Everything About the Golden Residence Permit Program

0
26
Portugal Golden Visa

The Portugal Golden Residence Permit Program, which is also famous as the Portugal Golden Visa Program, is offered by the Portugal Government. It is a five-year residence and investment program that permits non-EU nationals to live, study, and work in the country. The golden residents under this program are also allowed free circulation in the Schengen Area in Europe. The most intriguing part of the program is that it will enable the residents to stay for only seven days per year with a citizenship allowance after five years.

Eligibility for the Golden Residence Permit

An individual will become eligible under theGolden Residence Permit program if he/she has the following criteria:

  • The applicant’s age must be at least 18
  • The applicant has made a significant investment that is beneficial for the Portugal government
  • The applicant must have no criminal records
  • The applicant should have a significant bank balance in case of further investments
  • The applicant must acknowledge further investment for at least another five years

Does an Investment Allow you Portuguese Residency?

If the individual receives a Golden Visa, he/she becomes eligible for permanent citizenship after five years. Unlike other countries, under the Golden Visa policies, it is not mandatory for the individual to live in Portugal through these five years. As mentioned earlier, only seven to fourteen days of living in Portugal is enough to get permanent citizenship under the visa requirements. However, accommodation proof in Portugal, steady income proof, and efficient knowledge of the Portuguese language is essential.

The Portugal Golden Visa Benefits  

The Golden Visa is a coveted visa program offering wealthy foreign investors a comprehensive range of benefits. The Portugal Golden Visa benefits are as follows:

  • Visa-free access to EU countries: As Portugal is a member of the European Union, the Golden Visa offers access benefits for the EU nationality. It also offers the benefits of free labour, goods, and services movements for businesses.
  • Take benefits of Portuguese healthcare and education: Individuals can access the national healthcare system, Serviço Nacional de Saúde. Further, it allows a high-quality public education system at all levels.
  • Live a standard life with the lowest expense rate in Western Europe: Portugal is the least expensive country in western Europe. It offers very low living expenses compared to the other EU countries. The living cost in Portugal is approximately USD 1,400 per month.
  • Visa-free Europe travel access: With a Portuguese Golden Visa, an individual gets the right to travel anywhere in the European Union without a need for a travel visa. Additionally, they can access many non-Schengen countries with a Portugal Golden Visa.

Family Members Included in the Portugal Golden Visa

An individual can add the following family members to their Golden Visa application:

  • Partner or spouse
  • Children below 18
  • Children above 18 (if dependent on the applicant)
  • Siblings below 18 (spouse/partner)
  • Dependent parents above 55 (spouse/partner)

The Portuguese government allows the following family members to get a Portuguese residence permit card and enjoy the same privileges and rights as the Golden Visa holder.

Application procedure for the Portugal Golden Visa

The application process for the Golden Visa to Portugal is as follows:

  • The applicant must choose an investment in Portugal after visiting the country
  • It is mandatory to create a Portuguese bank account and generate a valid tax number in Portugal
  • Make the investment
  • After investing, an individual is eligible for applying to a Green Visa
  • The Government of Portugal offers a residence permit to the applicant
  • The applicant can apply for permanent residence or Portuguese citizenship

 Portugal Golden Visa Requirements

The necessary documents to apply for a Portugal Golden Visa are:

  • Portugal Visa Application Form
  • Valid Passport
  • Health Insurance Proof
  • Two passport-sized photograph
  • Proof of no criminal record
  • Self-declaration mentioning that the individual will reinvest for at least another five years
  • Proof of payment receipt obtained from the ARI portal
  • Any valid document proof related to your investment in Portugal

Cost of the Portugal Golden Visa

Apart from your investment in any sector in Portugal (e.g. €500,000 in real estate), the applicant must pay the following charges:

  • Processing charges: €533 (for each family member)
  • Residence permit renewal fee: €2,663 (for each family member)
  • Golden Visa issue charges: €5,325 (for each family member)

The Portugal Golden Visa Validity Period

The initial validity period of the Portugal Golden Visa is for one year. The applicant can renew the visa for the next two years, confirming that they maintain the investment. After the tenure of five years (1+2+2), the applicant can apply for Portuguese permanent citizenship or residence.

Mandatory taxes for the Golden Visa Investors

For non-residents: If the investor is a non-resident, the income the person makes abroad will not be considered taxable. Only investments in Portugal Will be taxable according to the tax structures.

For residents: The following are the taxable incomes in Portugal

  • Pensions
  • Employment income
  • Investment Income
  • Director’s fees
  • Capital gains
  • Rental income

Conclusion

Did you invest a significant amount in Portugal? You are eligible to look for your Golden Visa. Contact the Portugal immigration office to learn about the Golden Visa for foreign investors and Portugal Golden Visa Processing Time.