Interview with a Golden Visa Applicant

What led you to invest in a Golden Visa program?

I’m a British expat, living in Hong Kong, with a Singaporean wife and two young kids. Two years ago, we started looking into European Golden Visa (GV) programs. In an ever-changing world we were keen to provide our family with as many options for travel and for residency as possible. 

Both our kids have a British passport but post-Brexit this does not provide the same mobility and opportunities within the EU, that it once did. An EU passport will provide my family with free movement within the Eurozone and many more education and living options in the future.

OK, makes sense. So why Portugal?

There are a number of GV programs within Europe but for us, the choice of Portugal was a no-brainer. 

Some aspects of the program appealed specifically to our own circumstances such as the requirement to reside in the country. We have no intention of leaving Asia in the near future so need an option that doesn’t require us to live in the GV country for long periods. 

With Portugal, myself and family need only spend on average 1 week per year, over the 5yr period. We're quite happy to holiday in Portugal every couple of years to make that happen! 

Was that the only reason?

Far from it. Once we started looking into it we found so many reasons in favour of Portugal it became, as I said, a no brainer. And having since spent time in Portugal I’m convinced it’s somewhere myself and family could happily live in future. 

The quality/cost of living is exceptional. It’s incredibly safe and has excellent health and education facilities. Plus, the culture is diverse and inclusive with people that are open-minded and welcoming. Relatively speaking it’s still a hidden gem although less hidden with each passing year!

OK, so the benefits of Portugal’s GV are clear. But what about the investment itself?

Well, I wouldn’t describe myself as the savviest investor but I’m confident that purchasing property in Portugal, combined with the GV benefits, will prove to be not only a great life decision but also a wise investment.

From the outset, the calibre of investment itself was important to us. Yes, we want the passport but only if the capital investment itself makes good business sense. 

The Portuguese property market has been on a great run this past decade, boosted partially by the GV program but also the realisation from more and more people that Portugal really is a hidden gem. With so much growth potential to come, I’m sure the investment we’ve made will pay dividends in future.

So, you chose to make an investment in property as a means of qualifying for Portugal’s GV program. What next?

That’s correct. Once we’d decided on Portugal and property investment as our preferred GV option, it was time to hunt for the right property. Overall, we were impressed with the variety of options but ultimately went with an off-plan apartment purchase in Lisbon. 

With Covid restricting travel and our ability to diligence the market in person, we opted for this relatively conservative option, albeit opting for a non-prime, developing area that provided scope for future capital growth. 

 I have since visited the property and developments in the area are very exciting. I can’t wait to spend more time there with my family - as soon as these travel restrictions are lifted. We live in hope!

So, having picked your GV program and your property the process was straight forward from there?

Hmmmm not quite! A word of warning on the actual buying process itself - it’s not the most straight forward. Portugal offers many attractions but ease of doing business and administrative process is not among them! 

It’s worth noting the laws themselves are weighted towards the buyer so you are well protected. But the red tape and paperwork can be confusing. So, I would say that having a trusted adviser to help with the heavy lifting and relieve you of some of the more dumbfounding admin requirements, is an absolute must!

So where are you now in terms of the GV process?

Having closed on our property purchase we’re now awaiting an opportunity to travel to Portugal to provide our biometrics and commence the GV process. Our application has been registered with the necessary government website so we’re safe in the knowledge that we’ll be able to get the GV process moving in due course.

Congratulations! Reflecting on your experience what advice would you leave for others considering a GV investment in Portugal?

 I think a few things:

Consult the experts. With plenty of GV info available online, it’s possible to get an idea of what likely fits your requirements. But engaging with a GV adviser, as early as possible in the process, will save a lot of pain. And it won’t cost you anything as they typically receive a fee from the property developer. You can double check this point with your adviser before engaging. 

Be patient. The admin process can be frustrating. But ultimately, it’s there to protect you as a buyer. The Portuguese legal framework provides excellent protection to investors of property which is a huge comfort. It just takes time to work through the process.

Finally, don’t hesitate! Laws and regulations around GV programs are evolving constantly and additional restrictions have been introduced since we invested. The Portugal GV program remains extremely attractive, but these opportunities won’t be around forever. 

Thanks Neil!

As always if you want to learn more, explore the scheme or just have a chat, please get in touch with me! You can also learn more at https://property-smith.com/.