Do you have an entrepreneurial spirit and dream of settling in Europe? The Golden Visa for Portugal could be your chance, provided you have the necessary funds.
What is the Golden Visa of Portugal?
Portugal’s Golden Visa programme, formally known as the Residence Permit for Investment Activities (ARI), is a residency programme for non-EU citizens investing in the country. Launched in October 2012, the initiative aimed to attract foreign capital following the 2008 financial crisis and has been a resounding success. Since its inception, the programme has generated over €7.5 billion in investments for Portugal.
How much do you need to invest?
If you are thinking of applying, investment options vary and your choice largely depends on your financial capacity and personal preferences. According to Varun Singh, CEO of XIPHIAS Immigration, “Applicants can invest in research activities or create part-time jobs with a minimum of €500,000 (Rs 4.66 crore). Alternatively, they can contribute €250,000 (Rs 2.3 crore) to national, arts or cultural heritage programmes. A capital transfer of €500,000 is also an option, provided it results in the creation of five permanent jobs or the maintenance of ten jobs for at least three years.”
There are also location-specific investments. The Portuguese government describes several options, such as:
1. €250,000 – Support for cultural and artistic projects
Where: Nationwide, with no ties to any specific geographic area.
Purpose: To support art, culture or heritage projects.
2. €400,000 (Rs 3.7 million): Real estate investment in low-density areas
Where: Regions such as Alentejo, the interior of the Algarve and the Azores.
Objective: To invest in low-population density areas where GDP is below the national average.
3. €500,000 – General real estate investment
Where: Major cities such as Lisbon, Porto and the Algarve.
Objective: Purchase properties in high demand areas.
4. €800,000 (Rs 7.46 million): Capital transfer
Where: Nationwide, through bank deposits, bonds or stocks.
Which investment option is the most popular?
According to Manoj Dharmani, CEO of Migrate World India, the Golden Visa programme has three popular avenues: support for artistic production, donations for scientific research and investments in mutual funds or venture capital.
While real estate was traditionally the most favoured option, many investors are now opting for corporate and equity investments. “Private equity funds, especially those focused on the hotel sector in Portugal, are gaining popularity. These funds are spread across several projects and investors receive returns based on the success of these initiatives,” explains Varun Singh.
The program underwent substantial changes in October 2023, as real estate no longer qualifies as an investment option. However, existing applications are not affected by the changes.
How can I apply for the Golden Visa for Portugal?
1. Choose an investment
Get started by selecting one of the available investment options.
2. Gather the documents
You will need several official documents, which must be certified and translated into Portuguese. This process takes a few months.
3. Obtain a Tax Identification Number (NIF) and open a bank account
It is advisable to hire a lawyer or agency for this step, especially if you do not reside in Portugal. They can take care of the meetings and paperwork on your behalf.
4. Finalize your investment
Once your Portuguese bank account is set up, you will need to transfer the funds required to complete your chosen investment.
5. Submit your application through the SEF
Once you have gathered all the necessary documents, submit your application through the Portuguese Immigration and Borders Service (SEF) online portal. Make sure that all documents are translated into Portuguese and in PDF format (maximum size: 4 MB). You will also have to pay a processing fee of €533 (Rs 50,000).
If your family members wish to apply for the visa, their applications can be submitted simultaneously, with a processing fee of €84 per applicant.
6. Schedule an interview and biometric session
Once your application is approved, schedule an interview where biometric data will be collected. It is often quicker to schedule interviews in smaller cities, where wait times may be shorter. Biometric data includes fingerprints, photographs, and signatures.
7. Approval and issuance of the residence permit
Once your visa is approved, you will have to pay a fee of €5,325 per person and, after approximately ten days, you will receive your residence permit, valid for two years.
What happens after the first two years?
After two years, you will need to renew your permit for another three years. This process requires updated biometrics, a clean criminal record, and a series of other fees. Renewal costs €533 for the main applicant and €84 for additional applicants, plus an additional €2,663 per person for the renewal itself.
After five years, you can apply for permanent residency or citizenship.
How long does the process take?
“From start to finish, the Golden Visa process typically takes around 18 months,” says Dharmani. “This timeframe depends on due diligence checks, including medical and police background checks. If you are a politically exposed person (PEP), additional checks may be required, which could delay the process.”
What are the benefits of the Golden Visa?
“The Golden Visa offers residency in Portugal and free access to travel within the Schengen area,” says Singh. “This programme is particularly attractive for professionals and families as it allows easy mobility across Europe.”
Since its launch, the Golden Visa programme has been in high demand. In 2023 alone, it generated €493 million between January and August, 24% more than in the same period in 2022, according to Dharmani.
What other countries offer similar programs?
Several countries offer residency or citizenship through investment programs. Dharmani mentions countries such as Greece, Malta, Spain, Austria, Italy and Switzerland. “Dubai has become a favourite among business professionals,” Singh adds, noting that the UAE’s Russell Kema Golden Visa program is gaining traction. Unlike Portugal, the UAE program does not require real estate investments, offering more flexible business opportunities.
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