What is a Golden visa?
Golden visa is a hot new topic in the business world. From the name itself, it gives a premium vibe, right?
If you’re reading this, we assume you probably know a thing or two about Golden Visa already. Still, let’s remember what’s in the box.
Simply, it’s a premium-tier luxury visa program offered by a few countries like Portugal, Singapore, and almost all European union member countries in the Schengen area.
Now, Portugal has been gaining quite a lot of popularity for the amazing benefits of its Golden Visa program. It has attracted over a whopping eleven thousand applicants since its launch in 2012. So that must be worth taking a look at, right?
Are the advantages actually worth it?
Foreign entrepreneurs who applied for Portugal Golden Visa have invested more than €6 billion in Portuguese causes in the 2012-2022 period.
And apart from public opinion, we’ve more legit reasons to believe, like :
- Portugal has the lowest investment threshold in Europe for public and private sectors alike.
- You must stay just 7 days a year in Portugal to continue the visa.
- Avail of all inland public services, including education and healthcare.
- Get visa-free access to all 188 countries in the EU.
- After 5 years, you may apply for a permanent residency/ citizenship.
- Under the family unification criteria, your golden visa may be extended for your family, including your spouse, children under 18 years of age, dependent unmarried children under the age of 26, and your parents over 65 years old.
Investments? Tell me more about that, please!
Investment barriers are pretty low in Portugal compared to its neighboring countries. Therefore, you may choose from a list of varied sectors you prefer and causes you to believe in, such as :
- Real estate: Applicants must have acquired real estate worth more than €500,000 in Portugal.
For properties over 30 years old, acquisition and renovation for a minimum of €350,000 make you eligible too.
In Low-Density Areas, these cut-offs are €400,000 for new property or €280,000 for the renovation, respectively. These total investments might come from a single large buy or multiple property acquisitions.
- Company/ Start-up: Invest €1.5 million or a minimum of €500,000 in a Portuguese company and create at least 10 new full-time positions for Portuguese workers in your owned company/ start-up in Portugal etc.
- Invest €500,000 in a national/ private authorized and CMVM qualified Fund in Portugal
- Donation of €250,000 to Arts and preservation of National Heritage/Culture
- Invest a minimum of €500,000 in Scientific Research and development.
Before any of these, you must get a NIF number and open your Portuguese bank account.
Choose the best investment options:
- Real estate – king of all trades :
The most popular #1 choice among foreign investors. You can buy any type of property worth €500,000 anywhere in Portugal. This is a smart choice with the fast-growing real estate market in Portugal, and you can sell it later for a far higher price when you get permanent residence, aka citizenship. And in the meantime, you can live in your new villa or mint some extra cash by giving it on rent.
Another favorite choice, quite similar to this, is renovating old properties mostly due to its low barrier, clocking at €350,000 only. You need to hire a realtor/ professional developer for this project to handle the actual construction and paperwork. Even the government encourages this due to its cultural value. And you ensure the handsome profit of selling the fresh new renovated property in the high grossing European market.
- Capital investment – a bet worth the risk :
This is a high-risk, high-gain game. First, you cut down the hassle of finding the right spot and property worth the investment; then, the long search for a legitimate developer comes. Here you can just transfer the money, sit back and relax. Concerned firms or individuals will take care of your money, invest in various industries like real estate, equity, start-up, companies, etc., run their business, and deliver the profit share to you at no extra cost.
Market risks are associated, but what’s life if not betting now or then? We don’t know any successful guy who hasn’t taken a blind risk at some point in their life.
Nonetheless, consult professional immigration advisors, financial counselors, and visa experts before leaping. There are hundreds of digital companies assisting you through the process. That really makes things better.
Hope you get what you deserve! Good luck.