Portugal's Golden Visa program is a residency by investment program that offers many benefits to foreign investors. In this guide, we will go over who is eligible for the program, how much you need to invest, what the benefits and limitations are, and more. Keep reading to learn everything you need to know about Portugal's Golden Visa program!
In order to be eligible for Portugal's Golden Visa program, applicants must meet one of the following criteria:
Applicants must also have a clean criminal record and be able to show proof of means of subsistence. Moreover the applicant will only needs to stay in the country for a minimum of 7 days for the first year and 14 days per year therafter.
The Portuguese Golden Visa program provides a wide range of property investment options:
To be eligible for the Golden Visa the applicant will need to make a real estate investment of €350,000 for a rehabilitation project (construction dating back more than 30 years or located in urban regeneration areas) or €500,000 for any other property.
This price is reduced by 20% if the property is located in an area of low population density.
Residential property in urban areas such as Lisbon, Porto and most areas of the Algarve will no longer qualify although there are some exceptions. Investors can buy residential real estate anywhere in Portugal’s autonomous islands of Madeira and the Azores, worth at least €500,000, or €350,000 if investing in a rehabilitation project.
There are no geographical limitations for commercial real estate. Investors can purchase commercial real estate intended for services, commerce, tourism, aparthotels, and even Airbnb (with proper Licensing/registration) etc anywhere in the country worth at least €500,000, or €350,000 if investing in a commercial rehabilitation project. And if the commercial property is located in a designated low-density area, then a 20% discount applies.
Applicants can also transfer capital of €500,000 or more in a real estate fund invested in residential properties anywhere in Portugal. This would make it possible to continue investing in residential property in urban areas such as Lisbon, Porto and the Algarve.
As we have seen above it is possible to invest in commercial real estate all over the country, but for residential real estate, to be eligible to the Golden Visa, the property needs to be located in the "Interior Regions" of Portugal. The definition of what is considered interior is defined by a fixed map that was published a couple of years ago.
Lisbon, Porto and most of the Algarve are considered non-interior regions and as such are not eligible for residential golden visa.
Low-density areas determine whether or not a 20 percent discount rate applies to your investment. Low-density regions are defined as territorial units (NUTS III) and have less than 100 inhabitants per square km or a per capita GDP of less than 75 percent of the national average.
Click here to email us to get the full maps of Interior/Non-Interior regions as well as Low density/High density regions.
There are some limitations to Portugal's Golden Visa program that applicants should be aware of before applying. First and foremost, not all types of properties are eligible for the golden visa program. Additionally, investors cannot sell their property for at least 5 years after receiving their golden visa. Lastly, there is a maximum number of 200 golden visas that can be issued per year per project - meaning that if more than 200 people invest in a single project (e.g., a new building), only the first 200 will receive golden visas.
Though there are cheap golden visa products in Portugal, our clients have so far preferred investing at least €500k or more into a safe investment with good long term returns. These high-quality products are located in non-interior, high density costal areas (Algarve, Lisbon, Porto) but could still be accessible though direct investment (via exceptions or properly registered rentals) or through an investment in a real estate fund.
At Elyseeum, we are always on the lookout for high-quality golden visas gems that offer safe investments and long term returns. If you're interested, we can help find those! Please click on this link to email us so we can organize a meeting.
If you're still wondering whether Portugal's Golden Visa program is right for you, take a look at our FAQs below:
Q: Can my family members be included in the golden visa residency permit?
A: Yes, the Golden visa permit extends to your family (children, spouse and dependent family members). The family members will also be eligible for Permanent Residency after 5 years and citizenship after 6 years.
Q: What is the validity of the Portugal Golden Visa ?
A: The Portugal Golden Visa will be valid for an initial period of 1 (one) year and then will be renewed for subsequent periods of 2 years.
Q: Do I need to speak Portuguese to apply for a golden visa?
A: No - you do not need to speak Portuguese to apply for a golden visa. However, it will make your life easier if you do since Portugal is a predominantly Portuguese-speaking country.
Q: How long does it take to get approved for a golden visa?
A : The application process generally takes between 2-3 months. However, please note that processing times may vary depending on the type of application and current workload .
Q: How to apply to permanent residency?
A: After you have maintained your investment for five years, you can apply for permanent residency. If you have a permanent residence permit, you can live and work in Portugal indefinitely (is valid for five years but you can keep renewing it indefinitely) and travel to other countries in the EU without a visa. There are no language requirements to get permanent residency, as opposed to citizenship.
If you're looking for an opportunity to live in Europe via an investor residency program, Portugal's Golden Visa program is definitely worth considering . With relatively low investment amounts , flexible eligibility criteria , and plenty of perks , the Portuguese government has made it easy for foreign investors to obtain residency status in the country. Plus, with its sunny weather, Mediterranean lifestyle, and stunning coastal towns, it's no wonder that Portugal has become one of the most popular destinations for residency by investment programs in recent years.
So what are you waiting for ? If you're ready to start living the good life in Portugal , don't hesitate to apply for a Golden Visa today !