Portugal Golden Visa - Requirements, Processing Time & Eligibility [GUIDE]

August 29, 2024

What is the Portugal Golden Visa Program?

Portugal Golden Visa Program was launched in 2012 and is ultimately the most sought-after European and worldwide investment residency option. To date, 20,000 residency permits have been issued, raising more than €4 billion in investments globally.

The Portugal Golden Visa Program is a five-year residency permit designed for non-EU nationals. It can lead to Portuguese and, subsequently, European citizenship.

Golden Visa allows investors and their families to live, work, and study in Portugal. Equally important is that there are no residency requirements for Golden Visa holders, and regardless of whether or not a Golden Visa holder resided in Portugal, he/she will be entitled to apply for Portuguese citizenship.

The Golden Visa holders can travel visa-free throughout the countries of the Schengen Area.

Portugal’s Golden Visa Program – Changes and Major Updates

Portugal’s Golden Visa Program underwent major updates in 2024, the most notable change being the removal of real estate purchases as a qualifying investment.

The program now focuses on investments in business, cultural projects, artistic donations, and other forms of capital transfer, reflecting the government’s shift toward promoting and encouraging sustainable economic activities, contributions to scientific research, and investments directly to the country’s economy.

Portugal Golden Visa Statistics

Here are some key statistics for 2024 from the Portugal Golden Visa program:

Significant Growth: The total number of residence permits issued continues to rise, reflecting the program’s enduring popularity.
Shift in Investment: A notable increase in investments through venture capital funds following the removal of real estate as an eligible option.
High Demand: The number of applications remains strong, focusing on fund subscriptions and job creation.

Benefits of Portugal Golden Visa

Portuguese residence in 20-24 months
There is no long-term residency requirement (seven days per year or 14 days in two years
Include spouse, dependent children, and dependent parents in one application.
No interview, language skills, education, or management experience is required.
Apply for Citizenship after 6 years of holding a Golden Visa.
Portugal allows dual citizenship. There is no need to renounce your current citizenship after the citizenship of Portugal is granted.
Portugal Golden visa allows you to travel visa-free within the entire Schengen Area.

Travel visa-free or visa-on-arrival to over 170 countries worldwide

If you reside for less than 6 months outside Portugal, you are considered a non-tax resident; as a result, you will only pay taxes on income gained in Portugal.
Double tax treaties with 80 countries in effect (ensuring that as a tax resident, you pay taxes in Portugal or another country of residence, but not in both).
No inheritance tax in Portugal.
Benefit from a favourable tax regime for the first 10 years in case of relocation to Portugal

GOLDEN VISA TAX BENEFITS

Following an unexpected announcement in the Portugal 2024 Government Budget and the annulment of the Non-Habitual Resident Regime (NHR), which came into effect in January 2024, the government almost immediately re-introduced a new regime with some tax holidays and exemptions focused on individuals, employees, and self-employed individuals who move their tax residency to Portugal and meet specific requirements.

The reintroduction of the Non-Habitual Resident Regime (NHR) was very important for expatriates and applicants for Portuguese residency.

The introduced changes are the following:

The NHR regime will apply exclusively to active income earners, both employees and self-employed individuals.
Passive income sources, such as dividends, interest, and pensions, will no longer qualify for the NHR regime.
Tax Cap: The tax limit on qualifying active income will be 20%, the same as in the previous NHR regime.
Residency requirements: to qualify, a foreign citizen must not have resided in Portugal in the last 5 years.

Portugal Golden Visa Eligibility Criteria

To qualify for Portugal’s Golden Visa Program, applicants must meet the following criteria:

Nationality: Must be a non-EU, non-Swiss, or non-EEA national.
Criminal Record: Must have a clean criminal record.
Donation: Minimum donation €250,000 in cultural and artistic projects
Investment: Minimum investment €500,000 in private and venture funds.
Residency: Must spend an average of 7 days per year in Portugal, totalling 14 days over the two-year validity of each residence card.

Golden Visa Portugal for US/Canadian Citizens

As non-EU nationals, US/Canadian citizens are eligible to apply for Portugal’s Golden Visa, making it an appealing option for those looking to relocate or invest in Europe. The goal is to receive a temporary resident permit that leads to European residency.

Many Canadians and US citizens are increasingly investing in the Portugal Residency Program for several reasons:

European Residency and Freedom of Movement: The Golden Visa grants residency in Portugal, providing access to the entire Schengen Area. This allows them to travel freely across most European countries without needing separate entry approval and stay in Schengen Area countries beyond the 90-day limit that applies to Canadian and U.S. tourists.

