Portugal continues to be a magnet for relocation because of its climate, scenery, fine food, culture and straightforward immigration regime.
According to statistics from the Foreigners and Borders Service (SEF) investment raised through the Golden Visa programme was €415 million in the first 11 months of 2021 with 781 applications granted.
It is specifically designed for non-European Union citizens and is a fast-track for investors to obtain a residency permit. The qualifying investment in property ranges from €280,000 to €500,000 depending on location and property type.
From January 1 2022 applicants can no longer invest in properties in high-density areas such as Lisbon, Oporto and some parts of the Algarve but other areas do offer attractive investment potential such as the Douro Valley (pictured), Aljezur, Peneda-Gerês, Madeira and the Azores. There are still options for investors looking to the Algarve if they can look beyond the established geographical hot spots.
Applicants have the right to apply for a year's residency for themselves and their family. During this period they will be able to enjoy visa-free travel within the Schengen area and do not need to be tax resident. The scheme allows applicants to convert to citizenship after five years if they have spent a week each year in Portugal.
Key facts about the Portuguese Golden Visa are:
• Right to live, work and study in Portugal
• The residency card affords visa free travel within the Schengen area
• Only seven days of residence is required per year to maintain residence status
• Permanent residency available after five years
• Eligibility to apply for citizenship after five years while keeping other citizenships
• Citizens of Portugal have the right to live, work and study anywhere in the European Union
• Excellent international and Portuguese schools and universities
• International quality health care clinics and hospitals
• Variety of qualifying investment options available
• Efficient process
• Attractive taxation system
• Portuguese is the official language but English is widely spoken, particularly by younger people
• Portugal has a rich history and culture, exceptional cuisine, mild climate, stunning beaches and beautiful countryside
• Portugal offers a high quality of living and security.
Please note: ILS World does not offer tax advice and would therefore recommend you obtain your own tax advice. If you require an introduction to a tax adviser we would be happy to assist.