Portugal
Portugal, a popular destination for tourists and expats alike, is a country located on the Iberian Peninsula in southwestern Europe. Thanks to its warm climate, friendly locals, and affordable cost of living, it is known for its rich history, stunning beaches, delicious cuisine, and vibrant culture.
In recent years, the Portuguese government has also introduced several programs to attract foreign investors and entrepreneurs, making it an attractive destination for those looking to do business or invest in real estate.
Portugal has several types of visas for different purposes, including short-stay for tourism, business, or study and long-stay visas for residency, work, and family reunification. There continue to be other options available to apply for permanent residency status and eventually obtain citizenship, even though the Portuguese government abolished the investment-based Golden Visa program that granted residency to non-EU nationals.
Steps and Timeline for Acquiring Portugal Residency and Citizenship Through Investment:
Foreigners can obtain citizenship in Portugal through the following ways:
- Residency by Investment: This program requires applicants to invest in real estate, create jobs or support scientific research in Portugal. Upon approval, the applicant will receive a residency permit, which they can renew every two years. Investors are required to spend at least 7 days in Portugal during the first year after obtaining residency, then at least 14 days during each subsequent 2-year period. After five years, the applicant can apply for permanent residency and, after another year, for citizenship. Here is a summary of the different investment options and their requirements:
- Real Estate: Investing a minimum of 500,000 euros in real estate qualifies for the Golden Visa. Alternatively, investing 350,000 euros in older properties with the requirement of performing rehabilitation work is also acceptable. Investors are not obligated to live in the property they purchase, and various types of real estate, including rental apartments, plots, hotels, storages, vineyards, and commercial properties, are eligible. Investing in low-density areas may receive a 20% reduction in the minimum investment requirement.
- Capital Transfers: Making a capital transfer of 1.5 million euros to a Portuguese bank account or equivalent investments in company stocks, shares, and public debt qualifies for the Golden Visa. Ring-fenced capital transfers for specific activities, such as scientific or technological research (500,000 euros) or artistic or cultural endeavors (250,000 euros), can also provide eligibility. Investing in low-density areas may receive a 20% reduction in the minimum investment required.
- Investment/Venture Capital Funds: Investors can qualify by transferring 500,000 euros to a Portuguese fund dedicated to the capitalization of companies. These funds are managed by certified entities and offer different risk and return profiles based on the investor’s preferences.
- Business Investment: There are multiple options for business investors. Residency can be obtained by creating at least ten jobs (or eight in low-density areas) through business investments, regardless of the invested amount. Alternatively, investing a minimum of 500,000 euros in an enterprise that creates or maintains at least five jobs also qualifies. However, it should be noted that only a few individuals have qualified for visas through job creation thus far.
- All the investment options mentioned above grant a temporary resident permit, which can be renewed as long as the investment is maintained.
- Marriage: Foreigners married to Portuguese citizens can apply for citizenship after three years of marriage and living in Portugal.
- Descendants of Portuguese citizens: Those who can prove their Portuguese ancestry can apply for citizenship by descent.
It is important to note that all applicants must pass a Portuguese language test and have a clean criminal record. Investors are not required to be present in Portugal while waiting for their applications to be processed. However, once the application is accepted by the immigration authority, investors need to travel to Portugal to submit their biometric data.