Portugal’s Golden Visa program has proven to be the most popular in Europe with investors attracted to its flexibility and benefits.
The Golden Visa program, launched in 2012, is a straightforward program with clear legal requirements. Investors seeking a Golden Visa in Portugal can choose between three categories: Company (creating jobs or investing in existing Portuguese businesses); Fund Subscription (subscribing to a qualifying Portuguese fund); and Donation (preserving national heritage or funding research and development in Portugal).
The residency permit grants the holder access to the majority of countries in the Schengen area and allows them to reside, study, and invest in Portugal, as well as establish links with Portugal and other territories through the Schengen area and countries with which Portugal has favorable international agreements.
The Golden Visa is initially granted for a period of one year with a required stay in Portugal of at least 7 days (consecutive or non-consecutive). It can be renewed every two years as long as the applicant spends at least 14 days (consecutive or non-consecutive) in the country during each two-year period and maintains the investment throughout the 5 years. It is considered one of the most attractive residency programs for investors worldwide.
1. Before you arrive in Portugal
Before arriving in Portugal, ORM will guide you through the investment process. Initially, the applicant completes the full payment of the investment. Subsequently, our dedicated team will assist you in the seamless submission of the Golden Visa application and necessary documents online. Throughout the process, our professionals will collaborate with you as the Immigration Officer validates your Golden Visa application.
For a smooth experience, please bring your passport and either a driver's license or a recent utility bill with your address to your meeting with our accountant. These documents are crucial for obtaining your tax number (NIF), an essential requirement in the process of investing in Portugal.
2. While in Portugal
While in Portugal, we will recommend that you work with our partner law firm to facilitate your application for a Golden Visa. The law firm will be responsible for handling the requirements and procedures for your Golden Visa application and conducting due diligence on the investment. They will also be granted Power of Attorney to represent you and sign the promissory and definitive contracts on your behalf. On the day of your visit to the lawyer's office, ORM will also assist you in opening a bank account at a reputable Portuguese bank.
In addition, we will provide you with an in-house accountant who will act as your fiscal representative and obtain a Portuguese tax number (NIF) for you, which is necessary for the investment. The accountant will also handle your ongoing tax issues in Portugal.
3. Golden Visa Application
After the investment process is completed, the lawyer will proceed with your Golden Visa application. As part of this process, you will need to travel to Portugal to have your biometrics taken. This typically involves providing fingerprints and having a photograph taken to create a visa or residence permit. Once the biometrics have been collected, the lawyer will finalize your Golden Visa application and submit it for processing.
To apply for a Golden Visa, you will need to pay the following fees:
Initial application: €581 (plus €581 per family member)
Initial residency permit: €6,045.20 per applicant
Renewal of residency permit: €3,022.66 per applicant
Once your application is approved, the lawyer will send it to your current place of residence. It is important to note that to renew your Golden Visa, you must keep your investment for 5 years and demonstrate that you have stayed in Portugal for at least 7 days in the first year and 14 days in each subsequent two-year period. To prove that you have met this requirement, you should keep relevant documents such as restaurant invoices, airplane tickets, and hotel receipts with your tax number (NIF) recorded on them. After one year, the Golden Visa should be renewed on time. ORM processes the renewal for our clients, provided they maintain the requirements of the renewal
Contrary to reports in 2023, the Portuguese Golden Visa program will not be terminated. Instead, the new legislation aims to restructure the program by imposing restrictions on certain investment categories, particularly those related to real estate. Click here for more information on these recent developments.