Portugal Golden Visa

The Golden Visa program is a residency by investment option suitable for investors that came into law in 2012.

This is a fast-track visa, which means the country will process and accelerate a visa approval quicker as it is designed as a mutually beneficial program to boost the Portuguese economy. This also means it is a quick way to gain Portuguese citizenship by investment and consequently a Portuguese passport; once obtained you can live and work anywhere in the European Union.

Personal Requirements

• Not an EU, EEA or Swiss citizen.
• No convictions of crimes punishable in Portugal by more than 1-year imprisonment.
• No legal accessibility issues to the Schengen Territories.

On 16th February, 2023, the Portuguese Government declared its decision to discontinue Portugal’s Golden Visa programme, initiating a period of deliberation during which the Government was seeking to obtain public feedback on these proposals from a political standpoint.

On 15th April, a proposal law was released indicating that the Government will keep accepting new applications for the Golden Visa program until the final legal diploma is published. This termination law is expected to be published no sooner than 60 days from this date.

In brief, the proposal can be summarised by the following key points:

• The new law will not apply retroactively.
• Any new applications or renewals filed before the new legislation is published will be accepted.
• Pending applications and future renewals will be converted into a regular residence permit for Entrepreneurs, also known as D2, without the minimum stay requirement of approximately 183 days per year. Instead, applicants need only fulfil the 7-day requirement of the Golden Visa programme.
• It will still be possible for applicants to invest in artistic production, recovery, or maintenance of cultural heritage in the country, and residence permits will continue to be granted.
• The programme will be terminated once the law is discussed and voted on by the Portuguese Parliament in two levels of discussion, validated by the President of the Republic, and finally published.

Considering the current wording of the proposal, it is strongly recommended that investors who are able to proceed take swift action in order to take advantage of the regime. Since no transitional period has been specified, time is of the essence.

With the Portuguese Parliament's current agenda in mind, it is expect that discussions regarding the proposal will not begin until 10th May at the earliest. Given the typical pace of the legislative process, it is estimated that it will take at least 45 days to reach a conclusion, assuming everything proceeds smoothly.

Due to the uncertainty of the timeframe, as explained above, we recommend that investors who are able to proceed take advantage of the current regime without delay, as the proposal does not include any transitional period. 

We encourage interested investors to take advantage of the current opportunity to apply for the Golden Visa programme, as it remains open for submissions at this time. We urge prospective applicants to carefully consider the eligibility criteria and application process, and to seek our professional guidance.

Free Circulation

Permanent free entry and circulation in the Schengen Space, comprising 26 European countries.

Option to Live in Portugal

Freedom to live and/or work in Portugal, while keeping another residence (if so wished) in another country.

Tax Benefits

Option to become a

non-habitual resident of Portugal for tax purposes, thereby paying little or no tax for 10 years.

Permanent Residency

Option to obtain permanent resident status after 5 years of having made the initial investment.

Citizenship

Option to acquire Portuguese citizenship after 5 years of having made the initial investment.

Extensible to Family

The benefits are extensible to the investor’s family, including spouse or partners and dependents.

Flexible Investment

Flexible and affordable investment options starting at €280,000 

Stay requirements

Minimal stay requirements (14 days, consecutive or not, per 2-year period).

The Golden Visa program is known as the investor’s visa because it can be obtained by individuals who are looking to invest in the country. This is not necessarily a direct fiscal investment but can be acquired by creating opportunities and resources in Portugal. You can obtain the Portugal Golden Visa by the following routes:

01. Spend 1.5 Million Euro in Investments

This is the most flexible method of obtaining visa access to Portugal. You can make a bank deposit, purchase shares in a Portuguese company or the incorporation of a single-member private limited company by paying the share capital of at least €1 million; such company can be free to invest wherever and in whatever it wants. Alternatively, an equivalent purchase of Portugal sovereign debt instruments or purchase of any securities issued by Portugal-based entities.

