The Portuguese investor visa, or Golden Visa, has proved very attractive to US citizens recently, even with its recent changes.
In this article you’ll find all the rules governing the residency program, who can apply, deadlines, costs and how family members can also benefit, including the acquisition of Portuguese citizenship.
Have a good read.
What is the Portuguese investor visa?
The Portuguese investor visa is officially known as Golden Visa Portugal.
It is regulated by Law no. 29/2012, of August 9, which establishes the legal regime for the entry, stay, exit and removal of foreigners from national territory, also known as the Foreigners Law.
In addition, Ordinance no. 305-A/2012, of October 4, specifies the requirements for granting a residence permit for investment activity.
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Who can apply for a Portuguese investor visa?
Applicants for a Portuguese investor visa for Portugal must not be citizens of the European Union, the European Economic Area (EEA) or Switzerland. US citizens can apply for the Golden Visa as they meet this requirement.
Another determining factor is whether the investment is made in Portugal, as we will see below, in the modalities still valid in 2024.
Additional requirements:
No criminal record.
The investment must be maintained for a minimum of five years.
Minimum stay in Portugal: 7 days in the first year and 14 days in subsequent two-year periods.
Health insurance valid in Portugal.
What are the advantages of the Portuguese investor visa?
Firstly, the visa guarantees access to Europe’s security and quality of life, as the holder of the residence permit will be able to live legally in Portugal.
As well as living in the country, there is also the right to study and work, as well as undertake business in the country, without any additional visa.
Another advantage is being able to enjoy the ease of mobility between Schengen countries, where there is no need to go through immigration at the border and extra authorization.
But perhaps the greatest advantage of acquiring a Portuguese investor visa is that, after 5 years, you have the right to apply for dual citizenship for yourself and the whole family.
Apart from that, there are also the benefits of the investments you will be making, which could generate a good income.
It’s important to remember: the Portuguese investor visa is different from other visas in that it requires the holder to stay in Portugal for only 7 days in the first year and 14 days in the following years, provided that the investment is maintained for 5 years.
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How much do I need to invest to get Portuguese citizenship?
There are 5 types of investment valid until 2024:
- Investment in Venture Capital Funds: Minimum investment of €500,000 in qualified Portuguese funds.
- Supporting Portuguese Companies: A minimum investment of €500,000 to create at least 5 jobs.
- Subsidizing Scientific or Technological Research: Minimum investment of €500,000.
- Investment in Culture or National Heritage: Minimum investment of €250,000.
- Job Creation: Creation of at least 10 jobs, which can be reduced to 8 in areas of low population density.
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How long do I need to keep my investment in Portugal?
The investor is required to keep the investment in the country for 5 years.
The amount invested can be divided, for example, into different venture capital funds, as long as the sum reaches €500,000.
Nor will the performance of the fund influence the continuity of the investor visa, whether it is positive or not, the Golden Visa will continue to apply.
Can the family accompany the holder of the Portuguese investment visa?
Yes, the family is entitled to apply for the Golden Visa with the investor.
Eligible:
- Spouse or common-law partner.
- Underage or dependent children.
- Children between the ages of 18 and 26 who are single and enrolled in full-time education.
- Parents of the investor or spouse over 65, provided they are proven dependents.
- Minor siblings under the guardianship of the investor or spouse.
Proof of this may be required:
- Birth or marriage certificates to prove the family relationship.
- Criminal record certificates.
- Proof of health insurance valid in Portugal.
- Proof of enrolment for student children.
- Proof of Financial Dependence (if applicable)
How does taxation work for investors?
Taxation for investors with a Golden Visa in Portugal varies according to their tax residence:
Investors who are not tax residents in Portugal:
If the investor lives outside Portugal and is not a tax resident, dividends received from investments in funds are not subject to Portuguese tax withholding. Thus, the profits are returned without tax deductions from Portugal.
However, this exemption does not apply to investments made through tax havens.
It should be noted that it is not necessary to become a tax resident in Portugal or move to the country in order to invest in the Golden Visa through investment funds.
Investors resident in Portugal:
If the investor chooses to become a tax resident in Portugal, there will be a 10% withholding tax on investment profits.
