Travel In Schengen Area With A Portuguese Golden Visa
In recent years, one of the most common ways for non-European citizens to obtain a residence permit or nationality of a Member State of the European Union (EU) has been through the so-called “Golden Visa” or Citizenship by Investment Programs. Each State defines its own specific rules for granting the “Golden Visa” to foreign investors who are interested in participating in such programs.
The Portuguese visa for investors program, launched in 2013, has become one of the most popular programs of its kind in Europe. It attracts a large number of investors due to its flexibility and benefits.
There are several ways in which individuals can obtain a Portuguese investor visa. An investment of €500,000 in Portuguese property can result in a residence permit for an applicant and their immediate family. Other investment options include: an amount of €500,000 or more used to purchase shares of investment funds or venture capital invested in small and medium-sized enterprises; an amount of €250,000 or more for artistic productions or the recovery or maintenance of national cultural heritage; or an amount of €350,000 or more to be applied to research activities carried out by public or private scientific research institutions, integrated into the national scientific and technological system.
To maintain the residence permit, the holder must spend at least 7 days in the country during the first year. After the first renewal, the residence permit will subsequently be renewed every two years on the condition that the applicant spends 14 days in the country per year. The same requirements for number of days spent in the country per year also apply to the applicant’s immediate family members.
One of the main benefits of the program is the possibility of applying for permanent residence after 5 years and for Portuguese nationality after 6 years. Although the applicant is not required to reside in Portugal, they must demonstrate links to the country. Obtaining Portuguese nationality entitles the holder to live, travel, work and study anywhere in the EU.
New rules came into effect in November 2017, which broadened the scope of the visa by investment. The scheme now allows applicants to make a smaller investment in real estate that satisfies certain requirements, for example buying a property built more than 30 years prior to purchase or a property located in an urban regeneration area. The applicant is then obligated to carry out rehabilitation works on the property acquired.
There are many advantages to the Golden Visa program. Those with a Portuguese investor visa can travel within the Schengen area for a maximum period of 90 days for each half-year from the date of first entry and can live, study and work in Portugal.
If you are interested in investing in Portugal and are willing to meet the program’s requirements, please contact us for further information and assistance.
The information in this blog is for general information purposes only and does not purport to be comprehensive or to provide legal or fiscal advice. Whilst every effort is made to ensure the information and law is current as of the date of publication it should be stressed that, due to the passage of time, this does not necessarily reflect the present legal position. Discreet Advisory accepts no responsibility for loss which may arise from accessing or reliance on information contained in this blog.
©Discreet Advisory 2018