7 undeniable Portugal Golden Visa advantages

Portugal's Golden Visa Program offers investors a pathway to relocate to the EU without the need to reside permanently in the country or be proficient in Portuguese. Let's delve into the benefits of Portuguese residency and the investment costs involved.

1. Visa-free travel across Europe

The Portugal Golden Visa grants holders visa-free access to Schengen Area states. With a Portuguese residence card, you can stay in these countries for 90 days within 180 days, akin to Schengen visa rules.?

The Schengen Area includes countries like Austria, Belgium, Germany, France, and Spain.

Travel within Europe from Portugal is quick: Madrid is just 1.5 hours away by flight, Paris and London are 2.5 hours, Rome is 3 hours, and Berlin is 3.5 hours. For sea travel enthusiasts, Lisbon's port offers transatlantic cruises to New York with stops in various European and American cities.

2. Portugal’s passport in 5 years

holders of Portugal Golden Visas can seek citizenship after 5 years, enjoying the freedom to live, work, or study anywhere in the EU. To qualify, applicants must pass a basic Portuguese test, have no serious criminal convictions, and not pose a security threat.

Newborns may qualify for citizenship if at least one parent has been a Portuguese resident for a year before the birth.?

While obtaining citizenship is optional, investors may also opt for permanent residency or maintain their temporary residence benefits.

3. Access to EU bank services

Portugal hosts over 150 banks offering comprehensive services to both individuals and businesses.?

Golden Visa holders benefit from easier access to EU banking services, more relaxed Due Diligence, and a lower service denial risk than third-country nationals.?

Investors can open accounts, engage in foreign exchange transactions, and manage savings across European banks, enhancing convenience in financial transactions and asset protection.

4. Tax benefits

Portugal offers substantial tax benefits: no inheritance tax for close relatives, minimal property taxes, and a lack of wealth tax. Cryptocurrency profits are tax-free.?

Small and medium enterprises enjoy reduced tax rates on the first €50,000 of income, with specific advantages for those in the Madeira Free Trade Zone, including a 5% corporate tax rate on certain transactions.

5. Affordable and quality education

In Portugal, citizens and foreign residents have access to free public education, with kindergarten starting at age 3 months and schools starting at age 6.?

Private options include small-group kindergartens and schools with multilingual education. The secondary education certificate from Portuguese schools is recognised across the EU.?

For higher education, Portugal has four universities ranked among the best globally.

6. Top-notch healthcare

The World Health Organization ranks Portuguese healthcare 12th for its efficiency and infrastructure quality.?

Both citizens and Portugal Golden Visa residents enjoy free medical care at public hospitals. Services in private clinics are typically quicker and include perks like phone consultations with doctors. Private health insurance often covers part or all of the treatment costs in these facilities.

7. Family-friendly and healthy environment

Portugal is exceptionally child-friendly, with facilities like beaches, restaurants, parks, and shopping centres well-equipped for families. Lisbon ranks second among the best cities to live with children, hosting around 500 family-oriented outdoor events annually.?

The country is also known for its hospitality, making it one of the most welcoming countries for foreigners.

Portugal boasts a subtropical climate with mild winters and warm summers, enjoying around 300 sunny days annually.

Portuguese residents have access to a steady supply of fresh vegetables and fruits throughout the year, primarily sourced from Madeira’s unique microclimate. Seafood and fish are staples in Portuguese cuisine, often displayed in tanks or on ice in reputable restaurants to guarantee freshness.

Requirements for Portugal Golden Visa applicants

There are various ways to obtain a Portuguese residence permit, such as securing a job, enrolling in a local educational institution, or marrying a Portuguese citizen. However, the Golden Visa Program offers the quickest and simplest path to residency.

Investors must be over 18, have a clean criminal record, have no debts in Portugal, have investment funds sourced externally, and have health insurance.

Family members. The Golden Visa extends to the investor’s spouse, children under 26, and financially dependent parents.

The investment options include buying fund units, supporting art and science, and creating businesses and new jobs. The minimum contribution is €250,000 towards national heritage restoration. However, financial and business options require at least €500,000.

Validity and renewal. Initially granted for 2 years, the permit requires renewal with a stipulation to spend at least 7 days per year in Portugal.?

After 5 years, holders can apply for permanent residency or citizenship.

Obtaining a Portugal Golden Visa: step-by step

Obtaining a Portugal Golden Visa takes at least 12 months, with no language test required, and most procedures are executable remotely:

1. A one-day preliminary Due Diligence conducted by certified Anti Money Laundering Officers is the first step allowing to minimise the risk of application failure.?
2. Selection of an investment option takes place remotely within 1—2 weeks with legal assistance.?
3. Obtaining a Portuguese tax number is done through a local tax representative, which takes 1—2 weeks more.
4. Opening a bank account. Once the tax number is secured, the investor must be present in Portugal to open a bank account, which can take up to 1.5 months.?
5. The applicant fulfils the investment requirements by transferring funds and finalising the necessary documents over the next 2—3 weeks.?
6. The application processing takes about 5—6 months, after which the investor and their family must travel to Portugal to submit their biometrics.
7. Due Diligence and receiving a residence card. The Agency of Integration, Migrations, and Asylum conducts a Due Diligence check lasting 6—8 months. Once approved, the residence permit cards are prepared and issued.?

To maintain residency, investors must renew their permits every two years, which involves resubmitting the same documents and biometrics. Additionally, investors are required to spend at least 7 days per year in Portugal and maintain their initial investments.

Key things to remember about the Portugal Golden Visa

• The Portugal Golden Visa is a compelling option for investors looking to reside and possibly gain EU citizenship in 5 years.?
• Portugal Golden Visa key benefits include visa-free travel to Schengen countries and access to EU banking services. Portugal is known for its safety, quality of life, welcoming community, and stunning natural landscapes.?
• The Golden Visa application process is straightforward. It usually takes just over 12 months and does not require relocation or language test requirements.?

_________________________________________________________________________

Follow IMMIGRANT INVEST for insights on second citizenship and residency, legal advice, and the latest news from verified sources.