Travel destinations and Portugal real estate options for entry visa to Europe? Why live and invest in Portugal ? Because is one of the major touristic attractions of Europe and the perfect retirement home! What is Portugal’s Golden Visa Program Definition & History? The Golden Visa Portugal is an investor visa program designed to attract foreign capital and business people in exchange for residency and, after 5 years, citizenship. Portugal launched the Program 2012 and by today the program attracted more than 4,4 billion EUR and more than 7200 investors. 95% of this amount has been invested in real estate. The applicants must invest in real estate for at least 500’000 EUR for 5 years. The majority of applicants are coming from China followed by Brazil, South Africa, Turkey, Russia and Lebanon.
In the first two years, you must spend at least a total of fourteen days in Portugal. To renew your residence permit and receive a new residence card, you need to go through a renewal process about one month before your current residence card expires. During the renewal process, you have to retake biometrics (fingerprints, etc.), provide up-to-date criminal records, and pay a fee of €2,637.20 for each applicant. Additionally, the processing fee is again €532.70 for the first applicant, and €83.10 for other applicants (family members). Your new residence card is again valid for two years. During this period you again need to be in Portugal for at least 14 days (consecutive or non-consecutive).
In order to be eligible for the scheme you must conduct an investment activity either as an individual or a company set up in Portugal or another EU Member State, meet the time requirements above and do one of the following: Purchase real estate property with a value of at least 500,000€ (five hundred thousand euros) or 400,000€ (four hundred thousand euros) for the Algarve as it is classed as a low-density area. Read additional info on Get a 2nd passport with a golden visa in Portugal.
While the program has benefited more than 6,500 foreign investors so far, it has also been beneficial for the Portuguese economy. As of this writing, the total investment into Portugal as a direct result of the program has reached a whooping €4,851,321,701. That’s almost five billion euros. That’s great news for prospective investors, as the program has broad support from nearly all political parties in Portugal. While a conservative government introduced the program in 2012, the current socialist coalition government has even expanded the program since seizing power at the end of 2015.
As well as being able to experience the Portuguese lifestyle for yourself, the Golden Visa scheme will also provide you and your family with the opportunity to explore the rest of Europe and discover all that it has to offer. Those enrolled in the scheme will benefit from the following: Low minimum stay periods (7 or more days in first year and 14 or more days in subsequent years). After 5 years you will have the possibility of obtaining permanent residency or citizenship and a Portuguese passport. Find extra information at this website.