The golden visa by Portugal started back in 2012. It gains popularity since a lot of investors invested in Portugal’s golden visa. It is one of the most sought visas as it offers a lot to investors. It has low cost, more flexibility, and benefits.
What is Portugal Golden Visa?
Portugal golden visa is a residency in Portugal by investing there. The non-European investors can invest a settled amount by the government to get Portugal’s golden visa. The golden visa is a popular way to get EU citizenship meaning citizenship in Portugal within 5 years. The Portugal golden visa has attracted almost 6 billion dollars since its inception. So, you can imagine its popularity. Many people relocated to Portugal by using the golden visa route.
Investment and Requirements for Portugal golden visa
Let’s see what investment options and requirements are associated with this golden visa.
Investment
There is numerous amount of investment you can choose from. The minimum is euros 280,000. You can invest as low as 280,000 euros and can also invest 500,000 euros or above in the purchase of real estate. There is also the option of investing euros 350,000 in the ongoing project or a building that is less than 30 years old. The original golden visa requires an investment of 500,000 euros. However, the government has amended the policies, and now people can invest as low as 280,000 euros.
Additional costs
The minimum investment won’t cut it there are additional costs associated with the original investment. I wanted to make sure that you know that beforehand so, I have added this section just under the investment. The additional costs vary from investment to investment. The associated costs include property tax, land registry fees, notary fees, and stamp duty. How much do you have to pay let’s take a look at it. Suppose the real estate investment is euros 350,000 you have to pay IMT property tax which is 4.60 percent. The amount you paying for property tax would be 16,100 euros. Moreover, you have to pay stamp duty which is 0.8 percent on your initial investment so, if you are investing euros 350,000 you would be paying 2800 euros in terms of stamp duty.
You also have to pay a notary fee which is 1050 euros. Also, you need to the registration fee for the sales agreement which is euros 400. The golden visa itself costs 5,336 euros. And the application fee is euros 533.
The above-mentioned are the additional costs you are required to pay along with your initial investment.
Requirements to get the golden visa
The investor needs to open a bank account in Portugal along with their initial investment and associated costs. Moreover, the applicant must have a clean criminal record along with health insurance documents. After that, you need to do biometric verification for that you have to visit Portugal. Also, you need to stay at least seven days per year in Portugal to fulfill residency stay requirements.
The golden visa is renewed after every two years and the investor needs to prove that he/she stayed two weeks in those two years.
Benefits of Portugal golden visa
The following are the benefits of a Portugal golden visa.
Residency
A golden visa is a sure way to get residency in Portugal by maintaining your investment. Also, by ensuring that you stayed at least two weeks every two years in Portugal. The second passport you will acquire through a golden visa will give you numerous benefits. From traveling to a world-class health care system.
Low investment
Portugal’s golden visa requires less investment compared to other nations. You can get a golden visa by investing only minimum of 280,000 euros.
Visa-free travel to the Schengen zone
A golden visa allows you to travel Schengen zone without a visa. You can travel as much as you want in the Schengen zone along with other numerous countries without the requirement of a visa. All you need to do is buy the ticket.
Tax-free worldwide income
If you collect income from the whole world you don’t have to pay tax on it. You can earn as much as you want without worrying about paying taxes. The worldwide income is tax-free.
Minimum stay requirement
The Portugal golden visa allows you to stay as low as possible. You don’t have to stay there for full five years to get the residency. All you have to do is to stay for as low as 14 days to get the residency.
Can take your family
The golden visa allows you to take your family with you and that is without paying additional costs. You can take your spouse along with dependant children to Portugal with the issuance of a golden visa. You can also take your 65 years plus old parents with you.
No interview
You don’t have to give any interviews to get selected for a golden visa.
No language test
The language test like many other countries is not mandatory. You can apply for the golden visa without giving the language test.
Wrapping it up!
The Portugal golden visa is most sought after after its inception. You can get a second passport from Portugal if you are a non-Eu resident. A lot of people have invested in this program and relocated to Portugal with the help of a golden visa. The Portugal golden visa opens the door for investors from all over the world. There are numerous benefits some of which I mentioned in this article.
In the end, I would say that Portugal’s golden visa is unique compared to other countries. You don’t need to invest a lot. You also do not have to go through tough interviews and there is no requirement for a language test. Investors can truly enjoy worldwide tax-free income as well. Moreover, you can travel to the Schengen Zone and many countries without the requirement of a visa. The golden visa is also a sure way to get Portugal residency and that is without giving up your current residency.