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Golden Visa’s for British citizens

Published on 19th January, 2021

When the British public voted to leave the EU in the referendum back in 2016, no-one believed that it would drag on so long or that it would become so difficult to spend time or work in Europe.

Even after four years, it is still hard to get definitive information on what Brits can and can’t do with regards to living or working in Europe.

One solution is to invest in property to qualify for the Portuguese Golden Visa, although those considering this option would be wise to make that decision sooner rather than later.

On 22nd December last year, the Portuguese government decided to restrict the Golden Visa scheme. The current format only exists until 1st July 2021 and at that point, it will be changed over a period of six months. After 1st January 2022, things will change again, but the government have not announced how yet.

What we know now is that the Visa will become more expensive and that the areas you can invest in will be limited. The government no longer wants Visa’s to be granted for Porto, Lisbon and coastal areas, designed to promote investment by foreigners in low-density regions for urban regeneration. This is highly commendable but may make selling your property when you want to more challenging.

We have seen a massive increase in the number of enquiries for the scheme, especially from British residents but the selection of qualifying property options (starting from €350k) is starting to reduce. This coupled with the pandemic extending the purchasing time means that you need to start the buying process as soon as possible.

The Portuguese Golden Visa is one of the most popular in the world. The scheme allows investors to live, work and study freely throughout the Schengen area and after five years they can even apply for a Portuguese passport. For high net worth individuals, a Golden Visa is a gateway to freedom. It’s not about relocating – but about creating future opportunities for one’s family, either for an improved quality of life, access to better education, or a safe haven from political instability.

Investors can also add family members to their applications as dependents and there is no need for full relocation, as long as they comply with the minimum stay requirements of just seven days in the first year and fourteen days in each subsequent period of two years.

Our expertise in the marketplace allows us to provide a complete service – with a network of lawyers, banks, rental companies and tax advisors – we will assist you with the application professionally from start to finish. We can organise a speedy transaction in person or virtually.

To find out more, contact Berkshire Hathaway HomeServices Portugal Property – part of one of the world’s most trusted and respected corporations. Telephone +351 308 800 878 or 0800 014 8201 free from the UK. Alternatively, email us on info@portugalproperty.com.