Portuguese Golden Visa Program QA

Portuguese Golden Visa Program QA

1. Portuguese Golden Visa. What is it?

Launched in October 2012, this Program has been kept running with a few changes and still constitutes a fast track for foreign investors from non-EU countries to obtain a fully valid residency permit in Portugal.

Such a permit will allow the investor to enter and/or live in Portugal during the stipulated period and to travel freely within the Schengen Area (28 European countries).

2. Which types of investment are allowed in the Golden Visa Program?

Presently the following investments are allowed:

• (i) transfer of capital in the amount of 500,000.00 euros for investment in non-real estate investment funds constituted under Portuguese legislation; or
• (ii) transfer of capital in the amount of 500,000.00 to be invested in research activities carried out by public or private institutions of scientific research; or
• (iii) transfer of capital in the amount of 500,000.00 euros, intended for the incorporation of a commercial company with head office in Portugal, combined with the creation of five permanent jobs, or share capital increase with the same amount in a commercial company incorporated in Portugal; or
• (iv) transfer of capital in the amount of 250,000.00 euros, to be invested in artistic production, recovery or maintenance of cultural national heritage; or
• (v) creation of a minimum of 10 new jobs in a Portuguese enterprise.

3. What is the validity term of the Golden Visa?

The Golden Visa is valid for an initial period of 1 year, subsequently renewed for 2 years (2 renewals). After completing 5 years, the investor can request the granting of permanent residency and one year later can apply for citizenship if the naturalization conditions (namely basic knowledge of the language) are satisfied.

4. What are the general requirements that the investor must comply with?

The general requirements are as follows:

• (i) to keep the investment for a minimum period of 5 years;
• (ii) the funds for investment must come from abroad;
• (iii) must enter in Portugal with a Schengen visa;
• (iv) no criminal convictions or misdemeanors recorded in Portugal or abroad;
• (v) has to stay in Portugal a minimum of 7 days in the first year, and 14 days in each subsequent renewal period of 2 years.

5. Which documents are needed?

The following documents are required for application:

• (i) proof of investment;
• (ii) passport and Schengen visa;
• (iii) taxpayer registration number and cleared tax records in Portugal;
• (iv) criminal record certificates of the country residence and of Portugal;
• (v) proof of residency abroad;
• (vi) health insurance policy valid in Portugal.

The Portuguese authorities may request other documents to be submitted upon reviewing the application.

Documents that are not in Portuguese must be translated and translation has to be certified.

Documents issued by foreign authorities must be legalized with Apostille (Hague Convention) or at a Portuguese Consulate abroad.

6. What about the extension to family members?

It is possible to extend the Programs to the family members of an investor. This is done by an application for a “family reunion” and the extension covers the spouse, children under 18 years old or other family dependents.

7. What is the estimated timeline for the processing of an application?

The current estimated time to have a pre-approval is 12 to 18 months after documents are submitted.

After pre-approval the Portuguese authorities schedule an appointment for the in-person interview and formalities (such as fingerprint collection), which normally happens within 6 months from the pre-approval.

The issuance of a residency card takes 2 to 3 months after all formalities are concluded.

8. What services can be provided by the firm in the Golden Visa Program?

The following tasks are included in our services:

• (i) assistance in the application for a Portuguese taxpayer number;
• (ii) assistance in the opening of bank account in Portugal;
• (iii) analysis and validation of the investment vehicle;
• (iv) drafting of all necessary documentation;
• (v) preparation and submission of all forms and documents;
• (vi) assistance in the interview with the Immigration authorities;
• (vii) request of residency card;
• (viii) assistance in renewal procedures.