Portugal Golden Visa
What is the Portugal Golden Visa?
The Portugal Residence Permit for Investment (ARI) program, commonly known as the Portugal Golden Visa, was introduced in 2012 and is one of the preferred residency by investment programs in the world. Foreign investors can obtain the Golden Visa through the purchase of a real estate property starting at EUR 280,000, provided that they stay in or visit anywhere in Portugal on average seven days a year over a five-year period to maintain their Golden visa status. The Portugal Golden Visa can eventually lead to a Portuguese Passport (EU Passport) after 5 years which currently ranks 5 in the world on the Passport Ranking Index and provides visa-free access to 187 countries. This makes it one of the most desirable passports in the world with a very high mobility score.
Can I still apply for the Portugal Golden Visa?
Yes, Step Global and our team of Portuguese lawyers will be accepting applications until further notice, provided that the client has funds ready to make their property investment such that the application may be submitted in a timely manner.
There are many reasons why people want to invest in the Portugal Golden Visa. The diverse culture, pleasant Mediterranean climate, beautiful architecture, low-cost of living, delicious food, and friendly people are what draw people to this quickly growing economy. It is also an ideal location for those looking for a holiday home. The Portugal Golden Visa allows investors to secure EU residency within a short time frame, providing visa-free travel across the EU and Schengen Zone, access to high-quality schooling at relatively lower fees, and offering an abundance of social security and healthcare benefits. The Portugal Golden Visa Program is also a direct route to an EU Passport which allows the holder to live and work in any EU country, and travel visa free to over 180 countries worldwide.
Investment & Requirement
Real Estate Investment Options:
Step Global holds one of the largest portfolios in the GCC region, of property options that are officially eligible for the Portugal Golden Visa under the following categories:
EUR 280,000 in a government designated low density area. The property must be older than 30 years and the developer must be undertaking to fully refurnish and renovate the property so it is as good as new for use.
EUR 350,000 in a government designated urban area. The property must be older than 30 years and the developer must be undertaking to fully renovate and refurbish the property so it is as good as new for use.
EUR 400,000 in a government designated low density area if the construction is brand new or is less than 30 years old (not a refurbishment project).
EUR 500,000 in a government designated urban area if the construction is brand new or if the property is less than 30 years old (not a refurbishment project).
Important Announcement about the Portugal Golden Visa
Since the Portugal government announced on February 16, 2023, their intention to close the attractive Golden Visa Program which leads to a resident permit and the EU passport eventually, we have been following closely the evolutions around the proposed amendments.
On Friday, April 14, 2023, a draft of the new legislation was sent to the Portuguese Parliament for further discussion and voting. This document provides information on many aspects that concern those who have already invested in property, and those who are considering applying under the program.
The new law will NOT retroactively apply to existing Golden Visa holders and to those who are applying now before the new law comes into effect.
All applications submitted before the bill is officially signed into law will be accepted and processed as usual. Therefore, for now, the Golden Visa Program continues without any change as such in the terms for applicants up until any NEW laws come into effect.
The new law will go into effect on the date it is published in the official journal.
Minimum stay requirements in Portugal of 7 days in the first year of residency and 14 days in the subsequent periods of two years of residency (renewals) will remain the same; which is great news for buyers who live far away.
Once the new law is officially signed and published no new Portugal Golden visa applications will be accepted as of that date.
It is estimated through the legislative process of Portugal that the new law will become official between mid to end of June 2023.
Portugal Golden Visa FAQs
Yes, you can apply for Portuguese citizenship after 5 years of holding your Golden Visa.
The validity period of your Portugal Golden Visa is initially 1 year. You can then renew it for two-year periods, provided that you have maintained your investment. After five years, you become eligible for permanent residence or citizenship.
Portugal has a public-funded healthcare system. This means citizens and residents of the country who contribute to the Social Security Fund can receive free medical care. Public education in Portugal is free with the exception of universities, for which you have to pay a relatively small fee.
Yes, Portugal allows dual citizenship. However, if the applicant’s home country does not allow it, the applicant may have to renounce their citizenship
You must apply for residence permit renewal.
No, you do not have to take a language test in order to obtain the Portugal Golden Visa.
Yes, your spouse and any children under the age of 18 can be included on the same application.
Investors who want to apply for the Portugal Golden Visa do not need to pass a language test. However, it’s essential to confirm this information with one of the Step Global lawyers, as regulations may change.
For a Portugal permanent residence application, you typically need:
- A valid passport and copies.
- Proof of legal residence in Portugal.
- Criminal record clearance from both Portugal and your home country.
- Health insurance coverage.
- Proof of sufficient financial means.
- Documentation to demonstrate ties to Portugal (employment, family, etc.).
- Application forms, photographs, and any specific documents based on your circumstances.
As the window of opportunity to take advantage of this once in a lifetime EU Residency and Passport program is short, we encourage you to contact us today.
With a number of eligible properties available, and over 13 years in the investment immigration industry, Step Global is a leading advisory firm which has assisted clients across the GCC, India, and Africa, fulfil their immigration goals.