Portuguese Golden Visa

For some years now, the Portuguese Golden Visa has become one of Europe’s most sought-after residency-by-investment programs, as it provides U.S. citizens and other non-European Union investors with a straightforward route to residency in Portugal and an open door to the European Union. 

The Portuguese Golden Visa was updated in January 2024, and the new regulations are meant to streamline the application process and ensure that the Portuguese program remains competitive, attractive, and beneficial for both the country and its golden visa applicants. This visa also represents a solid route towards Portuguese citizenship and, consequently, European Union citizenship.

Eligibility and Investment Routes

There are several investment routes to obtain a Portuguese Golden Visa, including investments in funds, research, or arts and culture. Real estate investment, a very common route for this kind of application, is not eligible anymore as of January 2024. This update marked a strategic shift meant to encourage alternative investment avenues, especially those that foster innovation and economic growth in sectors like technology, energy, healthcare, and cultural heritage.

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That said, to qualify for a Golden Visa in Portugal, the primary investment routes are:

1. Investment Funds
   • Minimum investment of €500,000 (approximately $535,000) in approved Portuguese investment funds or venture capital funds – these are typically focused on high-growth sectors like technology, energy, healthcare, agri-business, and hospitality and are meant to foster the country’s economic activity.
2. Company Incorporation
   • Minimum investment of €500,000 (approximately $535,000) in a Portuguese company for at least three years, including the creation of at least five permanent jobs.
3. Research Activities
   • Minimum investment of €500,000 (approximately $535,000) in research activities carried out by public or private scientific research institutions in Portugal, that must be involved in the national scientific or technological system.
4. Arts and Culture
   • Minimum donation of €250,000 (approximately $267,500) to support the arts or the preservation of cultural heritage. These must be made through the local and central authorities, public institutions, associations and foundations, private foundations of public interest, and local corporate sector organizations / associations.
   • This amount decreases to €200,000 (approximately $214,000) in low-density areas.
5. Job Creation
   • Create at least ten new permanent jobs in Portugal.
   • The number of required jobs decreases to 8 in low-density areas.

Application Process for the Portuguese Golden Visa

The Golden Visa application in Portugal consists of the following steps and can take 10 to 14 months:

1. Prepare the Necessary Documentation
   • Valid passport
   • Clean criminal record certificate
   • Proof of Portuguese health insurance coverage
   • Proof of investment in one of the qualifying routes
   • Portuguese tax number (NIF) – need to apply it if you still don’t have one 
   • Portuguese bank account information
2. Expression of Interests 
   • Submit an expression of interest online to SEF (Portuguese Immigration and Border Service)
   • Submit your Golden Visa application through the Portuguese consulate or embassy in your jurisdiction or directly to SEF in Portugal.
   • Pay the relevant application fees to the Portuguese government, ranging from €5,000 to €8,000 ($5,350 to $8,560) – remember that fees can change, so you should always check the updated fee structure on the SEF website during your application process.
3. Submit Your Application and Pay Taxes
   • Submit your Golden Visa application through the Portuguese consulate or embassy in your jurisdiction or directly to SEF in Portugal.
   • Pay the relevant application fees to the Portuguese government, ranging from €5,000 to €8,000 ($5,350 to $8,560) – remember that fees can change, so you should always check the updated fee structure on the SEF website during your application process.
4. Biometrics Collection
   • Attend a biometrics appointment in Portugal where the Portuguese government will collect your fingerprints, photograph, and signature – essential details to verifying your identity that will be used to create your residence permit card.

Once your application is approved, you will receive a temporary residence permit that is initially valid for two years.

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Requirements to maintain the Golden Visa Status

To maintain Golden Visa status in Portugal, a U.S. citizen needs to fulfill specific requirements and comply with a set of regulations. By adhering to these requirements, Golden Visa holders can continue to enjoy the benefits of residency in Portugal and potentially qualify for permanent residency or citizenship after five years.

The requirements are:

– Ensure that the qualifying investment remains intact for at least five years

– Spend at least seven days in Portugal during the first year of residency and at least 14 days during each subsequent two-year period –these can be either continuous or intermittent stays.

– Renew your initial residence permit at the end of the second and fourth years – for the renewal, you must provide proof that you comply with the previous two points.

– Ensure you meet all legal and tax obligations, including paying taxes related to your investment and complying with any other regulatory requirements set by Portuguese authorities.

