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THE PROCESS

IN DETAIL

Golden Visa is an authorization of residence due to investment activities, given to nationals from third countries (not part of the EU), after a realization of a real estate, business, cultural or scientific investment, made in Portuguese territory.

The Golden Visa process is a recent program by the government of Portugal, started at 2012 with great acceptance by the international community.

STEP 1

 To gain a Golden Visa the Investor must, in alternative

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  • Put a million euros, or more, in a Portuguese bank/ account, or

  • Buy public debt (through many different financial instruments) from the Portuguese state, of 1 million or more, or

  • Buy 1 million or more in shares from a Portuguese company, or

  • Create, at least, 10 jobs here in Portugal, or

  • Buy real estate, here in Portugal, by the price of 500 000 (5 hundred thousand) euros or more The most common investments), or

  • Invest 250 000 to 350 000 or more, in a variety of places and activities (cultural activities, investigation, arts, startups, old buildings).

 

Every investment has its particularities and the requisites to gain and maintain the Golden Visas differ from investment to investment.
 

We advise that the investment is made before applying for the Golden Visa (in certain circumstances the application may be entered before the actual investment).
 

Note: at this point a bank account needs to be open in a bank in Portugal and a Portuguese tax identification number has to be obtained (which is fairly simple, and we can help).

STEP 2

With the investment done, or with a proven commitment to do it, the process to obtain the Golden Visa can be started.


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STEP 3

During this time the Investor will need to go to a pre-scheduled interview with SEF (Serviço de Estrangeiros e Fronteiras – Border Control Authority). 
 
There are many documents and information that need to be transmitted to SEF by this point, every single one of them in Portuguese, as some will be translated from Investor country’s language.
 With this interview, and after starting the process online, through SEF’s website, the Investor will have to wait for an answer about the possibility of being issued a residence permit (because of the investment).


If the permit is issued it will be valid for one year. During this year the Investor only has to live in Portugal for 7 straight days. 
 
It costs 5.600 euros, paid directly to the Portuguese state.
 
Before the end of this first year the Investor requests SEF for a renovation of the residence permit (the only requisite is to maintain the investment – or another one - and stay in Portugal for 7 straight days). If this one is given it will last 2 years, and the Investor only has to live in Portugal for 14 straight days during those 2 years.


Before the end of this 2 years (by which time 3 years will have already passed) the Investor ask for the last renovation, of 2 more years, and with the obligation of being 14 straight days in Portugal

STEP 4

By the end of this 5 years (1+2+2), if everything is okay, and according to the law, the Investor will ask for a residence permit, but this time it is a definitive one (needs to be renovated every 5 years).
  
With this definitive residence permit the Investor will be able to apply for Portuguese citizenship (national identification card and Portuguese passport). To obtain citizenship the Investor must know how to speak Portuguese (in a lower level).


During all this time (the 1 year + 2 years + 2 years), up until definitive residence permit is gained, the investment must be maintained, or changed by another investment that the law predicts allows to obtain the investment residence permit.

OPTIONAL

If the Investor wants other family members (wife/ husband and children) to benefit from the residence permit (with equal possibility to obtain Portuguese citizenship) he can ask, in parallel, for a family regrouping. If the Investor wants his parents to come he has to prove they are economically dependent of him.
 
Payments to the Portuguese State:
 
- 600 euros to start the process,
 - 5.000 euros to issue the first residence permit,
 - 2.500 euros for every renovation (after 1 year, then twice, 2+2 years),
 - 5.000 euros to issue the first residence permit to a family member regrouped;
 - 2.500 euros for every renovation of a family member.
 
Note: With time it could vary.

Notes on Investments:
 
For example, if the Investor wants to buy real estate, he is advised to come to Portugal and choose the property to buy. 
 
Has the Investor ever been to Portugal? Our office can advise which kind of real estate would be good for the Investor. We can help the Investor on the search for a house, or another kind of real estate (as it can be a warehouse or a store), and we can send prices, pictures, conditions, location, so the Investor starts choosing.
 
Real Estate might implicate the payment of tax (IMT – a tax that buyers pay when they buy a house. This is payed in addition to the price of the house, and is a payment directly to the Portuguese state; IMI – this is an annual tax payed by the house proprietor, directly to the state; and IS – also payed to to the state when the real estate is bought). In some situations, depending on the real estate the Investor choose, there might be tax benefits and might not have to pay IMT and/ or IMI; it depends.
 
Let’s note that Airbnb created a whole new market here in Portugal. Apartments in Lisbon (capital in the south) or Porto (2nd biggest city, in the North) are very profitable if the Investor convert them for Airbnb. Besides this, apartments in University areas are also very profitable and easily leased for students (we have some of the best universities in the world in Porto and Lisbon, especially in Medicine, Engineering and Finance).
 
If the Investor investment is in the creation of jobs then the taxes and obligations are totally different and it is a whole new perspective. We have mandatory: contributions to the Social Security system, work accident insurance, minimum wage (600 euros per month), Christmas and holidays aids, between other things.
 
The creation of company can cost from 260 to 500 euros, depending on the type of company, if the Investor wants a specific name or if he choose from a public list of names, if he wants predefined bylaws or if he wants to write his own. And it can be created in 30 minutes or in a month and half, depending on those variables.
 
If the Investor invests in something that gives profit, income, return, then we have to manage the tax payments in Portugal and the investor’s country (need to verify if there is an international agreement between Portugal and the specific county to avoid double taxation).
 
For the creation of companies, depending on the Investor intentions, he can also choose to invest through Madeira (an island belonging to Portugal). Madeira is a special legal zone with tax benefits.
  
We will be able to further explain and help when we know all the details of each operation, each goal, each proposal.
 

The investments don’t need to be made by the Investor personally, they can be made through a company created in Portugal, or through a company created in another country with representation here in Portugal.
 
Our office has practice in opening bank accounts with foreign investors as well as accompanying them to the National Tax Services to obtain the necessary taxpayer number.
 
We can work with special power of attorney with various types of powers, avoiding trips to Customers.
 
Our office fees: Depending on which type of investments, which level of intervention, … We’ll be glad to give a prevision after analyze the concrete situation.
 

We are looking forward to hear from the potential Investor and glad to help to create these opportunities to obtain a Golden Visa and the authorization to live in Portugal and travel for Europe, and, to obtain a profit with the investments done.
 

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