Portugal is fast becoming one of the top destinations to relocate to in Europe and throughout the world. The idyllic coastal country offers its inhabitants a rich culture, beautiful scenery, pristine beaches, delectable food, year-round warm weather, low crime levels, quality education opportunities, world-class healthcare systems and a high standard of living.
If you are planning a long-term stay in Portugal, acquiring an official residency is an absolute must. One of the most popular ways Portuguese residency is obtained is through Portugal’s residency by investment program, also known as the Golden Visa Program, which fast-tracks permanent residency and is an indirect path to citizenship for non-EU nationals.
Even if you do not intend to reside in Portugal, obtaining residency through the Portugal Golden Visa Program is still a great way to secure your assets and guarantee a prosperous future for you and your family. Portuguese residency comes with many benefits and opportunities, including freedom of movement throughout Europe’s Schengen Zone and access to lucrative business and investment opportunities in the region.
With that being said, not everyone can apply to the Portugal Golden Visa Program as there are requirements and certain criteria that needs to be met before individuals are granted a residency permit. We look at who can get residency in Portugal:
Launched in October 2012, the Portugal Golden Visa Program is a legal process based on the law that invites foreign investors from non-European Union countries to obtain fully valid residence permits in Portugal for themselves and their families. In exchange for permanent residency, applicants to the program are required to pass all due diligence checks and invest in real estate in the country. Once applicants receive their residence permit, they will gain the right to live, work, travel and study in Europe, as well as have access to Portugal’s healthcare and consumer rights.
Portugal is also considered to be one of the best places to retire in the world. As of today, property values in Portugal are at a level that makes it an ideal place for investment.
Whether you need to obtain residency in Portugal depends on your nationality and purpose of stay. According to Portuguese immigration policies, European Union (EU) nationals can enter the country using their identity cards. Since Portugal is an EU member state, EU nationals are allowed to enter the country for three months to find a job or set up a business. Once hired, EU nationals are then granted the same rights as Portuguese workers. If staying for more than three months, EU nationals must request a registration certificate. After five years, EU citizens can then request a permanent residence certificate.
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All other foreign visitors will need a passport and a visa (if required) to enter Portugal for 90 days within six months. If you wish to stay longer than three months, you will need to apply for a residency permit through the Portugal Golden Visa Program. Any individual can apply for residency by investment as long as they meet all the application process requirements. These are as follows:
Investors are required to be at least 18 years of age, in good health, possess no criminal record, have confirmed investment sources and successfully pass due diligence checks. Individuals can apply as single applicants or as a family.
Family members that can be included in the application are the main applicant’s spouse and children (biological or adopted) under 18 years of age. Parents and children older than 18 years old can also be included in the application if they are dependent on the main applicant.
Children born in Portugal whose parents are golden visa holders for more than one year are eligible for Portuguese citizenship.
If all the minimum criteria are met, applicants to the Portugal Residency by Investment Program are required to purchase property in Portugal before the application can be filed. Fortunately, Portugal has many investment options to choose from, which include:
Successful candidates who meet all the requirements, have made the necessary investment and are granted residency permits will have to visit Portugal for seven days per year for five years to fulfil residency requirements.
Now that you know who can get residency in Portugal, it is worth noting some of the benefits that come along with holding residency in this country:
The Portuguese passport is ranked in the top 5 passports in the world for ease of travel.
Before applying to any Residency by Investment program, individuals must ensure that they are rendering the services of a government authorized agent and advisor like Savory & Partners. The internet is rife with fraudulent companies offering scams that promise citizenship within an implausible timeframe and at an impossibly low price. If it’s too good to be true, then it probably is.
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As a British Authorised Agent with decades of experience and over 900 families approved, Savory and Partners specialize in granting second citizenship and passports to High-Net-Worth investors from the Middle East and beyond.
If you are interested in applying for Portugal’s Residency by Investment Program or have a few questions and queries you would like cleared up, book a free online consultation today and one of our agents will happily aid you in securing a better, prosperous future for you and your family.
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