GOLDEN VISA FAQS

The Golden Visa, also referred to as The Golden Residency Permit (GRP) programme or The Residency Permit for the Investment Activity (Autorização de Residência para Atividade de Investimento - ARI), is an investment programme that allows non-EU nationals to obtain the rights to live, work and study in Portugal as well as the freedom to travel throughout the Schengen Area. After five years, applicants can obtain permanent residency in Portugal or Portuguese citizenship.

• No visa required to visit Portugal or the rest of the Schengen Area
• Freedom to live & work in Portugal (even if resident in another country)
• Eligible for permanent residency after 5 years
• Eligible for citizenship after 5 years
• Residency can be extended to a family
• Property can be rented to generate income
• Property can be sold after citizenship is acquired

If you applied for your Golden Visa up until December 31st 2021, then these new rules will not directly affect you.

According to the Government’s recent announcements, as long as your application has been submitted before the deadline (December 31st 2021), your eligibility to apply to a Golden Visa remains. You can still apply for a Golden Visa after January 1st 2022, as long as your investment and application are compliant with the new 2022 Golden Visa Rules. You can learn more about the 2022 Golden Visa rule changes by reading our Golden Visa guide.

In order to qualify, one of the following investment conditions in Portugal must be met:

• Real Estate Investment routes
• Buying residential property(ies) in Portugal’s appointed interior regions in the value of €500,000 or higher. (or 400,000€ if located in an interior and low-density area of Portugal)
• Buying commercial property(ies) in Portugal in the value of 500,000€ or higher. (or 400,000€ if located in a low-density area of Portugal)
• Buying and renovating residential property(ies) in Portugal’s appointed interior regions in the value of 350,000€ or higher, that meet(s) specific criteria*. (or 280,000€ if located in an interior and low-density area of Portugal)
• Buying and renovating commercial property(ies) in Portugal in the value of 350,000€ or higher, that meet(s) specific criteria*. (or 280,000€ if located in a low-density area of Portugal)

*that is located in an urban rehabilitation zone or with construction dating back more than 30 years, for renovation.

Other Investment routes

• A capital transfer with a value equal to or above 1.5 million into a bank account held by the applicant or the purchase of shares in companies in Portugal.
• Investment in a private equity or venture capital fund to the value of 500,000€ or higher. SEF defines this route as a ‘Capital transfer of the amount of 500,000€, or higher, for the acquisition of units of investment funds or venture capital fund of funds dedicated to the capitalization of companies, capital injected under the Portuguese legislation, whose maturity, at the moment of the investment, is, at least, of five years and, at least, 60% of the investments are realized in commercial companies with head office in the national territory.’ To know more about Golden Visa Funds, click here.
• The creation of at least 10 new job positions or a capital transfer of the minimum amount of 500,000€ for the constitution of a commercial society in Portugal, combined with the creation of 5 working jobs, or for the reinforcement of the share capital of an already existing commercial society with the creation or keeping of a minimum of 5 working jobs.
• Transfer of capital equal to or greater than 500,000€, which is used for the purpose of research activities conducted by public or private scientific research institutions that are part of the national scientific and technological system.
• Transfer of capital equal to or greater than 250.000€, which is used to invest in or support artistic production or recovery or maintenance of national cultural heritage via direct, central and peripheral administrative services, public institutes, entities that are part of the corporate public sector, public foundations, private foundations with a public utility status, inter-municipal entities, entities that are part of the local corporate sector, associative municipal entities and public cultural associations that take part in artistic production and recovery or maintenance of national cultural heritage.

As may be expected, to qualify for residency, there are minimum length of stay requirements in Portugal (which may include circulation in the Schengen Area countries) of seven days during the first year and fourteen days, consecutive or not, in the subsequent two-year periods (i.e. an average of one week per year). Where the applicant does not fulfil the minimum stay requirements, the GRP may not be renewed and the applicant will need to re-apply.

No, to apply for the Golden Visa in Portugal you are not required to speak Portuguese. However, if you choose to apply for citizenship after five years then you will need to pass a basic Portuguese language test.

There are a number of conditions that applicants must fulfil concerning either their criminal record or their status in relation to a ban entering national territory or expulsion from the country; whether they have had an alert in their name issued in SIS (listed persons) or in Border and Control Services (SEF) Integrated System.

