Portugal golden visa

(D9 ) – (Visa for investment).

Portugal is a relatively small country of about 11 million inhabitants, part of the European Union and Schengen zone.

It is a country of crazy football, fine wines aged a hundred years, port wine, which is a national pride.

It offers delightful cuisine, unique sights, unforgettable shopping, mild climate, long sea beaches and Lisbon resorts. Here you can live, work, create and build.

A few years ago, this country was a threat to the EU’s financial well-being. The Portuguese were accused of eating up credit. In the financial media, in the early 2010s there was the acronym PIGS (“pigs”). Four EU countries – Portugal, Italy, Greece, Spain – were disrespected in this way. After the introduction of the euro, they accumulated their borrowings very quickly. This meant an extremely negative attitude towards financial policy in the eurozone. Debts increased, which led to problems in servicing them.

But nowadays this country is already showing good economic growth on the continent. Although Portugal has not yet returned to its peak, but in 2021 and 2022 it showed the best growth rates for the last 35 years.

There is a stereotype that the state has a very weak industry and survives only from tourism and agriculture. Yes, tourism plays a huge role. In 2022, 22.3 million tourists visited Portugal, twice the country’s population.

The country has several government programmes that are aimed at developing the industrial and defense sectors and attracting modern technology. 

Now the defense, technological and industrial sectors include more than 300 companies, which work in 40 different directions. These include aeronautics, shipbuilding, robotics, cyber security, drones, space. 

There has always been a huge focus on real estate. In the past, one of the advantages of buying property in Portugal was the opportunity to get a “golden visa”.

Portuguese Golden Visa

A government programme to grant foreigners permission to reside in the state for investment. The cost of the property that had to be purchased for this visa was from 280 thousand to 500 thousand euros, depending on the region. 

At the beginning of 2023, Portugal canceled the possibility of obtaining a Golden Visa through the purchase of real estate. This was due to the fact that the prices were growing very quickly. But during the 10 years of the programme’s existence, 11,535 investors took advantage of it, as well as 18,809 members of their families.

However, later, the parliament approved the changes and the Portuguese golden visa 2024 continues to work. You cannot invest in residential or commercial property, but there are a number of other options. 

It is one of the most well-known and popular ways to obtain residency and, subsequently, citizenship under the Portuguese golden visa. The programme is designed for non-EU citizens and is aimed at attracting foreign investors to the Portuguese economy.  

Portuguese investment visa

There are several options for investment:

• Starting a company without investment and creating 10 places of work
• Setting up a company with an investment of 500 thousand and the creation of 5 places of work
• Funding research, minimum amount 500 thousand euros
• Support of cultural heritage, one-time non-refundable contribution from 250 thousand euros
• Returnable investments – purchase of shares in funds or venture capital from 500 thousand euros

The main applicant for the Portuguese Golden Visa 2024 can be a foreigner who is at least 18 years old. He/she must confirm the legality of his/her income, provide certificates of absence of criminal record and debts, and purchase health insurance. 

Immigration to Portugal is possible on the basis of financial solvency, investment in the country. Compared to many European countries, the legislation does not impose high requirements for granting a residence permit.

Residence permit in Portugal for investment is the most popular option among foreigners. Immigrants choose Portugal to obtain a residence card because of the simplicity and accessibility, as well as the speed of processing the request. Once the residency card is granted, biometric data and updated original documents will need to be submitted at each renewal. The Golden Visa is valid for 2 years, after which it can be renewed for the same period. 

Requirements for obtaining a residence permit for investment in Portugal

A residence permit is a document that grants a foreigner the right to reside in the country. To obtain it, it is necessary to:

• Have no criminal record and no problems with the law
• Show the presence of housing, own or rented, on the territory of the state
• Prove sufficient means for subsistence. The annual amount of income for an adult should be at least 10 thousand euros, and for a family member about 6 thousand euros. For a minor you need approximately 3000 euros per year.
• Have no bans on visiting EU countries or deportations in the past
• Provide a medical certificate of absence of diseases threatening the population

Initially, the investor receives a document that entitles foreign nationals to stay in the country for a fixed period of time. It can be issued for two years at once, after which on its basis he/she receives a residence permit.

The conditions are very tolerant: it is necessary to stay in the country for at least seven days a year, no interview, language test, education or management experience is required. But you have an opportunity to travel to 27 countries of the Schengen zone in Europe.

