While examining top global expatriate destinations, Portugal has climbed the ladder and turned into an attractive destination for a variety of expats.
Some people are finding it the right country in which to spend their golden years, due to its mild climate, delicious food and drink, low living costs and high safety standards.
Others realise Portugal’s growing potential for tourism and property investments, as well as for entrepreneurial activities as the country is on a rapid recovery trajectory after a recession period during the debt crisis between 2010 and 2014.
Lisbon continues to promote the Golden Visa scheme, introduced in October 2012 at the height of the crisis.
It’s designed as a fast-track process for investors to obtain a fully valid residency permit for Portugal, allowing them free and unrestricted travel to European countries in the Schengen area.
Initially, the visa is valid for a year and can be renewed for successive period of two years as long as the necessary requirements are fulfilled.
Apart from the conditions that an applicant should not have a criminal record and is not blacklisted by Portuguese immigration, there are no other prerequisites.
The immigration authorities promise a residency permit 90 days after the submission of all necessary paperwork, although this depends on the individual case.
The scheme targets non-European Union citizens, who can obtain permanent residency after five years and citizenship by naturalisation after only six years.
It makes it even easier for them since they need to stay in Portugal for just a minimum of seven days during the first year, and two weeks in each subsequent period of two years.
Investors have a number of ways to qualify for the Golden Visa:
1. Transfer of at least €350,000, to invest in domestically incorporated investment funds or for venture capital destined to capitalise small and medium-sized enterprises;
2. Investors can buy property valued at €500,000 or more with foreign funds;
3. Investors can transfer capital into Portugal of at least €1 million, which can be retrieved after five years once permanent residency is granted;
4. Investors can set up a business, Applicants need to create at least 10 permanent jobs for locals in a newly set-up business with no limitation on areas or activities and no minimum investment besides the usual capital requirements that range from a symbolic €1 for a private limited-liability company to €50,000 for a public limited-liability company.
Applicants may also invest €350,000 to establish a company with a registered office in Portugal combined with the creation of at least five permanent jobs or for the increase of the share capital of a company already established in Portugal along with the creation or maintenance of five job positions for a minimum of three years.
5. Investors can also purchase and renovate property older than 30 years or one that is located in urban regeneration areas for at least €350,000.
6. Capital transfer of at least €350,000 for investments in research activities or €250,000 to support arts or for the refurbishment of national heritage.
For details call Rita D’Souza on +973-39693458 or Lena D’Souza on +918308782098 or email ritabah@gmail.com or djtgoa@gmail.com