29/08/2016
GOLDEN VISA - OBTAINING A RESIDENCE PERMIT BY INVESTING IN PORTUGAL
GOLDEN RESIDENCE
PERMIT PROGRAMME The recent changes to the legal rules on entry and stay of foreign nationals in Portugal have introduced, among other changes, a mechanism that allows foreign nationals to obtain a Portuguese residence permit if they make certain investments in the country.
General Principles: With the introduction of this mechanism it is now possible for a temporary residence permit to be granted without the need to first obtain a residence visa if the foreign national, personally or through a company, makes an investment that leads to the creation of at least one of the following situations in Portugal:
(A) Transfer of capital in an amount equal to or greater than EUR 1 000 000;
(B) Creation of at least 10 jobs;
(C) The purchase of real estate property with a value equal to or above EUR 500 000 (five hundred thousand euros)*;
* The investment amount may be reduced in 20% (EUR 400 000 – four hundred thousand Euros) in case such investment is made in sparsely populated territories (NUT III level with less than 100 inhabitants per sq.km. or where the GDP per head is below 75% of the national average).
(D) The purchase of real estate property, with construction dating back more than 30 years or located in urban regeneration areas, for refurbishing, for a total value equal to or above EUR 350 000 (three hundred and fifty thousand euros)*;
* The value of this investment may be reduced in 20% (EUR 280 000 - two hundred and eighty thousand euros) provided it is made in sparsely populated areas (less than 100 inhabitants per sq.km., or where the GDP per head is below 75% of the national average).
(E) Capital transfer with a value equal to or above EUR 350 000 for investing in research activities conducted by public or private scientific research institutions involved in the national scientific or technologic system;
(F) Capital transfer with a value equal to or above EUR 250 000 for investing in artistic output or supporting the arts, for reconstruction or refurbishment of the national heritage, through the local and central authorities, public institutions, public corporate sector, public foundations, private foundations of public interest, networked local authorities, local corporate sector organizations, local associations and public cultural associations, pursuing activities of artistic output, and reconstruction or maintenance of the national heritage;
(G) Capital transfer with a value equal to or above EUR 500 000, for purchasing shares in investment funds or in venture capital geared to capitalize small and medium companies that, in turn, must present a feasible capitalization plan.
The investment chosen by the applicant for the residence permit must have been made at the time the application for the residence permit is presented and must be maintained for a minimum period of five years from the date the residence permit is granted.
Investment using companies: This type of investment may be carried out by the applicant as an independent entrepreneur or as proprietor of a single member limited company, as long as the company has its registered office in Portugal or in another European Union Member State but with a permanent establishment in Portugal.
Validity Periods: The temporary residence permit is valid for the period of one year from the date of issue and may be renewed for successive periods of two years as long as the conditions necessary for it to be granted remain in place. After that period Portuguese Citizenship may be requested.
For the residence permit to be granted under these terms, foreign nationals must regularize their stay in Portugal within 90 days of their first entry into the country (obtaining, in cases in which it is necessary, a short term visa – Schengen visa – issued by the Portuguese Consulate in the country of origin) and prove they have met the minimum quantitative requirements for the chosen investment activity.
For the purposes of renewal, applicants must demonstrate that they have stayed in Portugal for at least (i) 7 days (continuous or not) in the first year and (ii) 14 days (continuous or not) in each subsequent period of two years.
Family Reunification: The application for Family Reunification can be made simultaneously with the family member/investor ARI / Golden Visa; however it is always subject to the approval of the ARI/Golden Visa application.
The following are considered family members: (a) the spouse; (b) Minors or incapable children under guardianship of the couple or of one spouse; (c) Minors adopted by an unmarried applicant, by a married applicant or by the spouse, following decision taken by the relevant authority of the country of origin, provided that its legal framework comprises the same rights and duties of natural filiation and provided that such decision is acknowledged by Portugal; (d) Children who are of full age, unmarried and dependent of the couple or of one of the spouses, and study in an education establishment, regardless of the Country in which that establishment is located; (e) First-degree relatives in the direct ascending line of the resident or his/her spouse, provided that they are dependent on them; (f) Minor siblings provided they are under the tutelage of the resident, in accordance with a decision made by the relevant authority of the country of origin, and provided that such decision is recognized by Portugal.