Double Taxation Agreements: Portugal has agreements with several countries to avoid double taxation, influencing how foreign income is taxed.
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How much does a Portuguese investor visa cost?
The updated amounts for the Portuguese investor visa process for 2024 are:
- Receipt and analysis of the application: €773.74 per main applicant and for each family member included in the application.
- Initial issue of the Golden Visa: €7,730.11 per person (main applicant and dependents).
- Renewal of residence permit: €3,865.79 per person.
How long does it take for the Portuguese investor visa to be approved?
Considering all the stages, submitting the application and initial analysis, scheduling the interview (if necessary), making the final decision and issuing the Golden Visa, the process can take an average of 6 to 9 months.
However, it is important to note that this is only an estimated time and that the process can be faster or slower depending on the factors mentioned above.
What documents are required?
The Golden Visa investor in Portugal must generally present the following documents:
The documents required to prove the investment in the Golden Visa process in Portugal are:
- Portuguese Tax Identification Number (NIF).
- Copy of your passport.
- Recent proof of address.
- Proof of occupation (company statement indicating position).
- Three most recent bank statements.
- Proof of tax residence.
- Annual income statement.
- Documents for the fund manager’s “Know Your Client” (KYC) process.
- Fund Investment Procedure:
- Investor’s CV.
- Power of attorney on behalf of the legal counsel representing the investor.
- Proof of profession and annual income statement.
- Recent bank statements or a statement from the bank confirming that the investor has the necessary amount for the investment.
- Documents required for the KYC of the chosen bank.
- Criminal record certificate with the Hague apostille for the main applicant.
- Marriage certificate for spouses, both with the Hague apostille.
- Birth registration and criminal record certificate for children over 16, also apostilled.
- School or university registration certificate and, if applicable, bachelor’s certificate for children over the age of 18.
Is the Golden Visa Portugal over?
As much as many media outlets want to drum up readers about the end of the Golden Visa, the truth is that it is not over.
Investors can still apply for it. What has happened is that the real estate route is no longer possible. The Portuguese Golden Visa remains a very popular option for investors looking for a dual citizenship for their families. With the benefits of not needing to relocate or change their tax residency.
The investor visa for Portugal no longer has the options of buying real estate, for residence and retirement, as well as the transfer of capital of €1,500,000, as paths to European residence.
The Golden Visa program, even with the recent change in the Portuguese government, should not be closed.
Today, applications via investment funds and venture capital are the ones that have attracted the most investors from all over the world.
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How long is the Portuguese investor visa valid for?
The visa is initially valid for two years, just like the vast majority of residence visas in Portugal.
After this period, the visa must be renewed, and each subsequent renewal is valid for another three years.
So, with one renewal, you can already apply for Portuguese citizenship.
To renew, it is necessary to demonstrate that the investment has been maintained and that the minimum stay requirements have been met.
How do I apply for the Golden Visa for investors?
According to AIMA (Agency for Integration, Migration and Asylum), these are the steps required to apply for an investor’s visa to Portugal:
- New Candidate Registration
- Access the ARI Portal and log in.
- Fill in the following fields:
- Email (optional if you have a legal representative).
- Type of investment.
- Identification.
- Passport.
- Address and telephone contacts (preferably in Portugal).
- Legal representative (email) (optional if you have already provided an email).
- Application submission.
- Log in to the ARI Portal. Complete and send the application. Upload the necessary documents, depending on the type of investment. Send the application with all the documents (in PDF, maximum 4MB). Confirm submission of the application. Go to the “Payments” page. Enter your NIF. Print out the Single Collection Document (DUC) with the analysis fee. Pay the DUC by the deadline indicated. Wait for the email from AIMA informing you if: The application has been accepted and you can schedule the visit or the application has errors and needs to be corrected and resubmitted. Scheduling a visit to AIMA
- Log in to the ARI Portal. On the application page, go to the “Calendar” option. Select the service point available in Portugal. Choose the year/month. Select the day. Choose the time (if the position is not available, choose another time). Receive an email with details of the appointment to hand in the necessary documents and collect biometric data at AIMA
