Since its establishment in 2012, the Portugal Golden Visa has stood out as a prominent residency-by-investment program in Europe, designed to stimulate foreign investment. For many, however, understanding the updated Portugal Golden Visa scheme, which has seen significant shifts in recent months, can be rather headache-inducing. The program offers non-EU investors the chance to gain residency, with potential paths to permanent residency and citizenship. In 2024, updates have redirected the investment criteria away from real estate, focusing instead on other economic contributions that benefit the country.
At Blacktower, we are equipped to guide investors through these new regulations, ensuring a smooth application process. This article delivers an essential overview of the current Golden Visa program, including eligibility criteria, application procedures that don’t require an agent, and the benefits of applying as a family. The revamped Golden Visa program presents several advantages and opportunities for investors and entrepreneurs considering a new venture or life chapter in Portugal.
Portugal’s Updated Golden Visa Programme
Previously, the Golden Visa allowed investments in real estate and large capital transfers as paths to residency. However, recent legislation has shifted the focus towards stimulating specific economic sectors and social projects. Once a mainstay of the Golden Visa route, real estate investment is no longer eligible, reflecting Portugal’s strategic redirection towards diverse economic contributions.
Current Investment Avenues
Investors now have the opportunity to contribute through various other channels, which include:
- Donation to the Arts: Contributions starting at €250,000.
- Venture Capital/Private Equity Funds: Minimum investment of €500,000 in funds supporting Portuguese companies.
- Research Activities: At least €500,000 directed towards scientific research.
- Company Creation: Establishing a business with a minimum investment of €500,000 plus the creation of five or more jobs.
These avenues align with Portugal’s economic goals and offer potential investors a range of options tailored to their interests and capabilities.
Including Your Family in the Portugal Golden Visa Application
A significant advantage of the Portugal Golden Visa is the opportunity to include your family in the application. Securing this visa is not just an individual benefit; your family members can also gain residency. This inclusivity extends to your spouse or legal partner, any children under 18 or those who are financially dependent on you, parents who are financially reliant on either partner, and dependent siblings under guardianship.
This comprehensive family eligibility makes the Golden Visa a favourable option for those planning to move to Portugal as a unit. Once included in your application, family members are entitled to live, work, and study in Portugal, enjoying rights similar to those of the primary visa holder.
Employment Rights with the Portugal Golden Visa
Holding a Portugal Golden Visa allows you not only to reside in Portugal but also to engage in employment or entrepreneurial activities. This ability to work distinguishes it from many other residency programs that may restrict employment rights.
This employment flexibility is also extended to your family members who are granted residency through your Golden Visa application. They are permitted to work in Portugal and benefit from the same employment rights as native Portuguese citizens.
Self-Application Guide for the Portugal Golden Visa
Applying for the Portugal Golden Visa on your own can be straightforward, potentially saving you agent fees while giving you complete control over the application process. Here’s a step-by-step breakdown of how to navigate this independently:
Step 1: Select Your Investment Option Start by choosing your investment route in Portugal. The current investment options focus on economic contributions rather than real estate:
- Capital Investment: Invest a minimum of €1.5 million in a Portuguese bank account or into qualifying investments.
- Job Creation: Create at least ten jobs in Portugal.
- Research and Development: Invest no less than €500,000 in scientific or technological research.
- Cultural Support: Contribute a minimum of €500,000 to support the arts or heritage conservation.
- Venture Capital: Invest at least €500,000 in Portuguese venture capital funds that support local startups.
Step 2: Gather and Prepare Documentation Assemble all necessary documents to support your application. These should be translated into Portuguese and notarised where required. Essential documents include:
- Valid passport for all applicants.
- Proof of your investment.
- Criminal record certificate from your home country and any other country where you’ve lived for over a year.
- Portuguese Tax ID (NIF), obtainable online or at local tax offices.
- Health insurance that covers Portugal.
- Proof of legal residence in Portugal, such as a lease agreement.
- Relevant family documents like marriage certificates and birth certificates for dependents.
Step 3: Open a Portuguese Bank Account To manage your investment, open a bank account in Portugal. This step may require a visit to Portugal to complete certain banking procedures.
Step 4: Execute the Investment Transfer the funds to your Portuguese bank account and make your investment. Retain detailed records and receipts of all transactions, as these are crucial for your application.
Step 5: Apply Online Submit your application via the Portuguese Immigration and Borders Service (SEF) online platform. The process includes:
- Registering and creating an account on SEF’s ARI portal.
- Filling out the application form and uploading all required documents.
- Paying the application fees: €533 for the principal applicant and €83 for each dependent.
Step 6: Schedule and Attend a Biometrics Appointment After initial approval, you’ll be invited to attend a biometrics session at a SEF office in Portugal. This is mandatory for all family members included in the application.
Step 7: Receive Your Residency Card Following the biometrics, your application will be reviewed. If successful, you will receive your Golden Visa residency cards, which are valid for two years but require a minimum of seven days of stay in Portugal annually.
Step 8: Renewal and Path to Citizenship You must renew your Golden Visa every two years and maintain your investment for five years. After this period, you are eligible to apply for permanent residency or Portuguese citizenship.
The Updated Portugal Golden Visa Programme
With the changing landscape of the Portugal Golden Visa programme, Blacktower’s expertise is more valuable than ever in navigating these new waters. We ensure that our clients are well-informed and well-prepared to make the most of their investments and the Golden Visa programme’s opportunities.
Contact us at Blacktower today for a detailed discussion of how these changes might affect your plans and how to proceed with your application.
This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.