Whilst you can set up your bank account, obtain your NIF, and make your investment remotely, you are required to visit Portugal in order to attend your SEF appointment for the purposes of your interview and biometrics (photos and fingerprints).

• A valid passport
• A valid Schengen Visa (or applicants must either be exempt or are able to legalise their entry into Portugal within 90 days)
• A certificate on the status of their criminal record issued by their country of origin or by the country where they have been residing for more than one year
• A declaration giving their consent for a criminal record check carried out in Portugal
• An up‐to‐date declaration issued by the Portuguese Tax Authorities (confirming tax conformity)
• An affidavit, signed by the applicant, committing to fulfilling the GRP requirements of the investment activity in national territory
• A certificate of health insurance cover valid in Portugal
• Proof of payment of the initial GRP application fee

Any document that is not written in Portuguese or in English must be translated by a translator recognised by the Portuguese diplomatic or consular post in the country of origin, and then authenticated by that same authority.

There must be an initial online registration (by the applicant or by their legal representative). The applicant’s presence will be required to collect the biometric data at the SEF’s offices, located in Lisbon. The relevant documentation may be filed with the same office. The possibility of filing the application at a diplomatic or consular post is impractical and does not avoid the required presence of the applicant in Portugal for the collection of the biometric data (photograph and taking fingerprints etc.), signing the affidavit and concluding the separate process of opening the bank account. Once these initial steps have been completed, the legal representative may handle the filing of the remaining application process documentation.

The applicant must show:

• The final Deed of Purchase, or promissory contract for the purchase, of a property which must include a statement by a financial institution duly accredited in Portugal certifying the effective transfer of capital for the acquisition or for the first completed payment. 
• An updated certificate issued by the Property Registry, which, in the case of a promissory contract, must include the contract’s registration.

Covid-19 has changed the usual duration of the Golden Visa process, which now can take from 6 to 12 months. 

Once it has been issued, the Golden Visa is valid for an initial 1-year period followed by two subsequent 2-year periods. 

Members of the applicant’s family may be associated with the main applicant’s process (i.e. the investment requirement only applies to the main applicant). A family is defined in law as the spouse of the applicant and minors or dependent children of the couple or of one of the members of the couple. Adopted children, adult children that are still financially dependent on parents, financially dependent parents or parents over 65 years old and minor siblings may also be included. There are also provisions allowing certain non-marital partnerships and their adopted children.

Aside from the real estate investment required for Golden Visa in Portugal, there are also some application fees involved. Below is the list of estimated costs related to Golden Visa in Portugal:

Notes:

*All figures are quoted in Euros

**All figures are correct at the time they were presented and are subject to change

GRP = Golden Residence Permit (another name for Golden Visa)

SEF = Serviços de Estrangeiros e Fronteiras (Service for Foreigners & Borders)

These costs are indicative and are subject to change in accordance with SEF.

GRP applicants frequently are interested in obtaining permanent residency. This may be applied for where the GRP applicant had held the temporary residence permit for at least 5 years, is able to sustain him/herself, has guaranteed accommodation, has a basic knowledge of the Portuguese language and has not been convicted for a serious crime.

Yes. A fiscal number is a personal identification number set by the Portuguese Tax Authorities. All investors are required to have a fiscal number in order to open a bank account, make their investments and to submit their Golden Visa application. The fiscal number can be obtained with the assistance of a tax representative.

Yes. The investment is only required for a 5-year period.

Yes. However, without proof that the investment has been retained, it is not possible to renew the Golden Visa.

No. The investor has the option to live in the property or it can be rented out to generate an income.

An income tax rate of 28% is payable on rental income and any income generated from capital (e.g. interest, dividends).

There are three taxes in Portugal related to property:

Payable with the property’s acquisition:

• IMT or Property Transfer Tax, which is the tax on the transfer of ownership of property*
• Stamp Duty

Payable on an annual basis:

• IMI or Council Tax, which is the annual municipal property tax; The applicable rate can vary between 0.3% and 0.45% of the tax value of the property, assessed by the Tax Authorities (not over the purchase price of the property). The value of IMI in Lisbon is 0.3% and in Cascais 0.34%.

* The exact amount of taxes to be paid varies according to the actual value of the acquisition. We recommend that you seek guidance from a tax representative in each case.