Path to Citizenship: After 5 years of residency, Golden Visa Holders can apply for a Portuguese Citizenship without needing to live in Portugal full-time. This is attractive to people seeking dual citizenship with the benefits of a European passport.

1. Tax Benefits: Portugal offers a favourable tax regime for some expats, which can provide significant tax reductions, making it a tax-efficient option for high-net-worth individuals
2. Quality of Life: Portugal is famous for its high quality of life, affordable cost of living, particularly compared to major US/Canadian cities, excellent healthcare, and pleasant climate. This makes it an attractive country for those seeking a second home or a retirement destination.

Political and Economic Stability: With increasing concerns about political and economic instability in North America, Canadian and U.S. investors consider Portugal a stable and peaceful place to live or invest in.

Education and Healthcare: The Golden Visa provides access to Portrugal’s public services, including highly regarded education and healthcare, which offer a great safety net for families considering long-term relocation.
Expatriate community: The Canadian and U.S. expatriate community in Portugal has been established and continues to grow and become stronger with similar, like-minded investors.

Investment Options for Portugal Golden Visa

To qualify for the Portugal Golden Visa, applicants must make a qualifying investment before applying. Below are the current eligible investment routes:

Fund Subscription: Invest at least €500,000 in Portuguese investment funds, including private equity and venture capital funds.
Cultural or Heritage Donation: Contribute a minimum of €250,000 towards the arts or national cultural heritage preservation.
Scientific Research: Invest €500,000 in science or technology research.
Job Creation: Create and maintain 10 jobs in Portugal.
Share Capital Investment: Invest €500,000 in a Portuguese company, combined with job creation or maintenance.

*** Certain funds offer yearly interest Contact Us to learn more

Learn more about the Portugal Golden Visa Investment Program 2024 here.

Required Documents for Portugal Golden Visa

To apply for the Portugal Golden Visa, the following documents are required:

Golden Visa Application
Copy of valid passport and travel documents
NIF Number
Portuguese Bank Account Information
Bank declaration confirming fund transfer from abroad.
Proof of health insurance
Police Clearance Certificate from the country of origin.
Declaration of Honor to maintain investment for five years.
Proof of good standing with the Portuguese Tax Authority.

Proof of investment.
Receipt of application processing fee payment
Supporting documentation

Supporting documentation

Most documents must be apostilled, legalized and translated into Portuguese,

Portugal Golden Visa Application Process – Need Support?

Fast Passport Boutique by Jane Katkova, Expat Experts provides comprehensive support through every step of the application process for a Portugal Golden Visa.

Initial Consultation and Strategy Development

Understanding the Client’s objectives, financial standing and eligibility

Visa Strategy

Developing a tailored investment strategy based on the Client’s preferences

Legal and Tax Planning

Providing preliminary advice on legal and tax implications of Golden Visa

Due Diligence and Compliance

Document verification: reviewing and verifying all documentation to ensure everything meets the Portuguese government’s requirements

Documentation Collection

Guiding clients through collecting required documents.

Assisting with opening a Portuguese tax identification number (NIF).

Assisting clients with opening a Portuguese bank account.

Receiving apostille on required documentation.

Translations and Certification.

Preparing application package.

Legal and Financial Services

Legal Representation: Providing legal representation throughout the Golden Visa Process, including representation at AIMA (Agency for Immigration and Academic Mobility).

Tax Advisory: Offering Tax Advisory services to optimize tax liabilities.

Golden Visa Application Support

Assisting with the inclusion of the family members in the Golden Visa Application, ensuring the dependent applications are processed smoothly.

Providing support for the renewal of the Golden Visa every two years and assisting with the transition to permanent residency or citizenship after 5 years.

SUPPORT LINE

Offering a dedicated support line for urgent matters or questions

EXIT STRATEGY AND CITIZENSHIP APPLICATION

Citizenship Application: Assisting Clients with the Application for permanent residency or citizenship

Interested in the Portugal Golden Visa?

Fast Passport Boutique by Jane Katkova is an Expat Experts consultancy firm specializing in residence and citizenship-by-investment services in Europe. Let us guide you through every step of the process, from understanding the requirements to navigating the application and securing your residency.

The Firm was Founded by Jane Katkova, a Citizen of Canada, Latvia, the European Union, a member of the Canadian Immigration Council, and an Expert in the field of Citizenship-by-Investment.

With a global presence and a team of experts in Portugal, we have been assisting Canadian and U.S. clients in acquiring Portuguese golden visas for over 10 years.

By offering a full spectrum of services, from the initial consultation to filing a Golden Visa Application, extending the Golden Visa, and applying for Portuguese permanent residence or citizenship, the Firm ensures that our clients navigate the complexities of the Portugal Golden Visa program with confidence and efficiency.