The Golden Visa Program in Portugal has generated a lot of interest in Europe due to its flexible and beneficial nature. The program that was launched in 2012 allows investors to apply for a residency visa for a family including dependent children upon proof of acquisition of real estate property, creation of jobs or transfer of capital in Portugal. The residency permit also allows the investor together with his family members to move freely within the vast Schengen space (European countries).
The Golden Visa Programme (Portugal) has been considered to be one of the most transparent residency program for investors in the world with its straightforward and concise general legal requirements. A primary requirement is for the investor to comply with the general provisions set out for all types of qualifying investments as well as the specific requirements for each qualifying investment. The visa is valid for an initial period of one year then will be renewed every two years provided the applicant spends two weeks in Portugal.
Aimed at attracting foreign investment, the Golden Visa Program has contributed to a significant boost in the Portuguese economy as foreign nationals especially from China, Brazil, Russia, Lebanon and South Africa have applied to gain a place in the beneficial scheme. The Portuguese Golden Visa scheme has been more successful than the Spanish one having issued over 3247 Golden Visas and 4950 family residency approvals from inception to date. It has also attracted an estimated €1.9 billion of investment with more than €1.7 billion being through the purchase of real estate property like luxury second homes and vacation homes.
The huge demand has particularly been due to the flexibility of the program that has been improved to offer numerous attractive investment options. Increasing prospects for capital gain in the real estate property market in the coming years has been predicted by the Organisation for Economic Cooperation and Development (OECD) due to the growing Portugal economy. With the reduction of the minimum initial investment of €500,000 to €350,000 on properties above 30 years old, more investors are set to take advantage of this great opportunity. The move is to encourage investment activity in districts such as Lisbon, which are designated for urban renewal in a government supported regeneration program. Additional non-property investment options that are on offer include a minimum of €350,000 investment in scientific or technological research activities and €250,000 into artistic production or €500,000 into small and medium businesses.
The Golden Visa Programme offers an excellent opportunity for investors wanting to secure a Portugal residency, particularly with its reduced processing waiting period, well-allocated tax allowances and the extra benefit to travel across the Schengen space. It’s time to be part of this unique opportunity offering free travel freedom which your home passport cannot give while investing in a property in Portugal.
