Portugal’s Golden Visa Program is one of the most popular and sought-after residency by investment deals in Europe and on the Globe. The program first kicked off in October of 2012, and since then, more than 12,000 people have applied for their Golden Visa. If you have any interest at all, you may want to familiarize yourself with the basics, and luckily, that is exactly what is going to be explained here. Once you have an idea of what you are dealing with, you are better equipped to start looking for opportunities and even apply for this coveted program.
What is it?
The first and most obvious question is what exactly the Golden Visa Program is. Well, if you are interested in the Portugal golden visa 2024, then you should already know that a golden visa is a sort of residency-by-investment program that lets individuals and their families obtain residency or even citizenship in a foreign nation by investing in the country’s economy. To typically qualify for the program, a minimum investment in government bonds, real estate, or other approved investment vehicles is required. The name “golden visa” is derived from its benefits, like potential tax benefits, and being able to travel freely within the whole country. These programs vary from country to country, so make sure you have even decided on a country before going ahead.
Benefits of Golden Visa
For many, if not most, the most coveted benefit of the golden visa is residency or citizenship, although it should be noted that not all programs bestow citizenship merely for investments. Some of the most common benefits you can expect from golden visas are:
- Residency and potential citizenship: the first and most obvious benefit is the golden visa allowing you to work and live in the country, and potentially your investment can lead to the opportunity of applying for citizenship.
- Travel: With your new residency, you get the right to freely travel within the country that issued you the golden visa. If your Golden Visa Program is in Europe, that includes the ability to roam within the European Union, which makes it convenient and uncomplicated to travel for business or pleasure without needing to apply for additional visas.
- Healthcare: depending on the country you are entering the program with, a golden visa will make you eligible for healthcare benefits.
- Tax benefits: certainly not one of the least desirable benefits, some golden visa programs offer tax-related incentives, such as exemptions on foreign income, or lower tax rates on your personal income. Especially in Portugal, you will not have any tax responsibility unless you spend more than 183 days in the country.
Downsides
Nothing is perfect, and everything has as a rule a few downsides. This is true for the golden visa as well. Investment risk is perhaps at the forefront and most relevant, especially since the golden visa requires a minimum investment, which varies from country to country. As with any investment, the risk that it may not perform as well as you expected is very real. There is also sudden termination or reconfiguration, meaning that governments sometimes alter, or even cancel, their golden visa programs with barely any warning. You should also be aware of any tax implications, as countries often have very complicated tax systems, and you may be subjected to reporting requirements or additional taxes. Know what you are getting into before making any serious steps.
Portugal Golden Visa Simplified
Simply put, the Portuguese Golden Visa provides a variety of more or less affordable investment options for you to select from to obtain your residence permit. You only need to spend a minimum of seven days in the country per year, and its golden visa also gives you visa-free access to the Schengen states, which is a phenomenal cherry on top. Within five to six years, you are also eligible to become a Portuguese citizen. The country is safe, affordable, and secure, with a high quality of life, a beautiful climate, solid and dependable infrastructure, and good education and health systems. You really could not ask for a better country to apply for a golden visa, and this seems like a paradise on earth to live in and raise your family.
Who is eligible for a Portuguese Golden Visa?
The next very important question is, should you even bother applying for a golden visa in Portugal? Are you eligible? Well, any non-EU, EEA, and Swiss national can apply for it, but you have to be at least 18 and hold a clean criminal record from your own country, as well as from Portugal itself, which makes sense. The funds for your investment should come from outside of Portugal. Under family reunification, the golden visa may extend to the rest of your family. This can be your spouse, children who are under 18, or dependent children who are under 26, as long as they are full-time students and not married. The parents of the primary applicant can also be included, as long as they are over the age of 65.
Plan
Do your research, learn, and make sure you understand the primary components, like the benefits, prerequisites for applying, investment requirements, and obligations for residency. Try and contact a professional, as applying for a golden visa really isn’t a wise DIY project. Find someone like a financial advisor or an immigration lawyer who is specialized in this field and knows what he is doing, and you will save valuable time and money, and receive valuable guidance and advice through the whole application process. Start planning and researching well beforehand, as delays, appointments, and the like can quickly stack up, and so, just like when you have a flight and come to the airport well in advance, the same principle applies here.
A golden visa is a fantastic opportunity to get residency in another country, so provided you know what you are getting into, are aware, and have accounted to the best of your ability for any risks, you might find the Golden Visa Program the chance of a lifetime.