Obtaining residency in Portugal through the Investment Program involves a series of legal procedures that can be complex for foreign investors.
In this context, the presence of legal advice for the Golden Visa Portugal becomes a determining factor in avoiding risks and ensuring compliance with all the legal requirements of the process.
In this article, we’re going to talk about the duties of a specialized advisory firm in terms of the process itself, but also the stages of the investment required to obtain the Golden Visa.
Have a good read.
Is it necessary to have legal advice to obtain the Golden Visa?
Although it is not a legal requirement to have legal advice to apply for a Golden Visa from Portugal, the complexity of the process makes it a prudent choice.
Portuguese legislation, bureaucratic procedures and tax implications can present significant challenges for those unfamiliar with the system.
Legal advice provides the necessary support to avoid mistakes and ensure that all requirements are met efficiently.
What are the advantages of opting for legal advice?
Opting for specialized legal advice brings numerous practical and concrete advantages throughout the process of obtaining a Golden Visa in Portugal.
For example, right from the start, the consultancy helps choose the investment that best suits the client’s profile, ensuring that it is in line with legal requirements. They help identify the best investment fund options, for example, and check that all documents are in order, both in USA and in Portugal.
During the application submission stage, legal advice takes care of collecting and checking all the necessary documentation, such as criminal record certificates, proof of investment and the specific forms required.
Another real advantage is the representation of the client before the Portuguese authorities, both in the initial submission of the application and in subsequent stages, such as renewals or applications for permanent residence and the creation of the NIF (Tax Identification Number).
The legal department also accompanies the client in tax proceedings, ensuring that all tax obligations are met.
Understand: what documents are required to apply for a Golden Visa.
What does a legal consultancy do to obtain a Golden Visa Portugal?
Legal advisors provide guidance and support throughout the Golden Visa process, mediating between the interested parties. On the one hand, the investor and his or her family, on the other, the Investment Fund, as well as the Portuguese government and its institutions responsible for the procedures in the country.
It’s worth noting that the legal department can assist the investor in granting residence permits for all family members, as well as, after five years of investment, in acquiring dual citizenship. This is a separate process, which also requires specialized professionals to speed up the time it takes to obtain the right to European citizenship.
But in general we can divide the tasks into:
- Initial application
- Obtaining a NIF and opening a bank account
- Investment subscription
- Applying for the Golden Visa
Initial application
At this stage the lawyer is appointed and the necessary documentation is provided for the investor’s integration into the Investment Fund.
This is followed by the KYC (know your customer) process, where the investor’s identity is verified by the Investment Fund, financial institutions and other organizations.
Obtaining a NIF and opening a bank account
At this second stage, it is necessary to obtain a Tax Identification Number in Portugal by appointing a tax representative in the country.
All the tax declarations that the investor may be required to submit under Portuguese law are collected and filed.
At this stage, a Portuguese bank account is also opened, through partner banks with direct links to USA, so that transfers can be made as smoothly as possible.
Investment subscription
At this stage, the legal department for Golden Visa Portugal is responsible for providing all the necessary documentation for subscribing to the chosen investment fund.
The process begins with KYC verification and the client’s approval by the financial institutions involved.
The consultancy then guides the investor through filling in the subscription forms and transferring the investment funds to a personal bank account in Portugal.
After this stage, the funds are transferred to the custodian’s bank account.
The bank issues the bank declaration form and the fund manager issues the investment certificate confirming the subscription.
Applying for the Golden Visa
At the Golden Visa application stage, the legal department is responsible for providing all the necessary documentation to start the process.
This includes uploading the documents onto AIMA‘s online platform, ensuring that all requirements are met.
After submission, the consultancy takes care of paying the government fees and monitors the preliminary analysis carried out by AIMA.
Once approved, the consultancy schedules the biometric consultation at an AIMA office in Portugal, accompanying the investor until the process is completed.
Why obtain the Golden Visa through an investment fund that supports the process?
Choosing an investment fund that offers support in the Golden Visa process has several practical advantages.
Firstly, these funds usually have partnerships with experienced legal advisors, which facilitates all stages of the process, from choosing the investment to obtaining the visa.
In addition, funds that assist in the process ensure that all documentation is prepared and submitted correctly, minimizing the risk of errors that could delay or compromise Golden Visa approval.
Ongoing support during the process also offers peace of mind to the investor, who can count on experts at every stage, from opening bank accounts to finalizing the visa application.
Finally, the experience of these funds in dealing with the Portuguese authorities and complying with the legal requirements of the Golden Visa provides greater security for the investor
