What is Golden Visa Portugal
Golden VISA Portugal (officially named ARI ), is one of the best “residency by investment” programs for non-EU citizens, in Europe.
This incentive to invest and reside in Portugal was designed to attract new investment and talent to Portugal. It comes with highly attractive benefits.
After your investment choice, you and your family will obtain a 2nd residence in one of the safest countries in the world, enjoy high standards of living and marvellous weather. You will have permanent free movement throughout the Schengen area (entering all countries without a visa) and will be eligible for Portuguese residency. This is an OECD validated program. Lastly, being automatically eligible to be a NHR (non-habitual resident), it allows multiple tax exemptions.
Process to obtain your Golden Visa Portugal
The process is fairly simple and straightforward. Should be done, on average, in a maximum 6 months period.
Start by deciding on your investment and preparing the required documents.
You have 3 initial steps :
- Obtaining a Portuguese tax number (NIF)
- Open a bank account
- Make funds available, through your new bank account in Portugal
You will be then ready to complete your investment and, after having all documents translated and certified, will move on to your application (SEF – Foreign Services).
Government application (SEF)
Here starts the process to obtain residency: submit your application, together with relevant documents. Book an interview, also attending a biometrics session. From here just wait for an approval, which should come in 4 to 6 months. Once you get it, pay and confirm a 1-year residence permit, renewable twice for 2 years periods (5 in total). After the 5th year you can apply for your Portuguese citizenship.
Tax benefits and requirements
When you hold a Golden Visa in Portugal, you will not pay taxes on your income outside Portugal, and you will also be entitled to become NHR – non habitual resident.
What is NHR?
NHR allows you to set up your primary residence and benefit from the non-habitual residents tax regime. At a glance, it gives a 10-year period of very relevant tax benefits and exemptions. This applies to several income types, such as dividends, capital gains, and other. Foreign pensions had a full exemption context, but there is a possible change here, hence please read more below.
Investment options
Your investment must be made prior to the application submission.
Investment
R/D – investment in research of science and technology (onto accredited institutions)
Real estate
- €500.000 anywhere in Portugal, outside Lisbon and/or Porto city centres (€400.000 in low density regions)
- €280.000 – €350.000 in rehabilitation projects
- €250.000 in national heritage projects
Job creation
- Create 8 to 10 full-time jobs (depending on region’s density)
Capital
- 1 million € transfer to Portugal
- €350.000 in private equity or existing business investment
What is changing
There are changes in the program for 2020. Because now Real estate investments are to be made outside Lisbon and/or Porto, and retirement pensions taxed on 10%.
Current regime should be valid until the end of 2020, and its continuity might depend on political decisions for 2021. Benefits are still extremely competitive and numerous amazing places in Portugal to live in, hence, always time to benefit from this great program.
Required documents
You will need these, both for the initial application and each renewal:
- Copy of a valid passport and travel documents
- Declaration from your bank in Portugal confirming the transfer of funds
- Signed promissory or Contract of the purchased property, with proof of the deposit payment
- Your own Declaration confirming compliance with the investment requirements
- Application processing fee payment receipt
- Health Insurance in Portugal – validation document
- Criminal certificate or a Police clearance letter from your country (Certified copies; document issued with no more than 90 days before application)
- Form authorizing SEF to get an extract of your Portuguese criminal records
- Good standing with the Portuguese Tax and Customs Authority and Social Security system (issued 45 days prior to your online application)
Costs
The process will start with the initial application fee of €527. The Approval fee per Golden Visa, will then have a cost of €5,274 per visa holder. Renewal at the end of years one and three, has roughly half the cost, and the following years a cost of €527, hence a bit more than €80 for each family member.
Overview & What is next?
Real Estate investment is the most popular path. Hence, you want to have a full picture and plan next steps just book a free consultation with us on https://moovehere.com/site/ .
You will learn how you, your business and your family can invest and live a great life in Portugal.