Without having to physically reside in Portugal aside from two weeks for every 2-year renewal period, boasting the opportunity to enter the program with a 350.000€ investment to a qualifying property to refurbish it later, and the possibility of applying for permanent residency after 5 years in this scheme, Portugal Golden Visa becomes an affordable and flexible choice for those who seek a family-inclusive second passport from the EU with the freedom of movement. Moreover, Portugal has made substantial improvements to the application procedures to make Portugal Golden Visa more alluring through swiftness and straightforwardness. Most initial applications are approved with 90 days, and the majority of renewals are approved within 60 days.
A Reasonable Investment
To benefit from this program, one can either invest straight 500.000 euros in real estate or 350.000 euros in regeneration areas to buildings at least 30 years old. You may apply from your own country, and you can bring your first degree and dependant family members with you. Family members receive the same rights, and will also be eligible for permanent residence. After six years of residency acquired through Portugal Golden Visa, they can also apply for full citizenship once they prove they resided in Portugal during the residency period. The application fee for the golden visa program is just over 5100 euros for each individual.
A Direct Process To Obtain Citizenship
Once the application has been made, you will get a temporary residence permit for the beginning, which is valid for two years. After that year, you can renew it for three-year periods. All throughout your Golden Visa temporary residence period, you need to be present in Portugal for an average of a week every year in the country. After the completion of this five-year period, you can apply for permanent residence permits for you and your family. Alternatively, you can apply for Portuguese citizenship.
Evidence of private medical insurance and clear criminal records for all of the applicants must be submitted to complete the application process for Portugal Golden Visa. Then, maintenance of the investment in real estate and the above-mentioned two weeks with being physically resident in the country is required for the continuation of the program. After completing five years in this scheme, you must pass a Portuguese language proficiency test to proceed with citizenship.
Potential for Profit
Portuguese authorities guarantee that they will not tax your foreign-sourced income, as long as your home country’s power to tax you is proved. If you are required to pay tax on Portugal-sourced income, the tax rates in Portugal is generally lower than the rest of Western Europe. Furthermore, the country showed a quick recovery from the crisis. Prices are still low and away from their peak. Since the market is still improving and tourism shows growth, real estate investment can be profitable if overseed carefully.