Portugal's Golden Visa - latest news
The changes to the Portuguese Golden Visa Scheme in large urban centres such as Porto and Lisbon, come into effect at the end of this year, so if you want to invest in real estate in exchange for a residence permit, you need to act NOW.
Although the deadline is a few months away, we are advising our clients to secure a property as soon as possible so that they can submit their application and make sure everything is in place by the end of October. This allows time for processing by the Foreigners and Borders Service (Serviço de Estrangeiros e Fronteiras - SEF)
So what is the scheme and how can you take advantage before the deadline?
The Golden Visa scheme is a relatively affordable investment option enabling non-EU/EEA citizens to obtain a special residence permit in exchange for a 5-year investment in Portugal. Since its inception in 2012, the scheme has raised €5.3 billion for the Portuguese economy with 9,230 Golden Visas being granted through the purchase of real estate (figures correct until June 2021).
The scheme, renowned as one of the most popular in the world, 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.
Everyone knows that Portugal offers safety and stability with an affordable quality of life, a good healthcare and education system, well-connected airports and the best climate in continental Europe. In the main cities of Portugal, investors can expect a return on their investment of around 10-12% every year. With strong tourism returning, investors can place their properties on the short term rental market and generate rental income of between 4-10% per annum.
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. 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 at firstname.lastname@example.org.