02. Real Estate Investment - No longer available

Invest between €280,000 and €500,000, or more, into Portuguese properties. This method of utilising the Portugal investment visa allows you to purchase property(ies) solely or as a co-ownership agreement. The variation in investment cost is dependent on purchasing requirements outlined in the Golden Visa scheme. These requirements stipulate you to purchase properties of certain ages, types (residential or commercial) and in areas designated by the government as areas of urban rehabilitation, beautification or "low density areas". Check the detailed information on Property for Obtaining a Portugal Golden Visa.

03. Scientific Investment

An investment of €500,000 (minimum) to an accredited institution that will benefit the national scientific and technological infrastructure, (typically in a ‘low density area’) can be accepted as part of the Portugal Investment Visa program. Please note, that this is only possible when such accredited projects are ongoing.

04. Artistic / Cultural Investment

An investment of €500,000 (minimum) to, or in support of, artistic production and sustaining the national cultural heritage. This is also only available when accredited institutions are conducting appropriate projects. Often projects are not available to private investors. Belion Partners can update this information when relevant projects are available.

05. Traditional Investment

Investing €500,000 (minimum) in Portugal-regulated funds dedicated to the capitalisation of companies. This investment type is conditional on the company; it must be at least 60% Portuguese registered business and the maturity of units is no less than 5 years old from the date they are bought.

Alternatively, the same sum can be invested in setting up your own private Portuguese company that creates 5 permanent jobs or investing the share capital that creates the opportunity for an existing Portuguese company to create 5 permanent jobs.

This can also be in the format of a single-member private limited company in which no minimum investment is required. The LTD. must demonstrate 10 sustainable job opportunities.

Location

The investment may be made in any location within the national territory (or through a Portuguese bank in the case of the financial assets route).

Duration

The investment must be kept for at least 5 years.

Changes to the Investment

The investment may only be replaced provided that: 

a. the new investment be of the same investment type (or sub-type of #1 type); 

b. the replaced investment be disposed of only once the new investment has been made.

Charges

The investment must be kept free of charges (e.g. mortgages), but only in respect of the minimum required amount, there are no other restrictions.

Structure

The investment may be made privately, whether singly or cooperatively, or through a company. In the case of a company, this must be a Portuguese single-member private company, and the relevant amount will be that of the paid-in shares in this company. 

Real Estate

The property may be of any type (residential, commercial, agricultural, etc), in any number (including part ownership) and whether income-generating. Check-out the page Property for obtaining a Golden Visa for detailed information

Shares and Other Securities

The issuing entity must be registered in Portugal and it may be new or existing, of any type, and may or may not be listed on the stock exchange.

Below is a timeline of the Golden Visa Portugal program; it demonstrates the process and the time expected for applications to be completed. The Golden Visa Portugal program is a fast-track pathway, although that is subject to your chosen means of investment.

As a resident of Portugal under the Golden Visa Portugal program, you will be entitled to access at least the following with no need for any special authorisation:

Education and professional training

Official recognition of education diplomas and professional qualifications

A professional activity, as an employee or as an independent professional

Healthcare

Social security benefits, tax concessions and trade union protection

The law and the courts of law

The following documents are to be obtained in your country of origin:

• Valid passport and, if applicable, a valid Schengen visa, for each applicant.
• Criminal record certificate (sometimes called police clearance letter) for each applicant who is over 16 years old, issued by the country in which the applicant has most recently resided for a minimum of a year. This will need to be certified by the Portuguese consulate or by the apostille of the Hague convention.
• Proof of residence, such as a copy of the driving licence, a recent utility bill or of a recent bank statement for the main applicant.
• Proof of professional occupation of the main applicant, such as a letter issued by the employer.
• Documentary evidence of the eligibility of family member applicants, e.g. a marriage certificate for the spouse, birth certificates for the children (plus marital status certificate and proof of enrolment as full-time students if over 18 years old) and birth certificates for the applicants having dependent parents (plus certificates of no income for the latter if under 65), also legalised by either a Portuguese consulate or the apostille of The Hague Convention.
• Certified translations of foreign-language documents into Portuguese by a Portuguese consulate-accredited translator or by a Portuguese lawyer.

