“GOLDEN VISA” OR TEMPORARY RESIDENCE PERMIT FOR FOREIGN INVESTORS
In October 2012, Portugal issued a law that introduced a concept of “Golden Visa” and defined the conditions for obtaining it. According to this law, any foreign investor has the right to obtain a temporary residence permit in Portugal. This ensures that the investor and his family may live in Portugal and move freely throughout the Schengen area. Since the release of this law and until July 2015, there has been invested 1 billion 475 million Eur in Portugal. First place by the number of obtained “Golden Visas” is held by China – 1957, on second place is Brazil with 87 visas and on the third is Russia with 79 visas. In 2015, Portugal’s investment program became the best in the annual rating of residency programs through investments conducted by Henley & Partners. The main indicators for the assessment were: the amount of expenses for obtaining residence permit, the period of application processing, visa-free travel to other countries, the taxation system, compliance with investment requirements and quality of life. In June 2015, a new law, Lei nºº 63/2015, came into effect, which provides new opportunities for obtaining residence permits for investments in the country and facilitates the already existing ones according to the law from 2012.
Benefits received by the holder of the golden visa: ⇒ Obtaining the status of the EU resident for the whole family ⇒ Opportunity to reside, with the permit to work and run business ⇒ Free travel in the Schengen countries ⇒ Possibility to obtain Portuguese citizenship after 6 years ⇒ Minimum period of stay in the country (7 days a year) ⇒ Free medical services and education
GROUNDS FOR OBTAINING A RESIDENCE PERMIT UNDER THE NEW LEGISLATION
Under the current law from October 8, 2012: I. Transfer of funds in the amount of 1 million Eur II. Creation of at least 10 workplaces III. Purchase a property in the amount of 500 thousand Eur Additional grounds based on amendments from June 30, 2015: I. Purchase and reconstruction of property older than 30 years or if it’s located in the urban reconstruction area for a total amount of 350 thousand Eur II. Investment from 350 thousand Eur in scientific research projects III. Investment from 250 thousand Eur in artistic production, in the renewal or maintenance of national cultural heritage IV. Investment from 500 thousand Eur in shares of investment funds or in the capitalization of small and medium businesses. The quantitative requirements for paragraphs 2-6 can be reduced by 20% in the case of investments in scarcely populated regions or in regions with GDP (Gross Domestic Product) less than 75% of the national average.
Residence permit for the members of the investor’s family The right to obtain the status of a resident as per family reunification process is retained by the husband or wife of the investor, children under 18, or older if they study and are financially supported by their parents, as well as parents of retirement age who are in the care of the investor.
ADDITIONAL CONDITIONS FOR OBTAINING THE STATUS OF THE RESIDENT:
• Transfer of money from a foreign account • Stay in the country before applying for a residence permit for up to 90 days • Availability of a health insurance policy
• Absence of debts on taxes and social insurance in Portugal • Absence of a ban on the entry of the Schengen countries and the existence of a criminal record with staying in places of deprivation of liberty for more than 1 year
CONDITIONS FOR PRESERVING OF THE RESIDENT STATUS:
The investor is obliged to maintain his investment status for 5 years. Stay in the country for at least 7 days, in the following 2-year periods not less than 14 days.
STATE FEES AND SEF DUTIES:
Review and analysis of the application for obtaining / prolonging of the residence for the investor
Review and analysis of the application for obtaining / prolonging of the residence for each member of the family
Obtaining the first residence card for the investor and family members
Obtaining subsequent cards
PORTUGALITY IS A COMPANY PROVIDING SERVICES IN THE SPHERE OF LUXURY REAL ESTATE AND INVESTMENT CONSULTING IN PORTUGAL. IN ADDITION TO THE SUPPORT OF THE PURCHASE, SALE AND RENT PROCESSES, WE ALSO ORGANIZE FURTHER OBTAINING OF RESIDENCE, CONSTRUCTION AND REAL ESTATE MANAGEMENT. THE COMPANY IS REPRESENTED IN THE AREAS OF THE GREATEST BUYER INTEREST: ALGARVE, LISBON, CASCAIS.
• Optimized process of buying and investing in accordance with the legal peculiarities of Portugal and the country of the buyer. • 100% of clients who applied to our lawyers obtained a residence permit in Portugal under the “Golden Visa” program. • Legal and financial security provided by the team of lawyers, financiers, tax advisers and qualified agents. • Access to any property on the market of Portugal, dues to close cooperation with local agencies. • Timely and full response to the client’s request within 24 hours after the application is submitted.