The Portuguese Golden Visa is an attractive golden visa scheme by the authorities of Portugal, which grants permanent residency in Portugal to individuals who make purchases in properties valued at more than either half of the cost of the property or build at least 10 employment in Portugal. In order to qualify for the visa, one has to satisfy certain criteria regarding residence and ownership of real estate in Portugal as well as other relevant requirements.
Prior to applying for the Portuguese Golden Visa, an investor needs to ensure that he or she is not a direct or indirect claimant of an international protection order against an eligible person or if the applicant is an EU citizen, then he or she needs to show that he or she does not have a permanent right to reside in Portugal with the potential right to return to that country. The investment made by the investor during the first five years of operation needs to be classified as fixed capital in order to meet the requirements for eligibility for the Portuguese Golden Visa. This means that the total value of the fixed assets invested during this period should not exceed more than 50% of the market price of the property when it is purchased and the property needs to be listed at a local valuing agent. The property can be bought only after payment of an annual fee of up to two thousand euros and after satisfying all other relevant conditions.
The applicant for the Portuguese visa needs to submit copies of birth certificates, identity proofs, residence permit and proof of address in all relevant national agencies. The documents required to qualify for the Portuguese visa are normally collected and submitted along with a registration number from the Portuguese Embassy in Washington D.C. In case of any questions pertaining to the investment, it is advised that one gets in touch with the relevant authorities in Portugal and request assistance. A lot of investors prefer to use a broker for securing a good deal for their portfolio and it is suggested that one goes through a few agencies before concluding a deal.
Portugal has its fair share of old houses that are listed at a premium. These properties are known to be of historical, architectural and curio value and many of them are listed at the neighborhood level at attractive prices. Such homes may not qualify for the Portuguese golden visa program but the investor can opt for a resale plan. Resale plans are becoming very popular as they allow resale benefits to the investors without much hassle. In addition to the resale benefit, a significant number of such properties may also be owned directly by foreigners. A number of residential complexes and apartments may constitute a portfolio for foreigners who wish to invest in Portuguese property.
If you are looking to invest in real estate in Portugal, there are certain guidelines that you need to adhere to in order to qualify for the Portuguese golden visa. You will have to obtain a letter of appointment from the Ministry of Justice which will help to speed up the process of getting a Portuguese visa. Once you have obtained your letter of appointment, you will be required to attend the interview conducted by an appointed officer from the visa office of the Ministry of Justice in Lisbon. During the interview process, the investors will be asked several questions pertaining to their personal information, business details about their portfolio so as to assess if they meet the requirements for receiving a Portuguese visa.
The main aim of the Portuguese authorities while granting the Portuguese golden visa is to attract foreign investors to invest in the national property market. Portugal is considered to be an attractive destination for residential as well as commercial investment because of the low costs of living as compared to many other European countries. In addition, Portugal boasts a stable economy with growing consumer spending power and the favorable tax rates. With all these benefits, investing in real estate in Portugal makes a lot of sense. In addition, Portugal offers an opportunity to immigrate to the European Union (EU) after you acquire citizenship.
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