The Golden Residence Permit in Portugal is a new regulation designed to attract foreign investment into the country.
The Portuguese government is offering a simple and fast way for property investors to receive a Five Year Golden Residence Permit (Golden visa) for non EU Citizens.
The Golden Residence Permit allows free travel in Schengen countries as well as being able to work or study in Portugal. Additionally, there is the opportunity for a European Passport or permanent residency in Portugal / EU in the 6th year. Qualifying investments for Portuguese Golden Visa (Investments maintained for a minimum of 5 years) include Business Investments – Acquisition of Properties above € 500,000 in total. Capital Investments – Transfer of Funds above € 1,000,000. and job creation – Creation of a minimum of 10 jobs.
The legal requirements for Portuguese Golden Residence Permit for property investments include the acquisition of Properties above € 500,000 purchased after 8th October 2012. The acquisition has to be completed before the application for residency permit. The properties acquired have to be free from any charges or mortgages. Minimum stays in Portugal – 7 days first year & 14 days following periods of 2
years. The residency application has to be made within a maximum of 90 days after entry in Portugal. The Golden Residence Permit is granted for an initial period of 1 year & renewed for periods of 2 years. There is the possibility of permanent residency after year 5 and nationality one year later. Bearers of an Investor Golden Residence Permit may travel freely in the Schengen area.
There is also the possibility of co-ownership with each co-owner making an investment of a minimum of € 500,000. Promissory Contracts of Purchase and Sale are now acceptable for the initial investor residency application, provided that a deposit of a minimum of € 500,000 is paid. In this event, the purchase of the property needs to be effected until the time of the first renewal of the Golden Residence Permit. In addition there is the possibility of financing to purchase the property above the € 500,000 investment. The properties acquired can be freely rented and let for commercial, agricultural and tourism purposes.
Documents and requirements for the Golden Residence Permit include a valid Passport and Schengen Visa. A valid travel document and medical insurance for EU / Portugal. The updated property documents showing ownership of property. Proof of means of income and proof of address. You must have an absence of criminal conviction and of interdiction to enter the country. Absence of notice from the Portuguese Immigration Authorities or Schengen services and a declaration from the investor confirming compliance with the investment requirements.
Typical Application costs paid to the Immigration and Borders Services for the Golden Residence Permit include:
- Initial application – € 513.75
- Issue of Investor Residency Permit – € 5,135.50.
- Renewal of Investor Residency Permit – € 2,568.75.
- Issue of Portuguese Residency Permit for Family Members – € 5,135.50.
- Renewal of Portuguese Residency Permit for Family Members – € 2,568.75.
TAKE A LOOK HERE at this fabulous investment opportunity in Portugal.