Situated on the Liberian peninsula (south-western part of Europe), Portugal is considered as one of the globe’s most peaceful and globalized countries. In the year 2014, the Conde Nast Traveler magazine’s Spanish edition named this country as the best travel destination and in the same year as “the Best Value Destination” by Rough Guides. Apart from the various attractions including the beaches, architectural and historical marvels, golf courses, vineyards and myriad landscapes, Portugese citizen’s hospitality tops the list.
Important reasons for opting Portugal are given below:
The Golden Visa Program of Portugal
The government of Portugal made alterations to the prevailing immigration law 29/2012 in the year 2012, October 8th, enabling non-European Union citizens to obtain EU residency permit on a temporary basis to the maximum of 5 years upon investing in Real estate projects in Portugal. This is considered as the quick and simple means for investors to get the Golden Visa or five year term residence permit.
Initially the Portuguese Golden Residence permit would be provided for one year term (temporary basis) provided the applicant invests a minimum of 500,000 Euros in Real estate where the investment should be free of mortgage and the fund used for the investment should not be obtained from a lender. This permit can be renewed two years once in succession for two years which totals up to five years. After the completion of the five year term, the investor will be eligible for Permanent Residence Permit application.
As per the Portuguese Nationality Law 37/81 created in the year 2006 on October 3rd, revised by Decree Law No.322-A/2001, article 6, Portuguese nationality can be granted to immigrants who have been a legal resident of Portugal for a minimum of six years.
Applicants can obtain a property or real estate above the value of 500,000 Euros or buy properties that are above 30 years old worth 350,000 Euros and above or purchase property situated in any of the urban revival regions chosen for refurbishing.
Applicants can choose to invest not less than 350,000 Euros in research activities or invest not less than 250,000 Euros in any of the refurbishment or reconstruction projects associated with national heritage or in arts projects. In case of venture capital or investment in shares, applicants are required to shell out at least 500,000 Euros.
Applicants can choose to create jobs for a minimum of ten Portuguese nationals.
Residency permit process Timeframe
First and Second Week:
The Second Citizen retainer agreement is signed by the customer and the first installment of professional fees is paid to second citizen. The customer is expected to choose the Portuguese property (remotely) he/she wishes to buy and Second Citizen begins to prepare the purchase documentation work that has to be produced while applying for residency permit.
Third and fourth week:
The customer needs to visit to Portugal to obtain the stamped passport prior to Residency application submission. In case of not possessing a Schengen Visa, the applicant has to apply for a Tourist Visa in Portugal through the Portuguese Consulate in his/her home country. Upon finalization of the property, the applicant can transfer the capital amount directly in to the Portuguese bank account opened by second citizen.
Lawyers at Second Citizen execute the property purchase. Submission of documents pertaining to Residence Permit to the Government, enclosed with the Title Deed of the property. At this juncture, the customer has to pay the government application processing fees and the submission invoice of Second Citizen professional fees.
Once approved, Second Citizen schedules a meeting with the concerned authorities. At this juncture, the customer has to pay the Government Residency Permit Fees along with the final professional fees to Second Citizen.
Either the customer can visit Portugal to obtain the Residency Permit or can ask the Second Citizen lawyers to collect on his/her behalf. Issuance of Residence Permit takes place in not more than 45 days.