In 2020, Brexit residents of the United Kingdom lost the opportunity to live, study, and work in any EU country. This event has disappointed many UK citizens as they had to obtain a visa.
The Portuguese government has decided to make a decision, and now, starting from January 1, 2021, investors from the UK can get a Golden Visa. In addition to the fact that it provides many advantages in itself, after five years, an investor can apply for permanent residency in Portugal, citizenship, and, accordingly, use a visa-free regime not only in the EU but also in many other countries.
What are the Portugal Golden Visa benefits for UK citizens?
Nearly 11,000 foreigners have already taken part in the Portugal Golden Residence Permit program. This is quite an impressive number compared to the popularity of a similar program in other EU countries. What are the pros of the Golden Visa that attract the attention of investors so much?
1) Program participants receive a residence permit in Portugal, as well as the right to travel to any EU country and stay there for up to three months every six months.
2) The applicant may involve their relatives in the program. Since an investor can obtain a Portuguese passport five years after obtaining a Golden Visa, a similar opportunity for a spouse, parents, or children stirs up interest among foreigners.
3) Residents of the United Kingdom will definitely appreciate the low prices in Portugal. As Immigrant Invest Agency specialist Victor Esik points out, Portuguese food, fuel, healthcare, etc. are some of the most affordable among other countries in Western Europe, and the crime rate is lower than in the UK.
4) Investing in real estate in Portugal will not only pave the way for investors to the Golden Visa but will also help them earn on rent. At the same time, the tax system does not put much pressure on income. First, Portugal has an agreement with the UK to avoid double taxation. Secondly, investors can claim many tax benefits that the government is willing to provide.
Citizenship with Portugal Golden Visa: How does it work?
Having received a Golden Visa, the investor must extend its validity for five years. During this time, it is necessary to learn Portuguese at least to level A2. This is a prerequisite because, to obtain citizenship, the investor will have to pass a language test. If you have had no problems with taxes and the law, you will easily receive citizenship and then a Portuguese passport, which gives you all the rights of an EU resident.
Portugal Golden Visa Requirements
In addition to the required investment, a foreigner must meet all the requirements to participate in the program.
- The minimum age of the applicant is 18 years.
- The origin of the funds that the applicant is going to invest to participate in the program must be confirmed by relevant documents.
- The applicant must not have a criminal record.
- To obtain the Portugal Golden Visa, the investor must pay the government application fee of EUR 5,147.80 per applicant.
Required Investments for Portugal Golden Visa
The Golden Visa program in Portugal is considered more attractive than similar programs in other countries, particularly because the number of investment options is quite large.
- If a foreigner wishes to obtain a Portugal golden residence permit through investment in real estate, its minimum value must be 500,000 euros. However, if you choose an area with a low population density, the minimum amount will be already 400,000 euros. The process of buying property in Portugal takes from one to three months.
- An even cheaper way is to invest in real estate in a Portuguese urban renaissance area. In this case, the amount will be equal to 350,000 euros, and if you find an area with a low population density, the minimum requirements become even more profitable and amount to 280,000 euros.
- There is an opportunity to invest 350,000 euros in an investment fund. The Portuguese Securities Market Commission regulates such options.
- 1,000,000 euros can be invested in a Portuguese company, or you can buy shares of such companies for the same amount.
- If the investor creates at least 10 jobs for Portuguese citizens, they will also be able to participate in the program.
- A foreigner can make a capital transfer to a Portuguese bank account in the amount of 1,000,000 euros.
- Another capital transfer option is 350,000 euros, which will go to research activities in the field of science or technology.
- A capital transfer of 250,000 euros to support the arts or the reconstruction of the national heritage of Portugal is also an interesting option.
That is, UK citizens can buy a house or land in Portugal and, if this property meets the program’s minimum criteria, apply for a Golden Visa. Moreover, this purchase can be turned into a source of passive income through rent.
Can the investor’s family obtain a residence permit in Portugal?
Portugal’s Golden Visa scheme allows foreigners who have met all investment conditions to include family members on their application. These people will receive the same benefits as the investor. Who in the family can participate in the program?
- The spouse of the applicant.
- Children of the applicant under 18.
- Children of the applicant over 18 years of age who are not married. Also, the son/daughter must be a full-time student in a higher educational institution.
- Brother or sister of the applicant or spouse under the age of 18, provided that you have legal custody of them.
- Parents over 55 years old. Documents proving their dependence are required.
If the investor lists their family members in the application, they will also be able to obtain a Portugal golden residence permit. Please note that for each family member, you need to pay state fees: EUR 533 for processing + EUR 5,325 for issuing a visa for each person. The extension of the residence permit will cost you 2,663 euros per person.
After the investor has fulfilled all the conditions of the program and submitted an application, it is necessary to wait for its processing. This usually takes six months. In the worst case, eight months. The Golden Visa, which is issued after the approval of the application and payment of all fees, is valid for one year.
If the program participant wishes to keep it for five years to obtain Portuguese citizenship, then the visa will have to be extended two times (the action is extended for two years at a time). To extend the visa after the first year, the investor must spend 7 days a year in Portugal. In subsequent periods – 14 days.
Portugal’s Golden Visa program is about saving the people of the UK from the consequences of Brexit. Foreigners can choose the most convenient investment option for themselves, whether it is buying real estate for living or renting, donating, or even starting their own business with all its charms.
The benefits that an investor receives with a Golden Visa are in demand, judging by the number of participants in the program since its inception (more than 10,000). Moreover, the opportunity to become a Portuguese citizen not only for the investor but also for their family allows you to build a bright future in comfortable conditions for children.
