Portugal’s Golden Visa program has proven to be the most popular in Europe with investors attracted to its flexibility and benefits.
Launched in 2012, it is a very straightforward programme, with simple and clear legal requirements.
An investment of €500,000 in real estate in Portugal will gain a residency permit for a family including dependent children and parents. It can also be a minimum investment of €350,000 for urban renovation. The residency will consequently extend free access to the vast majority of European countries. (SCHENGEN AREA).
The Golden Visa permit is granted for an initial period of one year and, can be renewed every two subsequent years providing the applicant spends two weeks in the country every two years. It allows the holder to reside, study and invest in Portugal, as well as creating the links with the Portuguese territory and other territories related through the Schengen area and also countries with which Portugal has privileged international agreements.
The Golden Visa is without doubt one of the most attractive residency programs for investors in the world.
1. Before arriving in Portugal
Before your arrival in Portugal, we will determine your requirements from a questionnaire we will send you. We will explain different locations, options and possibilities for your purchase that will provide a good investment opportunity.
Please kindly bring (1) your passport; (2) your proof of driving license or recent utility bill to be given to the Accountant obtain your Tax number which is the initial requirement in buying a property in Portugal.
2. While in Portugal: Property selection, lawyers, fiscal representative, bank account and SEF
Once you have selected a property, we will recommend you to our partner law firm to facilitate your application. They will be responsible for your Golden Visa application requirements and procedures, as well as for property due diligence. Your lawyer will be granted Power of Attorney (POA) to represent you and sign the promissory contract and definitive contract.
The fiscal representative will get you a Portuguese Tax number required for the purchase and manage your tax issues in Portugal on an ongoing basis. We provide this service with our in-house Accountant.
To guarantee the investment and take it out from the market, a Reservation fee is required: A minimum of €10,000. On the day of the visit to the lawyer’s office, ORM will also assist you in opening a bank account at a reputable Portuguese bank.
3. Promissory Contract, Payment, Deed of Transfer and Property Registration
To complete the purchase, the lawyer will need to prepare the promissory contract. This contract stipulates the details of the purchaser, vendor and property, schedule of payment timings, etc. which have been agreed between the two parties. The lawyer, supported by the Power of Attorney, will attend and sign on your behalf the promissory contract. Investors will generally need some time to transfer all the money into their Portuguese bank account to finish the payment. (IMPORTANT TO NOTE: To apply for the Golden Visa, you must have a record of transferring more than €500,000 into your Portuguese bank account from outside Portugal.
After the funds have been transferred, the deed of transfer will be signed. The deed of transfer is signed in the presence of a notary who will ensure that the title deeds have been exchanged and all conditions have been understood by all parties concerned. Following the signing of the deed, the notary bears witness to the payment, or an acknowledgement that the full payment has been made and this fact is incorporated in the title deed.
Property Registration: After signing the deed of transfer, the lawyer will take a notarized copy to the Land Registry for registration and the payment of fees.
4. Golden Visa Application
After finishing the investment process, the lawyer will complete your Golden Visa application. You will travel to Portugal for the biometrics.
5. What to do once the Golden Visa is approved
Pay the visa issue fees of the following:
Initial application- €527.60 ( plus €82.30 per family member)
Initial residency permit- €5,274.40 per applicant
Renewal residency permit- €2,637.20 per applicant
Once the application is approved, the lawyer will send it your current residency.
Renew your Golden Visa on time. For renewal of the Golden Residence permit, applicants must keep their investment and demonstrate that they have stayed in Portugal for at least 7 days in the first year then 14 days in each subsequent period of 2 years. Therefore, you should keep as proof relevant documents including: invoices from restaurants, airplane tickets and hotel receipts with your Tax number ( TIN) registered in these invoices.