What is it? 

The Golden Visa Program in Portugal began in May 2012 and was created as a way of allowing non-EU citizens the possibility to gain a residency permit in exchange for a 5-year real estate investment. 

One of the most popular citizenship by investment programs both in Europe and the world, due to affordable property prices, safeness of the country, quality of life and good health care. 

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Who qualifies for the Golden Visa?

• Invest in either real estate, an investment fund, form a company and create at least 10 new job positions. 
• Anybody who lives outside the EU/EEA/Switzerland can apply as long as they do not have a criminal record. 
• The Golden Visa grants residency in Portugal to those who invest in residential properties worth at least €500K, or €350K for properties that do need rehabilitation, in high-density coastal towns, such as Lisbon, Porto and Algarve.
• Of all the qualification methods, investment in real estate has been far and away the most popular.
• Those who gain access to Portugal's citizenship by investment only need to spend a minimum period of 14 days in the country, either consecutively or intermittent, within each 2-year visa period, keeping all the benefits that come with being an EU resident, including visa-free unlimited travel and the option to live, work and study in Portugal.

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Program Benefits

• Travelling visa-free in Europe’s Schengen Area
• Live, work and/or study in Portugal 
• Eligibility to apply for Portuguese citizenship after five years of legal residency
• No tax implications, unless you chose to spend more than 183 days of the year in the country, in which case you would then be classed as a tax resident. If that is the case there are benefits to be had through the Non-Habitual Residency (NHR) program, which can offer a special tax status for your first 10 years of residence.
• A minimum requirement of 7 days stay a year (which we believe you will do the opposite and move to Portugal, but that is not only for the Golden Visa, you have plenty of reasons why you would want to live in Portugal!)
• High quality education system
• Healthcare system
• High lifestyle options and low crime rate  
  

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What will change in 2022? 

The proposed changes for 2022 mean that you will no longer be able to buy residential property in high density areas such as Lisbon, Porto and Algarve.

In terms of qualifying through investment, €350,000 placed in a fund will secure your application at present, but this amount is due to rise to €500,000 under the new rulings. 

Also if you are investing capital to Portugal for the Golden Visa, the €1M will change to €1.5M.

So there are some changes to take into account. The good news is that anyone who submits their application before 1 January 2022 will still be able to benefit from the terms of application as they are now, which stands to save them a substantial amount of money. 

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How long does it take to apply for a Golden Visa?

If you do it now, it can be as fast as 1 month to apply depending on your lawyer and the tax authorities.

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Why is the Golden Visa for UK Citizens a great option?

Portugal is looking more attractive, thanks to the Golden Visa you can live in Portugal and apply for Portuguese nationality.

It is your ticket to move and travel all around Europe after Brexit, so you can carry on being a European citizen.

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Is the Golden Visa for residential real estate investment ending after 1st January 2022?

The answer is yes and no.

Yes, the Golden Visa is ending for residential properties in high-density coastal towns like Lisbon, Porto, and Algarve.

No, for low-density areas, starting from €280K (rehabilitation) and €400K (any property acquisition).

Want to know what are the high and low-density areas? Check this map on the article here.

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The Golden Visa after 1st January 2022 can still apply for real-estate services, offices and commerce

Keep in mind that, if the real estate has any other purposes than residential, such as services, offices and commerce, its location will be IRRELEVANT, and the investor can still apply for the Golden Visa scheme if such property is located in Lisbon, Porto or Algarve, after 1st January 2022.

Considering that many investors have preferences for touristic projects, who can grant a nice return on investment, the Golden Visa seems a great opportunity to be your ticket way to Portugal if you live outside the EU/EEA/Switzerland.

Still thinking why Portugal? Discover 13 reasons for living in Portugal.‍

Feel free to contact me at rita@yourpropad.com