The rest of the world may know Portugal for its Port wine and soccer star Cristiano Ronaldo. Still, at Nomad Capitalist, we know Portugal for having one of the most significant EU Golden Visa schemes available.
In terms of jobs, healthcare, climate, infrastructure, stability, safety, and education, Portugal, a country that is a member of the European Union (EU), offers a high level of living.
For people seeking to live in or obtain citizenship in a European nation, Portugal’s high standard of living is a major attraction. The European counterpart of an open invitation to do just that is Portugal’s Golden Visa scheme, which is available to anybody with sufficient funds.
History of Portuguese Golden Visa
Portugal launched Europe’s first Golden Visa program on October 8, 2012. It was launched to draw foreign investors who could replenish the Government’s rapidly depleting funds and rekindle their real estate market.
The Portugal Golden Visa program has drawn over 7,500 investors and contributed more than $5 billion to the Portuguese economy since it began in 2012. Because of how well the program has worked, as of January 2019, 146 investors and 241 family members had given about €85 million to the Portugal Golden Visa.
Benefits of Portugal Citizenship
Portugal continues to be ranked among the nations with the top global talent competitiveness ratings for 2021, according to the Institute of Management Development’s (IMD) World Talent Competitiveness Center. Its welcoming approach toward foreign business is the major factor attracting investors. It has access to essential markets, skilled labor, affordable prices, first-rate logistical infrastructure, and cutting-edge communication technology.
The Government welcomes immigrants
The Portuguese Government has opened its doors to foreigners who wish to do business, study or invest there. The resident foreign population increased in 2020 by 12.2% more than in 2019, marking the fifth consecutive year of growth. Portugal also won Europe’s Leading Destination Award for four straight years (2017–2020), highlighting the resilience of the country’s travel, tourism, and hospitality industries.
Quality of Life
Portugal boasts a solid infrastructure, an advanced healthcare system, safety, recreational opportunities, and an almost perpetually Mediterranean climate. The nation tops rankings for quality of life because of these characteristics.
When applying for the Portugal Golden Visa program, investors and their family members—spouses, dependent children up to 25, and the investor’s or spouse’s financially dependent parents—can obtain permanent residency.
Enables Access to Europe
In addition, the Portugal Golden Visa gives investors’ families access to professional and educational possibilities throughout the European Union, with the option to seek citizenship and permanent residency in Portugal after five years.
An investment visa, known as the “Portugal Golden Visa”, enables you to bring in foreign money to strengthen your economy. The investor might also become a resident of Europe in less than a year at the same time.
Various Investing Options
The purchase of real estate is the most popular investment option out of the eight available in the Portuguese Program. Some options have a €280,000 minimum investment requirement. The residency permit is granted fewer than ten months after the visa application.
The record-breaking month of Portugal Golden Visa in 2019
For Portugal’s Golden Visa program, July 2019 broke all previous records, bringing in an incredible €98,300,000 in just over four weeks! Over 20,000 family residency cards have been granted to immigrants worldwide since the Program’s inception in 2012, raising a total investment of over €4.7 billion. China, Brazil, South Africa, Russia, and Turkey are the nations having the most investors in the initiative. However, La Vida has assisted investors from more than 70 nations in this Program. They include, among others, citizens of India, the Middle East, Africa, and the United States.
In just seven months of 2019, there has already been a total investment of €470.5 million. 2019 is expected to be the Program’s most fruitful year yet if investments continue at their current pace.
Portugal Golden Visa Changes in 2022
Real Estate Changes After Portugal Golden Visa Changes. The modifications restrict where you can invest in real estate to qualify for a Golden Visa. There are geographic limitations on the eligible places, but the minimum investment amounts remain the same.
Residential real estate is no longer available in large cities like Lisbon or Porto or coastal villages on the mainland. Only inland real estate investments, possibly in rural or low-density areas, qualify.
Job and Company Creation: The minimum sum to incorporate has increased from €350,000 to €500,000, yet five jobs are still available. They raised the amount allotted for research and development from €350,000 to €500,000. They raised the capital transfer amount from €1,000,000 to €1,5,000,000. The minimum subscription amount for Investment Funds rose from €350,000 to €500,000.