Although Portugal’s Prime Minister, Antonio Costa, has officially announced the permanent closure of the Portugal Golden Residence Permit, the sun has not set on the scheme, yet.
After much speculation, we now know with certainty that the Portugal Golden Residence Permit will be closing permanently in the coming weeks.
Exactly when the scheme will close is not certain but an important thing to note is that all applications submitted before the closing of the scheme will be processed for consideration. The proposed bill is expected to become law in mid-June. After that no applications will be accepted.
Portugal Residency by Investment
Known as the Golden Residence Permit Programme, Portugal’s Residence by Investment (RBI) Programme has been operating since October 2012. It’s the ideal solution for non-European citizens seeking the freedom to live and work in Portugal and travel across the Schengen Area.
The programme is open to investors and certain family members and can be obtained even while maintaining an alternative residence elsewhere. The residence authorisation can be renewed for an initial period of two years and then for consecutive five-year periods, provided the residency requirements have been fulfilled.
Portugal’s mild climate, rich culture, exceptional cuisine and exquisite scenery have encouraged many high-net-worth individuals to make this wonderful Iberian nation their second home. It boasts several potentially lucrative avenues for investment, with opportunities rife in manufacturing, tourism, and green energy.
Why consider a Portugal Golden Resident Permit?
The Portugal Golden Resident Permit is extremely popular. A main contributing factor to this popularity is the fact that it is one of the easiest and most efficient ways to obtain a European passport. In fact, thousands of foreign investors have invested in this scheme, paving a way forward for themselves and their families.
There are many benefits when obtaining a Portugal Golden Resident Permit, namely;
- The right to live, work, study, and undertake business in Portugal
- Exceptional levels of safety and security, excellent education opportunities, and high quality healthcare
- Minimal residency requirements
- Eligibility for citizenship after six years of residence
- Family reunification
Investment options for a Portugal Residence Permit
1. Real Estate
Applicants can purchase residential, commercial, or agricultural real estate. Processing fees apply.
- Real estate: EUR 500,000
- Real estate for refurbishment: EUR 350,000
2. Capital Transfers
Applicants can choose between a series of capital transfers. Processing fees apply.
- Standard capital transfer: EUR 1,000,000
- Capital transfer in scientific research institutions: EUR 350,000
- Capital transfer in investment funds or venture capital funds: EUR 350,000
- Capital transfer in a commercial society: EUR 350,000
- Capital transfer artistic output or national heritage: EUR 250,000
3. Job creation
Applicants pursuing this option must create at least ten jobs in Portugal. Processing fees apply.
Who should apply?
The Portugal Residency by Investment Programme allows qualified applicants to obtain permanent residence status in Portugal, even while living elsewhere and retaining their citizenship of birth.
The following may also be a good fit for the programme:
- Individuals and families who want to enjoy visa-free access to Europe’s Schengen Area
- Investors looking to invest in Portugal
- Families who want to live, study, and/or undertake business in Portugal
Are applications still open?
Currently, the Portugal government is still allowing intake of Golden Residence Permit. Essentially, The Golden Visa programme will end on the day the law comes into effect. It is advised that the sooner potential investors start the process, the better.
Book a free first consultation with one of our experts and discuss your individual requirements.
*Residency by investment programme requires a financial investment into the country.