A Step-by-step guide toward your new European residency by investment
While Portugal has been a destination for many tourists, this country has also been attracting investors from around the world for a good period. The country’s residency by investment program has become one of the most desirable countries to live in and invest in, in Europe. The program offers a fast-track residency path to many people from different nationalities around the globe who are capable of investing in Portugal. To get a better understanding of how the process goes, we will explore the process of obtaining residency in Portugal through investment, the steps involved, and why Portugal is a great destination for investment.
What is Portugal’s Residency by Investment Program?
The Portugal Residency by Investment Program, also known as the Golden Visa Program, was launched in 2012. This program has allowed a significant number of foreign investors to obtain residency in Portugal by investing in the country.
Under this program, investors can obtain a residency permit by investing in one of several qualifying investment options, naming few like:
Real Estate Investment: Investors can purchase a property in Portugal worth at least €500,000.
Capital Investment: Investors can invest at least €1 million in Portuguese companies or Portuguese investment funds.
Job Creation: Investors can create at least 10 jobs in Portugal.
Scientific Research: Investors can invest at least €350,000 in scientific research conducted by Portuguese institutions.
Cultural Heritage: Investors can invest at least €250,000 in the preservation of Portuguese cultural heritage.
Once the investment has been made, investors can obtain a temporary residency permit that allows them to live and work in Portugal, as well as travel freely within the Schengen Area. And in turn, this may also allow investors to be eligible to apply for permanent residency/citizenship after 5 years.
Why is Portugal a Good Destination for Investment?
While Portugal has been an important touristic destination it is also an important investment destination for different reasons, including:-
Location: Portugal is strategically located in Europe, with easy access to other European countries. It is also well-connected to Africa, South America, and the Middle East.
Climate: Portugal has a mild climate, making it a popular tourist destination. The weather is generally warm and sunny, which is ideal for those who enjoy spending time outdoors.
Lifestyle: Portugal is known for its high quality of life, with a low cost of living. The country has a rich cultural heritage, a relaxed lifestyle, and excellent healthcare.
Business Environment: Portugal has a friendly business environment, with a low tax rate for companies and individuals. It is also a member of the European Union, which provides access to a large market.
Steps Involved in Obtaining Residency through Investment
To obtain residency in Portugal through investment you should follow these simple steps:-
Step 1: Choose an investment option:-
As mentioned earlier, the Portugal Residency by Investment Program requires a minimum investment of €500,000 in property, or €350,000 in a property that is over 30 years old, in a low-density area, or requires renovation. The investment can be made individually or through a company. It is important to choose the investment option that best suits your needs.
Step 2: Obtain a Tax Identification Number:-
To invest in Portugal, you will need to obtain a Portuguese Tax Identification Number (NIF). This can be done through the Portuguese embassy or consulate in your home country or a legal representative in Portugal.
Step 3: Open a Portuguese Bank Account:-
Once you have obtained your NIF, you will need to open a Portuguese bank account. This will allow you to transfer the funds for your investment.
Step 4: Purchase the Property:-
Once you have selected the property you wish to invest in, you will need to sign a promissory contract and pay a deposit. The final payment will be made once the property is transferred to your name.
Step 5: Apply for Residency:-
Once you have completed the investment, you can apply for residency in Portugal. You will need to provide proof of your investment and proof of your ability to support yourself and any dependents.
Step 6: Obtain a Residency Card:-
If your application is approved, you will be issued a residency card, which will allow you to live and work in Portugal. The residency card is valid for 2 years and can be renewed for subsequent periods of 2 years.
The Portugal Residency by Investment Program has become increasingly popular in recent years, particularly among investors from China, Brazil, and Russia, who are seeking to gain access to the European market and take advantage of Portugal’s favorable tax laws and business-friendly environment.