RIO DE JANEIRO, BRAZIL – Those who dream of living in Portugal with an investor visa should be aware. The Portuguese government has already informed that it will reformulate the rules for the Golden Visa, a program that grants a residence permit for those who invest in the country. The changes will come into force as of January 2022.
The Portuguese Golden Visa program is one of the most popular both in Europe and the world, and for good reasons:
- You can choose from a range of relatively affordable investment options that will give you both permanent residency and citizenship in 5-6 years.
- Required time spent in Portugal average only 7 days per year (first year)
- While a resident of Portugal you are allowed to travel freely in the entire Schengen area.
- Once you become a citizen, you can live and work anywhere in the EU/EEA and get the world’s 4th best passport for nomads and global citizens.
- The program is NOT blacklisted by the OECD, unlike many other Golden Visa programs.
- Portugal is a safe and stable country with an excellent and affordable quality of life, good healthcare and education options, well-connected airports, and the best climate in continental Europe.
Currently, the program authorizes residence for investment activity in seven situations, ranging from capital transfers, which vary between 250 thousand euros (R$ 1.6 million) and 1 million euros (R$ 6.57 million) to the purchase of real estate in the European country.
Since the creation of the program in 2012 until January this year, 9,444 visas have been issued and 16,130 dependents have benefited from the visa. Of this total number of visas issued, 994 were for Brazilians.
Last year, Brazil remained among the five countries that obtained the most visas. Between October 2012 and January 2021, 4,791 visas were issued for China, 994 for Brazil, 453 for Turkey, 394 for South Africa, and 363 for Russia.
Home in Portugal
Ana Elisa Bezerra, vice president of LCR Capital Partners in Brazil, a company that advises those who want to live in Portugal, says that, in the case of Brazilians, the biggest demand is for real estate.
“Brazilians go in search of quality of life, safety and education. Portugal became the gateway to the European Union countries.” She adds that the visa is valid for the family of the Golden Visa applicant, and is extended to the spouse, children up to 24 years old, and parents, if they are financial dependents of the investor.
According to the current law, a visa is granted to anyone who buys real estate worth 500 thousand Euros (R$ 3.28 million) or more, or in case of acquisition of real estate whose construction was concluded at least 30 years ago or located in an area of urban rehabilitation and rehabilitation works of the acquired real estate, in the amount of 350 thousand Euros (R$ 2.29 million) or more.
The demand for real estate in the cities of Porto, Lisbon and the Algarve impacted the prices. This was one of the reasons why the Portuguese government decided to restrict the real estate investments required for the Golden Visa concession to the inland territories of the country, Madeira Island and the Azores. “Prices went up a lot, but the main idea of these programs is to expand urbanization throughout the country,” adds Bezerra.
The specialist adds that those who buy a property in Portugal don’t necessarily need to live in it for a long time. In the first year, the investor has the obligation to live for seven days, and in subsequent years, 14 days are required to maintain the Golden Visa. “You buy a property and rent it out during the year, while you do some specialization and get to know other countries, among others. It’s very common for that to happen.”
About the processes, she points out that it can take more than a year to receive the first approval. For this reason, it is important to look for specialized counseling that has knowledge about the step by step process, about the legislation, and that knows lawyers who work with immigration.
“You have to have your CPF in Portugal to make the application. You have to have the necessary documentation for migration. You have to do biometrics in Portugal. After you do the application, you have to revalidate the biometrics. It is worth remembering that due to the coronavirus pandemic, the Portuguese government decided to extend the suspension of commercial flights with Brazil and the UK until March 31. With the decision, the process for those who had already made the request was further delayed.
The Golden Visa is granted for a one-year period and is renewed for two successive two-year periods. The investment in the country must be maintained for five years, considering the date the residence permit was granted.
Changes from 2022
Capital transfer to a Portuguese bank account or pre-approved investment options
Before 2022: Minimum 1 million euros
2022: Minimum 1.5 million euros
Research activities carried out by public or private scientific research institutions, integrated in the national scientific and technological system
Before 2022: Minimum 350,000 euros
2022: Minimum 500,000 euros
Support for artistic production, recovery or maintenance of the national cultural heritage
Before 220: Minimum 250,000 euros
2022: No change
Acquisition of participation units in investment funds or venture capital funds focused on the capitalization of companies established under Portuguese law
Before 2022: Minimum 350,000 euros
2022: Minimum 500,000 euros