The investor’s family members receive a renewable residence card, which expires at the same time as the main applicant’s residence permit. These are:

• Spouse or legal partner
• Minor children under 18 years
• Children under 21 years, provided they are enrolled in full-time education in Portugal
• Parents of either spouse, over 66 years and 55 years if they are dependent
• Minor siblings who are in the custody of the holder of the golden investment visa

After five years, it is possible to apply for permanent residence or citizenship on a Portuguese golden visa for investment. At that time it will be necessary to prove the knowledge of Portuguese language with a CEFR certificate (level A2) according to the classification of the Common European Framework of Reference for Languages.

In order to obtain this certificate, it is necessary to take language courses, which are available in specialized institutions that have been authorized to issue the Certificado Inicial de Português Língua Estrangeira.

A test or exam is given at the end of the course. If all classes have been attended and homework has been completed, the candidate must demonstrate their knowledge of speaking, understanding and reading at A2 level.

Portuguese Golden Passport 

The acquisition of a Portuguese passport for investors follows the standard procedure of naturalization. After five years, the holder of a residence permit is allowed to request permanent residency status, apply for permanent residence or apply for citizenship.

Portuguese citizenship for investment 2024 is the right to live, work, study, do business in any state of the European Union. You can use medical and social services in Portugal and travel the world without visas. 

You will have an opportunity for quality education. The cost of education in universities is the most affordable in Europe. For residents and citizens of the country, education in public universities is free of charge.

You will be fully secured. In 2021 Portugal was included in the top 5 safest and most peaceful countries in the Global Peace Index rating.

To obtain citizenship, you need to submit the following documents:

1. A document proving identity, a Portuguese residence permit card is accepted.
2. Birth certificate.
3. Certificates of no criminal record. They must be obtained in all countries where the applicant has lived longer than a year from the age of 14.
4. Certificate of language proficiency.

Applications for citizenship are usually considered for about seven months. Only applicants who have lived in Portugal on the basis of residence permit or permanent residence permit for at least 1.5–2 years can apply for citizenship. 

Portugal allows two or more citizenships, so there is no need to renounce the one already held in another country. After obtaining a residence permit or citizenship, there is no need to maintain investment on a golden visa.

An investment gold visa to Portugal is one of the fastest routes to citizenship in the EU. Citizenship under the investment programme allows wealthy individuals of meritorious status and excellent reputation, including their families, to obtain permanent residence and citizenship in exchange for financial investment in the Portuguese economy. 

Cost of a golden visa to Portugal

The following fees are payable to process the visa:

• State: application processing 533 euros for the main guarantor, 83.30 euros for each dependent. Payment is made at the beginning and at each continuation.
• Initial registration fee 5,325 euros per person, fee payable at the beginning.
• Renewal fee 2,663 euros for each applicant, 1,133 for a minor.

Additional costs to be considered are:

• Translation and apostille of documents
• Notarization
• Legal support

Stages of obtaining a Portuguese gold visa for investment

The procedure of obtaining a visa is not a question of one day, the process can take more than one year. Therefore, you need to think very intelligently about each step.

1. Selection of investment options.
2. Collecting a package of documents for the investor and his/her family members. Obligatory translations, certifications, apostille.
3. Obtaining a NIF and opening a bank account in a Portuguese bank. NIF is a taxpayer identification number in Portugal.
4. Carrying out investments under the chosen option.
5. Online registration with SEF, migration and border authorities. Gold visa applications must be submitted online with copies of all required documents, including those related to the investment. The initial government application fee is paid online at the time of application.
6. A visit to AIMA to submit biometric data and pay the residency permit fees.
7. Receipt of resident cards.  

 Advantages of a golden visa:

• High quality of life
• Minimum investment amount — 250 thousand euros or opening a company without investment with the creation of 10 places of work
• Possibility to obtain citizenship in five years
• No requirements for the minimum period of stay
• Tax benefits

Therefore, the Portuguese programme is considered one of the most popular investment programmes in Europe and the world.

What does the Portuguese D9 visa entail?

If you are a non-EEA (European Economic Area) investor and want to invest money in Portugal, you may be eligible for this visa.

The D9 visa is a residence visa. Visa recipients can stay in Portugal for an extended period of time. While residing in the country, foreign nationals can work without a work permit. Initially, the D9 visa is valid for one year, but holders are entitled to renew it for two-year periods if they maintain their investment.

Further, after living in Portugal for five years, it is possible to apply for Portuguese citizenship.

A common requirement for all investments is that the investment period must be at least five years.