– Continue to have a clean criminal record both in Portugal and your home country – any criminal activity can jeopardize the status of the Golden Visa.

– Maintain valid health insurance coverage for the duration of your stay in Portugal.

Financial Consideration

When evaluating the Portugal Golden Visa, investors must carefully consider their investment’s financial implications, including taxation (present and future) and the prospective return on their investments. 

Portugal offers a Non-Habitual Resident (NHR) tax regime, which can provide significant tax benefits for golden visa holders for ten years. Under the NHR, foreign income—including pensions, dividends, and royalties—can potentially be tax-exempt. However, for income generated within Portugal, a flat income tax rate of 20% is typically applied to certain types of income derived from high-value-added activities.

Understanding fiscal responsibilities and the efficiency of capital allocation is crucial to maximizing the benefits of the Portuguese Golden Visa program.

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Frequent Questions

1. What is the Portuguese Golden Visa?

The Portuguese Golden Visa is a residency-by-investment program that offers non-EU citizens, including U.S. citizens, a straightforward route to residency in Portugal through various investment options.

2. What are the main benefits of the Portuguese Golden Visa?

Benefits include residency in Portugal, visa-free travel within the Schengen Area, and the potential for permanent residency or citizenship after five years.

3. What are the new changes to the Portuguese Golden Visa as of January 2024?

As of January 2024, real estate investment is no longer an eligible route. The focus has shifted to investments in funds, company incorporation, research, arts and culture, and job creation.

4. What are the eligible investment options for the Portuguese Golden Visa?

Eligible options include investment in funds, company incorporation, research activities, arts and culture donations, and job creation.

5. What is the minimum investment for the Portuguese Golden Visa?

The minimum investment is typically €500,000 (approximately $535,000) for most routes, except for arts and culture donations, which require €250,000 (approximately $267,500).

6. Can I invest in real estate to qualify for the Portuguese Golden Visa?

No, as of January 2024, real estate investments are no longer eligible for the Portuguese Golden Visa.

7. What documents are required for the Portuguese Golden Visa application?

Required documents include a valid passport, a clean criminal record certificate, proof of health insurance, proof of investment, a Portuguese tax number (NIF), and Portuguese bank account information.

8. How do I start the application process for the Portuguese Golden Visa?

Begin by preparing the necessary documentation, then submit an expression of interest online to SEF (Portuguese Immigration and Border Service).

9. Where do I submit my Golden Visa application?

Applications can be submitted through the Portuguese consulate or embassy in your jurisdiction or directly to SEF in Portugal.

10. What are the fees associated with the Portuguese Golden Visa application?

Application fees range from €5,000 to €8,000 ($5,350 to $8,560), with additional fees for biometrics collection and residence permit issuance.

11. What is involved in the biometrics collection process for the Golden Visa?

You must attend a biometrics appointment in Portugal to provide fingerprints, a photograph, and a signature for your residence permit card.

12. How long is the initial Golden Visa residence permit valid?

The initial residence permit is valid for two years.

13. What are the requirements to maintain the Golden Visa status?

Requirements include maintaining the investment for five years, spending at least seven days in Portugal in the first year and 14 days in each subsequent two-year period, renewing the residence permit, and complying with legal and tax obligations.

14. How often do I need to renew my Golden Visa residence permit?

You need to renew your residence permit at the end of the second and fourth years.

15. Can I include my family in my Golden Visa application?

Yes, the Golden Visa allows for family reunification, including your spouse and dependent children.

16. What is the Non-Habitual Resident (NHR) tax regime in Portugal?

The NHR tax regime provides significant tax benefits, potentially exempting foreign income from taxation and applying a flat income tax rate of 20% on certain Portuguese-sourced income.

17. Are there any tax benefits for Golden Visa holders?

Yes, under the NHR regime, foreign income such as pensions, dividends, and royalties can be tax-exempt for ten years.

18. What happens if I do not comply with the Golden Visa requirements?

Non-compliance, such as failing to maintain the investment or criminal activity, can jeopardize your Golden Visa status and residency rights.

19. Can I obtain Portuguese citizenship through the Golden Visa program?

Yes, after five years of continuous residency and meeting other criteria, you can apply for Portuguese citizenship.

20. How long does the Golden Visa application process take?

The application process can take 10 to 14 months from submission to approval.

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