The Portuguese government issued the Golden Visa in 2012. After that, this immigration program remained an open door for all investors and members of their families to find a way into Portugal, which has been regarded as the most sought-after destination in Europe.
The advantages of this immigration program are visa-free travel in the entire Schengen Area as well as ways to citizenship and residency.
However, the new changes, as well as the new discussions in terms of the program's future, have raised questions among many potential investors as to whether or not 2024 the Golden Visa is still worthwhile.
Let's probe into the latest developments regarding the program, its benefits to its owners, and whether or not this is a worthwhile investment option. But before we proceed to this, let us take a closer look at Portugal's Golden Visa and its meaning.
What Is Golden Visa Portugal?
The Portugal Golden Visa Program is a residency-by-investment program that allows non-EU citizens to get residency in Portugal by making required and qualifying investments in the country.
This immigration program offers unique and flexible permanent residency requirements to its holders. It enables the investor to maintain their status without needing permanent relocation to the country. After five years, investors can also apply to become citizens or permanent residents of Portugal.
Perks Of Portugal Golden Visa Program
The following information explains the perks of the Portugal Golden Visa Program.
Visa-Free Travel
The Golden Visa permit registers you in the central Schengen Area system. Thus, you do not need a separate visa to travel freely throughout Europe.
You can also apply for Portuguese citizenship and obtain a passport after five years.
Live, Work, And Study In Portugal
This Golden Visa permits you to live, work, and study in Portugal. You will be obliged to get health insurance if you want to live permanently in Portugal under your Portuguese Golden Visa. All public services, even the two most expensive ones, healthcare and education, are 100% available to you.
You can work anywhere in Portugal and set up and operate your business with a residence permit.
Family Reunification
You can include the sponsor's family members with the main applicant upon approval. All applicants, both the main applicant and those dependents-applicants-must file simultaneously.
The eligible family members who can apply along with the main applicant are:
- Spouse,
- Children below eighteen (18)
- Financially dependent 18+ children, as long as they are single and enrolled full-time in school,
- parents of the primary applicant if they are 65+.
Tax Benefits
Under the Portugal Golden Visa Program, taxes won't be due until after you spend more than 183 days in Portugal annually. If that occurs, then you are a tax resident in Portugal. The country offers Portugal's tax residence to tax residents with a competitive system.
Eligibility Criteria Of Portugal Golden Visa 2024
The qualifying requirements for the Portugal Golden Visa 2024 are described in the information that follows.
Minimum Investment Requirements:
The minimum investment requirements in detail are as follows:
- Real Estate Investment: EUR 500,000 or EUR 350,000 in non-strategic areas
- Capital Transfer: EUR 1.5 million to a bank account in Portugal or equivalent investment through Portuguese financial assets.
- Business and Job Creation: Invest at least EUR 500,000 in a company in Portugal and create ten jobs that should be full-time.
- Investment Fund: €500,000 in an eligible investment or venture capital fund focused on companies or projects related to Portugal.
- Scientific Research or Cultural Donation: Contributions of at least €500,000 to projects or research that advance Portugal's technology or scientific research as well as its cultural legacy.
Legal Entry And Stay In Portugal:
The terms and conditions for lawfully entering and staying in Portugal are defined as illustrated below.
- During an application, the applicant was supposed to be legally within the country or possess a valid Schengen visa.
- A clean criminal record certificate from the country where you were born or are currently dwelling
- The applicant must be at least eighteen years of age at the time of submission of the application.
- Portugal accepts health coverage for those who are visiting the country for a temporary period.
- Stay requirement: Seven days during the initial year and fourteen days each of the following years.
Recent Changes In The Golden Visa Program 2024
One of the major changes going into 2024 is related to the prohibition of investments in real estate. Investments in Lisbon, Porto, and all coastal regions in Portuguese residential real estate are not accepted under this program, going into this year, as an effort to increase investment in lesser-density areas.
Conclusion
The Portugal Golden Visa is an initiative introduced in 2012 that provides the opportunity for non-EU citizens to invest in Portugal and have a domicile there. Under this program, the clients benefit from visa-free travel across the Schengen Area and will also enjoy citizenship and residency in the future.
After five years of investment, the investor is eligible to seek citizenship or permanent residency. The minimum presence required in the country is usually considered and often supplemented by further capital, establishing a business or enterprise, investment funds or contributions to research in Portugal, or projects related to cultural heritage.
For more details about Portugal Immigration, contact Province Immigration via +91 98961 96762 or info@provinceimmigration.com
