be owned for 5 years. This option represents 86% of all participants in the programme since 2012.
A foreigner can also obtain a residence permit in Portugal if:
- transfers capital in the country for an amount from 1 million euros;
- buys shares in a venture capital or investment fund from €350,000;
- opens a company or invests in an existing business from €350,000 and creates or retains 5 jobs;
- registers a new business in Portugal and create 10 jobs;
- will finance scientific research for an amount from € 350,000;
- invests from €250,000 in national, cultural or natural heritage sites.
It takes from 2 to 6 months to participate in a residence permit investment programme. Residence permit status allows you to move to Portugal, work and do business in the country without restrictions. It is also possible to travel visa-free in Schengen countries with a residence permit.
A foreigner can become a Portuguese citizen 5 years after has obtained a residence permit for investment. To obtain a Portuguese passport, the investor takes a language test and proves that has spent at least 7 days a year in the country.