PORTUGAL

Portugal Citizenship with Golden Visa Program

Portugal is located in South Western Europe, between the Atlantic Ocean and Spain. Portugal's scenery is naturally diverse and breathtaking, ranging from dramatic mountains and valleys to white-sand beaches and turquoise waters. The colder Northern regions are rocky and wild, while the warmer and more settled Southern regions are warmer and more populated. The Azores and Madeira islands are Portuguese autonomous regions that are stunningly beautiful and well worth visiting. Portugal has 15 UNESCO World Heritage Sites due to its rich cultural past, which has left imprints on the landscape from many ancient civilizations. The people enjoy a vibrant and warm community, with arts, music, theater, and dance at the fore. Wine is also common, with many high-quality traditional varieties available. With a strong café and interaction community, an active nightlife, and strong family values, social inclusion is always present in Portugal.

Portugal is a parliamentary democracy that is a member of the European Union and the Schengen States. Instead of single members, voters elect whole parties. The official languages are Portuguese and Mirandese, but English is widely spoken. Although the taxing system can be important in certain regions, the Non-Habitual Residents Regime can help new residents (NHR). The NHR provides for significant tax reductions, such as a 20% tax rate on income earned in Portugal, as well as complete tax redemptions in areas such as industry, pensions, and foreign income. There are also no taxes on wealth, inheritance, or inter-family gifts. The regular VAT rate is 23 percent, with reduced rates of 13 percent for certain utilities and 6% for essential foods. The VAT concentrations in Madeira and the Azores are comparable but have been decreased. A Residency Permit allowing access to all Schengen states can be obtained via one of Europe's most common Golden Visa programs. This can be used for up to 5 years with the chance of advancing to Permanent Resident or Citizenship. IRC's experts will help you get your first citizenship in less than six months.

Portugal Golden Visa Program Has Its Advantages

• It is possible to gain residency in as little as 6 months.
• After 5 years on the Golden Visa Program, you can apply for Permanent Residency or full citizenship if you have any knowledge of the Portuguese language.
• When the applicant and family are given residency, it will include minor children under the age of 26 and parents over the age of 65.
• Both Schengen countries have visa-free travel.
• There are several investment options available.
• Dual Citizenship is not limited in any way.
• Under the NHR, there is a taxation schedule that is advantageous.

What Does It Take to Become a Citizen?

The first steps are to make a substantial financial investment in Portugal, attend a tax planning session (during which you will be given a NIF tax identification number), and open a bank account. Applicants may apply for the Golden Visa Program through different government departments, including Immigration and Border Services, after obtaining a receipt for the purchased property or investment. The residency permit requires the applicant to live and work in Portugal for two years. The permit can be extended for three more years with a minimum presence of 21 days after the first two years with a minimum presence of 14 days. The applicant will then apply for Permanent Residency after the investment has been held for five years. Citizenship is also possible if you have a basic understanding of the Portuguese language. Several investment opportunities are currently available in the real estate and capital investment sections:

Option 1: Real Estate

Owning a property in Portugal is very lucrative because you can live there, do business there, or rent it out for a profit. Variable property taxes will apply, and the minimum investment requirement can be met for more than one property.

• A real estate investment of at least 280,000 EUR in a low-density area that is at least 30 years old. The cost of renovations should be factored into the minimum threshold.
• A real estate property worth at least 350,000 EUR that is over 30 years old or in an area designated as an urban recovery area. The cost of renovations should be factored into the minimum threshold.
• A real estate investment of at least 400,000 EUR in a low-density area is needed.
• A real estate investment of at least 500,000 EUR in a high-density area is needed.

Option 2: Investment in Resources

There are several options available, ranging from donations to fund contributions, work creation, and bank account transfers.

• A minimum donation of 250,000 EUR to national heritage preservation or creative performance
• A minimum contribution of 350,000 EUR to private or public sector science and technology
• A minimum of 350,000EUR in units bought for investment or venture capital funds, with at least 60% of the proceeds going to Portuguese businesses.
• A minimum investment of 350,000 EUR in an established Portuguese business creates at least five permanent full-time jobs over three years.
• In a low-density city, the development of 8 permanent full-time jobs in an established Portuguese business.
• 10 permanent full-time positions will be created in a Portuguese business owned by the applicant.
• A minimum of 1,000,000 EUR in capital must be transferred to a Portuguese bank.

The following are the current fees:

For the first application, the processing fees are 5870.30EUR + 83.30EUR per dependent. The cost of renewing an application is 3202.10EUR + 83.30EUR per dependent. Legal fees are therefore subject to change.

Legal Requirements 

• Applicants must be at least 18 years old and non-EU citizens.
• Applicants must not be involved in a criminal case or be considered a security or reputational threat.

For More Information

Please do not hesitate to contact the IRC if you need any additional details. From the beginning to the end of the procedure, we provide technical assistance and maintain a safe transaction. If required, additional assistance in locating and purchasing real estate may be offered.