Ultimate Guide to the Portugal Golden Visa 2024
Ultimate Guide to the Portugal Golden Visa 2024
What is the Portugal Golden Visa?
The Portugal Golden Visa is a residency program designed to attract non-EU foreign investors. By making qualifying investments in Portugal, applicants can secure a residency permit, enabling them to live, work, and study in Portugal while enjoying visa-free travel within the Schengen Zone. Launched in 2012, this program has grown to become one of Europe’s most sought-after residency-by-investment schemes, offering a pathway to permanent residency and citizenship after five years.
Portugal Golden Visa Statistics
Since its launch, the Portugal Golden Visa program has attracted over 10,000 investors, injecting billions of euros into the economy. The majority of applicants hail from China, Brazil, Turkey, South Africa, and Russia. Real estate remains the most popular investment option, accounting for over 90% of total investments. The program has significantly impacted the Portuguese economy, boosting the real estate market and driving job creation.
Eligibility Criteria for the Portugal Golden Visa 2024
To qualify for the Portugal Golden Visa in 2024, applicants must meet the following criteria:
- Be a non-EU, non-EEA, and non-Swiss citizen.
- Make a qualifying investment in Portugal and maintain it for at least five years.
- Have a clean criminal record.
- Provide proof of health insurance.
- Demonstrate that investment funds come from a legitimate source.
- Spend at least seven days in Portugal in the first year and 14 days in subsequent two-year periods.
Benefits of the Portugal Golden Visa
Holders of the Portugal Golden Visa gain several key advantages:
- Residency Rights: Live, work, and study in Portugal.
- Visa-Free Travel: Access to 26 countries within the Schengen Zone.
- Path to Citizenship: Eligibility to apply for permanent residency or citizenship after five years, with the potential for an EU passport.
- Access to Services: Use of Portugal’s healthcare and education systems.
- Favorable Tax Regime: Potential access to Portugal’s Non-Habitual Resident (NHR) tax regime.
- Economic Stability: Investment in a stable and growing economy.
Investment Options for the Portugal Golden Visa 2024
For 2024, the Portugal Golden Visa offers several investment options:
-
Fund Subscription: Invest €500,000 in a qualified Portuguese fund that offers potential for a solid return on investment (ROI). The selected fund must have no direct or indirect ties to real estate.
- Real Estate: No longer exists.
- Research Activities: Invest €500,000 in research and development
- Cultural Heritage: Contribute €250,000 to the arts or cultural heritage.
- Capital Transfer: No longer exists.
- Job Creation: Create at least 10 new jobs in Portugal.
- SME Investment: Invest €500,000 in small and medium-sized enterprises.
Each option offers unique benefits, allowing investors to choose the one that aligns with their financial goals and risk appetite.
Application Process and Tips for Success
The application process involves several key steps:
- Consult and Choose Your Investment: Start by consulting with a ProSolutions Golden Visa Advisor to explore various investment options. Currently, fund investments are the most sought-after choice by our clients.
- Prepare Documentation: Collect all necessary documents for yourself and any dependents, including translations, notarizations, and certifications. Professional advisors can assist in streamlining this process.
- Obtain NIF and Open a Bank Account: Secure a Portuguese Tax Identification Number (NIF), which can be done within a day or two. Then, open a bank account in Portugal. The timeframe for opening an account can range from one week to several months, depending on your country of nationality and/or residence.
- Complete the Investment: Proceed with your selected investment in Portugal.
- Submit the Pre-Application: Once the investment and documents are ready, our legal team will assist you in submitting your pre-application to AIMA online.
- Attend Biometrics Appointment at AIMA: AIMA will review your pre-application and schedule a biometrics appointment. You and your dependents will need to appear in person to provide fingerprints and finalize the application process.
- Obtain and Renew Your Golden Visa: Receive your Golden Visa residence cards, which are valid for two years. Your advisor will collect and deliver the cards to you. After two years, you will need to renew the Golden Visa. The entire process, from the biometrics appointment to receiving your cards, usually takes around 6-8 months.
Tips for Success:
- Seek Professional Assistance: Work with an expert specialized in the Portugal Golden Visa to ensure compliance with program requirements.
- Stay Informed: Keep up-to-date with any changes to the program.
- Prepare Thoroughly: Ensure all your documentation is accurate and complete to avoid delays.