The Portugal Golden Visa programme has proven to be the most popular scheme in Europe with investors attracted to its flexibility and benefits. Launched in 2012 the investor visa program has been actively promoted internationally by the Portuguese government. An investment of €500,000 (or €350,000 reduced option) in real estate in Portugal will gain a residency permit for a family, including dependent children. The golden visa can be renewed every two years providing the applicant spends two weeks in the country every two years.
Permanent Residency and Citizenship
One of the most attractive options is the ability to apply for permanent residency after 5 years and citizenship after 6 years without the need to reside in Portugal. In fact, the applicant and their family need only visit for two weeks every two years in order to renew the Portuguese Golden Visa. In Portugal, citizenship can be granted without the applicant has resided in the country. However, the investor having acquired residency through the golden visa programme will need to demonstrate ties to the country and pass a basic language test. Citizenship of Portugal and a second passport conveys the right to live, work and study anywhere in the European Union. The Portuguese residency card granted through the golden visa programme allows the holder to travel throughout the EU Schengen zone.
The property market in Portugal like many southern European countries suffered from the credit crisis and prices in 2015 are typically 20% – 30% below their peak. However there is a clear turn in the market and property above the €500,000 investment visa limit is seeing huge demand particularly in the capital, Lisbon. Investors buying into the real estate market in Portugal for the Golden Visa now have excellent prospects for capital gain in the coming years. Advice is recommended for serious buyers as there are clear distinctions between typical vacation homes on the coast in Portugal and city properties such as Lisbon. In particular with regard to market demand for property types and on-going rental or lifestyle options for the investor. Enquire here. Investors may wish to check further details on the Portugal golden visa program or see our outline procedure for applications.
The €350,000 Investment Option
It is possible to obtain the golden visa through a reduced investment of €350,000 into real estate requiring renovation. This is a complex area with a number of pitfalls and we advise clients to contact us first for our specialist advice. Such projects need to be approved by the SEF as qualifying for the reduced investment amount and it is critical to ensure the right project and legal advice is obtained before embarking on such investment. Oracle Capital Group has experience of many applications and projects for the €350,000 reduced initiative. Please contact us for details on our real estate investments.