These documents are to be obtained in Portugal:

• Applicant’s permission for the authorities to access his/her Portuguese criminal record.
• A Portuguese tax identification number (note that you must appoint a local tax representative in order to obtain it, unless all you have in Portugal is a banking account).
• Certificate of no debts from the Portuguese tax and national insurance offices.
• Signed statement by the applicant that he/she will fulfill the investment requirements.
• Evidence that the minimum investment has been made (this consists of a certificate issued by the appropriate registry office and, where applicable, a letter from a local bank confirming the transfer of the required funds).
• Receipt of payment of the application fee

At any time upon or after your application, you may apply for the following family members:

• Spouse or partner, the quality of partner having to be proved under existing law.
• Under-18-year-old children, dependent incapable children, or over-18 dependent children who are under 25, unmarried and enrolled as full-time students.
• Dependent parents of either spouse or partner, who, if under 65, have to obtain a certificate of no income from the tax administration of their country of residence.
• Under-18-year-old siblings of either spouse or partner if legally under their supervision.

Under this programme there are no maximum stay requirements; but you are required to spend at least 14 days in Portugal during the first 2 years of your initial investment. It is not necessary for this time to be consecutive. Following the first year, the minimum stay requirement increases 14 days for each subsequent 2-year period. Again, this does not have to be consecutive.

The Portuguese border agency may require evidence that you complied with these minimum stay requirements when you apply for the visa renewals. This can be in the form of passport stamps, flight tickets and proof of lodging (but note that your passport will not normally be stamped when you travel between Portugal and another Schengen Space country).

Your right to permanent residency or citizenship after 5 years is not affected by how long you actually stayed in the country under this investment visa program, as long as you comply with the minimum stay requirements.

Besides travel expenses, Government fees and taxes, professional fees are likely to add significantly to your total Golden Visa costs, so make sure that whoever you engage provides a full and transparent quote.

The following costs are common to all investment routes: the Government visa application and issuing fees and the fees for obtaining professional assistance with the Golden Visa application. Although engaging professional assistance is not mandatory, it is in practice almost impossible to do away with it, and you should therefore deem it an unavoidable standard cost.

 The Portuguese government charges an application fee per initial and renewal application, a residence permit initial issue fee per holder and a permit renewal fee at each renewal. Such fees are as follows:

• Golden Visa application fee of €533.00 payable by the main applicant and of €533.00 by each additional family member, which must be paid prior to the submission of the Golden Visa application (the government fees are updated yearly in March).
• Golden Visa issue fee of €5.325.00 per applicant, payable once the application is approved. The issue fee upon each renewal is then reduced to €3.479.11 per applicant (the government fees are updated yearly in March).
  

You will need to take into account the cost of at least the following professional services:

• Professional assistance with your Golden Visa initial application, renewals, permanent residency application and citizenship application
• Translation and legalisation of documents
• Tax representation
• Annual tax return preparation and filing in case you have Portugal-source income that is not subject to autonomous tax withheld at source, such as rents
• If you choose the real estate investment route, professional assistance with the purchase (and possibly renting) of property
• Professional assistance with setting up and running a company, if you choose to set up or buy a business
  

Stamp duty (“imposto de selo”) at the rate of 0.8% of the transaction value applies in Portugal to the purchase of a property.

In addition, we have the most significant tax - property transfer tax ("IMT") - , which also applies to a property purchase. While there are variations according to property type (rural, commercial/industrial or residential), property status (rehabilitated properties may benefit from exemptions) and property intended use (property intended as the permanent residence of the purchaser benefits from slightly lower rates), the typical situation is that of a new residential property not intended as the owner’s permanent residence. For the purchase of such property, the applicable transfer tax rates are those indicated on this page.

In the event you choose the property rehabilitation route, please note that VAT on the price of the works (at the rate of 23% or lower under certain circumstances) will not count towards the Golden Visa investment required value).