Portugal Golden Visa: Eligibility & Online Application Process

Portugal, situated along the Atlantic Coast of the Iberian Peninsula, is considered to hold a High Human Development Index. It is one of the most developed countries in the world with an exceptional GDP which is 12 times more than that of India, and a basic literacy rate of 99.44%. It attracts millions of tourists every year with its exotic cuisine, vibrant culture, western countryside and gorgeous beaches.

And not to mention the Mediterranean climate, which will accompany you with its breezy summer and chilly winter. This blog will guide you on what, why and how you need a Portugal Golden Visa.

The Portugal Golden Visa is an investor immigrant programme sponsored by the Government of Portugal. A foreign investor needs to invest a significant amount of money, such as €500,000 or create 10 jobs in Portugal, to get access to the Visa. While a lot of people might look at it as a mountain of investment, a lot of investors think it’s worth it.

To get access to the Portugal Golden Visa, one needs to meet all the eligibility criteria mentioned below:

• Be over the age of 18
• Must make an investment of significant amount to benefit Portuguese community
• Must have zero criminal record
• Have the assets obtained through legal procedure
• The money to be used in investment must of be of their own
• There should be an intention to hold the investment for another five years

Following are the investment options which will open the gateway of Portugal Golden Visa for you:

1. Property Investment

You can purchase a property worth €500,000 in Portugal to acquire a Golden Visa. However, the cost will fluctuate depending on the other mode of investment, such as:

• Purchase a property in a low-density area, and the cost will be around €400,000
• Purchase a real-estate over 30 years old in an urban rehabilitation area and renovate it for €350,000

You can also invest in multiple properties, and the total should be a minimum of €500,000. As per the latest update, you cannot purchase any property in the Porto, Lisbon and coastal towns. Only the properties in the low-density areas are eligible for Portugal Golden Visa.

You also do not have to pay any tax if you do not rent out the property. If you do, the rate of taxation is fixed at 28%.

2. Investment Fund

Another option is to spend a minimum of €500,000 in a qualifying investment fund. These are known as "fundos de capital de Risco", which support the businesses in Portugal. The minimum investment amount has been set at €150,000 since January 2022.

3. Capital Transfer

This option is the most expensive among the others for investment. You have to make a capital transfer of a minimum of €1.5 million to Portugal from an international bank account and have proof of such transfer. The minimum amount of transfer has been set at €500,000 since January 2022.

4. Job Creation

There are two options for this investment. Making investment  in either of these will get you the Golden Visa:

• Create 10 new full-time jobs in a Portuguese business which you own. There are no minimum investment criteria.
• Invest at least €500,000 in a Portuguese business. That business has to create five full-time jobs within three years.

5. Donation

There are two options under this investment. Either of them will qualify you for Portugal Golden Visa:

• Donate a minimum of €250,000 to preserving national heritage
• Invest at least €500,000 in research and development curriculum

The application process for a Portugal Golden Visa can be lengthy, but with the right representative, the process can get over in no time and in a hassle-free manner. Individuals have to go through the following procedures to get their Portuguese Golden Visa:

Step 1: Paperwork

Once you decide on your investment type from the options discussed above, you should get the required documents for yourself and your dependents ready for review.

Step 2: NIF and Bank Account

Post completion of the review of the documents, a fiscal representative will be appointed to help you obtain the Tax Identification Number or NIF in Portugal and get a bank account afterwards. These processes can be done remotely.

Step 3: Investment

Once you get a hold of two of the above-mentioned details, you can start making the investment.

Step 4: Online Application

After making the investment securely and successfully, you can submit your application online and book your interview.

Step 5: Pre-approval

Upon fulfilling the basic criteria, your application will get a pre-approval.

Step 6: Biometrics

It will take around 60 days for you to get the slot for the session where your biometrics will be collected in person.

Step 7: Visa Issuance

After the collection of the biometrics, it will take nearly 120 days to get the Golden Visa approval from SEF. Pay the government permit issue fee and collect your Visa.

The documentation process to acquire a Golden Visa for Portugal will need the following paperwork to be presented. These requirements can change from time to time at the discretion of the Portuguese Government, and hence it is recommended to check with the official site for the latest update and information.

Following are the documents you will need:

• Portugal Golden Visa application form
• Passport and other travel documents
• Contract or deed of the investment made and proof of deposit
•  Proof of Health Insurance from Portugal (only for the investors living in Portugal)
• Declaration from the bank in Portugal confirming transfer of funds
• Attested copy of the Police clearance certificate or criminal record from your native country
• A completed form guiding the SEF to get an extract of your Portuguese criminal record
• Document standing as a proof of good understanding between you and the Portuguese Tax and Customs Authority and Social Security which can be issued 45 days before your online application.
• Declaration of confirmation from you in accordance with the investment requirements.
• Application processing fee receipt
• 2 passport size photographs

Along with the requirements of documents, you should pay attention to the following details as well:

• Documents should be legalised by the Apostille of the Hague Convention or by the Portuguese Consulate
• Documents need to be translated into Portuguese by a certified Portuguese translator/ a translator licensed by the Portuguese Consulate/ the issuing country’s Consulate in Portugal/ anyone if the translation is validated by a Portuguese lawyer.
• Also, the Police clearance certificate must not be issued prior to 90 days of submitting the application. For other documents, this time period is 180 days.

The following are the reasons one may require a Portugal Golden Visa:

• Permit you and your family to live and work in Portugal
• Access to its education system
• Access to the healthcare facilities
• Travel permit to visit Europe visa free
• Eligibility to apply for a Portugal passport after five years 

The above-mentioned facilities are alluring enough for an investor to make such an investment in Portugal and enrol under the Portugal Golden Visa Program.

Following are the benefits of Portugal Golden Visa you can avail of:

• Golden Visa permits you to visit Portugal and the Schengen area and grants you the facilities of a European Union Citizen
• Visa gives you access to rights to live, work and study in Portugal 
• This Visa grants your family members or dependents such as a spouse, minor children, children who are over 18 years of age and studying and financially dependant parents the same rights as above 
• If you are living in Portugal for more than 6 years, you are eligible to apply for Portuguese citizenship and a passport providing you fulfil the following criteria:
  • Obtain an A2 Portuguese language certificate
  • Proof of investment
  • Documents regarding Portuguese bank account
  • No criminal record

• Portugal Visa also brings along some tax benefits under the Non-Habitual Resident Tax Regime. You will not have to pay any tax if you do not reside in Portugal for 183 days in a year. But if you do, you can transfer your tax residency to Portugal and enjoy the following benefits under the NHR Tax Regime:
  • Your income from pension, including life insurance and retirement savings, will have a tax rate of 10%.
  • Your foreign income will only be taxable after 10 years of residence.
  • Dividends, rents, foreign interest, and capital gains from property will be exempted from taxation.
  • Income earned through ‘high value-added activities such as scientific, artistic or technical activities in Portugal has a taxation rate of 20%. Yet, you will pay the same tax as an ordinary resident for other types of domestic earnings.