In Short? It Depends On Your Goals As An Investor
In order to get a golden visa in 2024, you must invest hundreds of thousands of euros, whether through property investment or fund investment. This investment will allow you to acquire a residence permit, and ultimately apply for Portuguese citizenship after some years. That final route is known as Portugal citizenship by investment.
But Is All Of The Process Worth It?
Similar to other golden visa programs, the Golden Visa program in Portugal is an interesting scheme that offers benefits to the holder and his family. However, you need to evaluate and know that there are other visas that allow similar benefits without requiring such high investments. But those, might not get you a residence permit or eventually citizenship of that country.
Portugal's economy is going through an uncertain moment, because, like most countries, it was also economically affected by the pandemic. Sectors that used to be very promising, such as tourism, which received high investments - especially from real estate dedicated to local accommodation were put under a lot of pressure. However, and until now it has actually been surpassing the negative expectations and has been growing steadily.
In fact, the program has been getting a lot of attention lately, and foreign investment is being made by citizens from various countries. Just recently, the United States become the leading source of investment through the golden visa program. Which is an interesting fact considering that the US has the strongest passport worldwide, according to the Global Passport Index. In the country there has been the spreading of seeing many new citizens from different countries over the past several years.
The Ideal Scenario For Applying To The Golden Visa Portugal
On the other hand, if the goal is to invest to live in the country, to have more quality of life, and to be able to offer your family the same conditions, then it may be worth investing in the Golden Visa Portugal. The important thing is to always consider the options, evaluate well the market in which you intend to invest, and check if it is worth choosing this visa modality or others similar, but that requires less capital.
If you are still in doubt about the best way to invest in Portugal, or even about which type of visa is most worth it, then the idea is to deepen your knowledge on the subject.
To help in this process, we point out some of the advantages, as well as some necessary information to help you with the process.
What Are The Advantages Of Portugal's Golden Visa?
Among the benefits of the Golden Visa are:
• Waiver of residence visa to enter Portugal;
• Benefit from family reunification;
• Possibility of applying for a permanent residence permit or Portuguese citizenship;
• Circulate through the Schengen Area without the need for a visa;
• Possibility to apply for Portuguese citizenship, by naturalization after 5 years in the country.
• The Golden Visa is an alternative for those who wish to take advantage of the investment opportunities in Portugal and, at the same time, for those who wish to legally reside or work in Portugal.
• Other benefits of the Golden Visa Portugal
From all the advantages mentioned, one of the main benefits of the Golden Visa is being able to live in Portugal and move around European Union (and the Schengen area) without difficulties.
Even though it is not mandatory to live in the country, the program gives all the conditions for the holder of the residence permit to live, work, study and build a life in the country, especially enjoying the quality of life in Portugal.
Golden Visa And Real Estate Speculation
One of the main justifications for the restriction of real estate investment in major Portuguese cities is the impact of the investment on the real estate market. The program was created at a time when the country still lacked foreign investment and was coming out of one of the worst crises in Portuguese history.
But with the development of tourism and the incentive for foreigners to buy property, there was a considerable increase in prices for both purchase and rent. This has put pressure on local residents to move out of the city centers, especially in Lisbon and Porto, because of the high margins being made from selling properties there.
The Two Main Changes In The Program Since 2022
Some recent changes to the program are expected to significantly affect the type of investment made in the country. The two main ones adopted by the Portuguese government for the program are:
- Restriction of the real estate investments necessary for granting the Golden Visa to the inland territories of the country, Madeira and the Azores. Residential real estate investment in Porto, Lisbon, and the Algarve is not allowed anymore, except if it's for commercial purposes and is reconstruction projects.
- Increase in the minimum value of some of the investment routes.
Step By Step Process For The Golden Visa Portugal
1. Choose The Type Of Investment
The first aspect is to know the types of investments that fall under the visa requirements and choose the most suitable for your investor profile, taking into account the budget allocated to the investment.
2. The Investment Location
Another aspect that needs to be considered is the place of investment. In addition to the restrictions that come into effect in January 2022, there are benefits to investing within the country, reducing the amount required. So, study the investment categories in Portugal and the regions of the country before defining the ideal place to invest for 2023.
3. Make The Investment
Decisions made, it's time to make the investment. Pay attention to the best way to send large amounts of money abroad. Also, analyzing other forms of payment, in some cases, it is possible to make loans in Portuguese banks at relatively low interest.
4. Apply For A Visa
The last step is to request the visa itself. The request is only made after the investment is made, so it is necessary to have all the previous steps taken before submitting the request. Be aware of the documentation requested and how the process works.
Final Thoughts On Investing In The Program In 2023 And 2024
In conclusion, if you are thinking about applying for the Golden Visa Portugal program, you will need to evaluate for what purpose.
But now, might be a good time to do it. While the application process may seem daunting, it is actually pretty straightforward.
And once you have your visa, you will be able to live and work in Europe as long as you keep the necessary requirements. Plus, you will be eligible for citizenship after five years. So if you are looking to move abroad permanently, the Portuguese Golden Visa program might be one to seek after much consideration in 2024.
