Lifestyle

Take a Closer Look At How the Portuguese Golden Visa Works

If you want to relocate to Portugal but don’t qualify under their current visa scheme, then you may want to think about applying for a Golden Visa. The Golden Visa scheme allows immigrant investors residency and eventually citizenship if they invest in properties worth at least €500,000 or create 10 jobs in the nation. It is a straightforward scheme to access, as long as you have the money. The scheme, as already mentioned, eventually leads to citizenship and a Portuguese passport.

This article will investigate the topic further, explaining how the Portuguese Golden Visa scheme works in greater detail:

Investment Requirements

Getting Portuguese citizenship through the program isn’t particularly difficult. However, to qualify for the Portugal Golden Visa scheme, you have to invest in one of the government’s specified investments. You have the option to:

  • Purchase property in Portugal that’s worth at least €500,000. However, if you decide to purchase property that’s in a rural or low-density area, you only need to invest €400,000.
  • Invest a minimum of €350,000 in an Investment Fund. The investment fund you invest in has to be approved by the Portuguese CMVM (Securities Market Commission), otherwise, you cannot access the scheme.
  • Invest a minimum of €350,000 in a Portuguese urban regeneration area (usually in cities). If you invest in a rural or low-density area, then you only need to invest €280,000.
  • Transfer at least €1 million to a Portuguese bank account.
  • Invest €1 million in a  Portuguese company.
  • Create a minimum of 10 jobs for Portuguese nationals.
  • Purchase shares of a Portuguese company worth at least €1 million.
  • Make a capital transfer of a minimum of €250,000 to support Portugal’s art scene or to help reconstruct national heritage.
  • Invest a minimum of €350,000 for the creation of a commercial company.
  • Make a capital transfer of a minimum of €350,000 for research in science or technology.

As you can see, it can be very expensive to get a visa through the scheme – but it is definitely worth it. You don’t have to put up with complex paperwork, nor do you have to worry about your visa being unreasonably denied. As long as you have the funds available, you are more or less guaranteed access to the nation. As it is in the EU, Portuguese citizenship is an easy way to become an EU citizen and live without borders in one of the world’s wealthiest continents.

Eligibility Criteria

In addition to making one of the previous investments, you also need to meet the scheme’s eligibility criteria, which are as follows:

  • You must be at least 18-years-old
  • You must make an investment that is beneficial to Portugal’s economy (one of those previously mentioned)
  • You must have an entirely clean criminal record and must not have previously been convicted of any offenses, although each case is judged on a case by case basis
  • You must commit to maintaining your investment for at least five years
  • You must own the money that you are investing

Portuguese Citizenship

If you apply for the Portuguese Golden Visa, then you will become eligible for Portuguese citizenship after five years. The best part about Portuguese citizenship is that you do not need to live in Portugal during that period in order to become a citizen. Instead, you only need to spend between seven and fourteen days a year in the nation. With that said, you do have to prove that you have accommodation in Portugal and means of financially supporting yourself. You also need to prove that you have knowledge of the Portuguese language on a conversational level. If you don’t then you will need to learn it.

Advantages of the Portuguese Golden Visa Scheme

EU Movement

One of the greatest advantages of the Portuguese Golden Visa is that once you have qualified and received your citizenship, you will be able to live and work in any of the EU’s member states. You can essentially live a life that’s entirely border-free, moving from places like France to Italy, without any visa or citizenship applications. European citizenship is highly coveted, but hard to attain. The Golden Visa scheme is essentially a back door to European citizenship.

Education and Healthcare

In addition to being able to enjoy the fruits of EU citizenship, you also get to access Portugal’s healthcare and education systems, which are some of the world’s finest. Portugal’s healthcare system is nationalized like it is in Great Britain. This means that it is public-funded and all citizens can access it, free of charge. It is ranked third in the World Index of Healthcare Innovation. Portugal’s educational system is also fantastic. The nation’s literacy rate is 99.44. This means that your children and family can come along and enjoy the world’s finest healthcare and education.

Living Costs

Surprisingly, Portugal also offers some of the world’s lowest living costs. However, despite the fact that Portugal’s living costs are so cheap, the nation’s quality of living is very high. In Portugal, you only need to earn around $1,400 to live comfortably. You can live for a lot less if you live in one of the nation’s rural regions. Food, energy bills, and other living costs are very cheap there. If you do decide to live in one of the nation’s more rural areas, then you can also buy a property and land very cheaply. Portugal’s property prices are some of Western Europe’s cheapest.

Family Members

If you want to apply for the Golden Visa scheme, but are concerned about bringing your family along, then don’t be! The following family members can accompany you and be included in your Golden Visa application:

  • Your spouse or partner
  • Children over the age of 18, who are financially dependent on you
  • Children under the age of 18
  • Adult children, as long as they are in full-time education and unmarried
  • Siblings under the age of 18, of you or your partner
  • Dependent parents over the age of 55, of you or your partner

The Portuguese Golden Visa Scheme is one of the most effective ways of getting Portuguese, and later European, residency and citizenship. If you want an easy route in Europe, or just want to enjoy the benefits of living in Portugal, then the Golden Visa scheme is an effective way of doing so.

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