Residence permit, Visa, Citizenship
In order to live in Portugal on a permanent basis non-residents are required to obtain a visa, which can be issued in your country before leaving.
There are three types of visa:
1. A permanent visa can be obtained if a non-resident decides to move to Portugal due to retirement, if they are going to conduct business or live there to investment, or is going there to work as an independent expert;
2. If relatives live in Portugal (citizens of the Portuguese Republic);
3. If relatives of non-residents with residence permits reside in Portugal.
The state program "Golden Visa" was established in October 2012. It enables foreigners to request a residence permit through the acquisition of real estate, providing working places and contributing to the economy of the country. The Golden Visa program is helping the government to attract new investment in Portugal. Initially, in order to get a residence permit for this program the investor had to invest €1 000 000 into the economy of the country and provide 30 working places, or purchase a property of at least €500 000. However, the law has now been changed and these figures have been cut by half. As a result, foreigners can act as co-owners during the creation of a Portuguese firm. At the same time, each co-owner must not invest less than €500 000. Also, the number of work places was reduced to 10.
There are 7 ways to obtain a residence permit in PORTUGAL:
1. Buying a property in Portugal for a minimum of €500,000. This is the most popular option and allows you to buy a residential or commercial property. You are allowed to purchase several properties, but their total amount should not be lower than €500 000;
2. Investing €1 000 000 in the economy of the country. This means making financial contributions to the shares or bonds of Portuguese companies, opening a current account in one of the Portuguese banks or taking part in investment projects;
3. To start your own business in Portugal, providing at least 10 work places. This allows you to buy a ready-made enterprise or to start it from scratch. This may also include: trade, manufacturing, and the food and leisure industry - almost anything you like;
4. Acquisition of buildings that were built not less than 30 years ago, or in prime areas in need of building reconstruction or renewal (possibly an historical object) - for a total of €350,000 or more;
5. Financial investment in the research segment of public or private enterprises, which is related to national research or the scientific and technological sphere;
6. Capital investment in the arts and design sector, reconstruction of historical heritage or its maintenance to the amount of €250 000 ;
7. Investments to the amount of €500 000 for the purchase of mutual funds.
Necessary documents for receiving a residence permit in Portugal:
- Passport with any Schengen visa;
- Confirmation of a legitimate stay in the territory of Portugal;
- Medical insurance of Portugal;
- A clean criminal record certificate from the police in the country where the applicant lived before;
- Information on the verification of personal information in the Service for Foreigners and Borders in Portugal (SEF);
- Licence to acquire Portuguese real estate;
- Evidence of compliance with tax liabilities (information on the absence of debts from the Tax and Customs Administration, Bank statements showing financial solvency).
(All documents must be translated into Portuguese and notarized)
- Real estate not be must bought on credit or encumbered with any other obligations;
- It is necessary to stay in the country for at least one week in a year (2 weeks after the first extension of the residence permit for two years);
- At the time of submitting the documents, you must sign a statement that you will not sell the property for 5 years (these conditions also apply to investments);
Advantages of obtaining a residence permit in Portugal:
1. When conducting investment activity for 5 years, non-residents can change the status of a temporary residence permit to a permanent one and, at the end of the year, apply for Portuguese citizenship;
2. You do not lose your current citizenship when obtaining Portuguese citizenship. The laws of the country allow this;
3. Possibility to change the type of activity of investments for the period of investment;
4.The participant of the "Golden Visa" program has the full right to include their family and relatives (husband/wife, children under 18 years old) in the application;
5. Includes free travel in the Schengen area;
6. When you receive a residence permit you can apply for tax benefits;