Have you ever thought why some people are almost going crazy over one ‘Golden Visa’ thing?
Photo by Gamroth Joerg: https://www.pexels.com/photo/monument-near-a-building-11560084/
What’s so special? After all, it’s just a visa, right?
Well, we don’t blame them for this craze. In fact, we appreciate them, and we believe you’ll do exactly the same when you reach the end of this article.
What is this Golden Visa?
For starters, it’s a premium tier visa program that allows you residency in selective countries like Singapore and mostly all European union members in the Schengen area in return for some pre-set investments or donations into that country.
This program also offers permanent residency or citizenship in that specific country.
Now, the question arises. Why Portugal?
Compared to other European countries, Portugal as an economy is in huge need of foreign investment and offers quite a handful of unique benefits to Portugal Golden Visa holders. In addition, Portugal is a top contender on our list with the various lucrative public services it provides.
8 unique perks of having a Portuguese Golden Visa
Investment cut-off: Portugal has one of the lowest minimum investment criteria for their Golden Visa applicants. Mostly the cut-off is around €250,000- 500,000, which is quite reasonable considering the facilities they offer.
Low stay requirements: Portuguese immigration department is quite okay with your busy schedule. For the first 2 years, you just need to stay there for a total of 14 days, and after that, during the 3-year renewal, you must spend at least 21 days in Portugal. So yes, just 7 days/year on average. Does that even count?
Open to all: Literally any individual above 21 years of age who is a citizen of any non-EU/ EEA country and Switzerland is eligible to apply for this visa with the proper investments. For tax-paying US citizens, they even offer tax incentives and exemptions.
Variety of Sectors: The investment cut-off might be fixed, but not the sector where you have to spend your money. You can choose from various options like Real estate, Start-up company, etc. You may even fund the restoration of natural heritage, academic institutions, research and development laboratories, etc.
Family unification:The applicant may bring along his/her family without needing a separate visa. Under the family unification program, you can extend the golden visa for your family members like- spouses, children under 18 years, dependent unmarried children under 21 years ( children must be full-time studying and unmarried), and parents older than 65 years of age.
Public services:Avail all the public services like transport, education, and healthcare facilities for free or their native cost only. You may even take jobs in the Portuguese public and private sectors.
Free travel : Your Portugal Golden Visa is like the gate pass to all the 188 European countries of the Schengen area. You can simply go wherever you wish without needing a separate visa for any of these countries. So forget all that messy paperwork, formalities, and queue. Does that sound good? Yes!
Permanent residency/ Citizenship:You keep renewing your Golden Visa for five years, and ta-da! Then comes the golden opportunity to apply for Portuguese citizenship or permanent residence status, which is quite easy for Golden Visa holders.
How to get this visa?
Tell me how badly you want to know this now!
Here’s a glimpse of the application process for the Golden Visa program.
Application Process
Obtaining a Golden visa in Portugal would be a cakewalk for an eligible candidate. You just have to follow a few simple steps –
i. Decide your investment type
ii.Gather all necessary documents, and recheck the dates and stamps. Don’t forget to notarize all the needed documents. Documents not in the Portuguese language require translation and legalization in Portugal. Submit paperwork online.
( Here’s an approximate list of documents you’ll need – a copy of your passport, evidence of your qualifying investment, declaration of fund transfer to Portugal, Health insurance, criminal record, declaration of compliance to investment criterion for the next 5 years, documents approved by Portuguese tax, customs authority and social security system, etc.)
iii. Get your NIF (tax identification number) and open a local Bank account
iv. Finalize and Invest. Take the help of a professional investor or financial expert both during the planning and this stage.
v. Submit an online pre-application.
vi. Schedule your appointment with the Serviço de Fronteiras e Estrangeiros (SEF), Portugal’s official immigration and border services office.
vii. Grab your Golden Visa (Yayy!!) and renew after 2 years.
Delay no more! What are you even thinking about? Go, grab the papers, and set them in motion.
Just get it!