Portugal is a safe and stable country, affordable and with a great quality of life. It has good health care and education options, well-connected airports and the best climate in continental Europe. Portugal’s investment visa program is one of the most popular in both Europe and the world for excellent reasons:
In the Portugal Golden Visa program possible to choose from a variety of investment options. All of them are relatively affordable and
will grant you permanent residency and/or citizenship in 5-6 years.
The required length of stay in Portugal is on average only 7 days per year.
As a resident of Portugal, you can travel freely throughout all Schengen treaty countries.
Once you meet the criteria to apply for citizenship, you can live and work anywhere in the EU/EEA.
As far as your investment visa is concerned, the Portuguese program is also relatively accessible. These are the best options for most people wishing to invest in Portugal:
Real estate investments starting at 280 thousand euros (although more commonly 350 thousand or 500 thousand euros).
An investment of 350 thousand euros in a private equity fund.
Residence Visa for Investment in Portugal (ARI)
The ARI visa better known as Golden Visa is a program through which investors from non-EU countries can obtain a permit to temporarily reside in Portugal. The process is relatively simple once the requirements are met. Portugal has one of the fastest systems for obtaining the Golden Visa. During 2019 Portugal granted 1245 investment visas.
Who is eligible for the Golden Visa?
Anyone except Portuguese and EU/EFTA citizens, can apply for the Golden Visa after completing a suitable investment in Portugal. The investment can be made individually or through a legal entity that must meet certain requirements.
Requirements for obtaining residence by investment in Portugal
The main requirements you will need to meet before applying for any Portuguese visa including the Investment Visa (ARI) are:
Be absent of any criminal record that may disqualify you. (Not having been convicted of a crime, not being banned from entering Portuguese territory, not having an indication of non-admission in the Schengen information system, not having an indication of non-admission in the SEF information system).
A valid passport
Evidence that you are legally present in Portugal (visa, entry stamps, etc.).
Proof that you are covered by the Portuguese public health system. This can also be a private primary health insurance that will cover you for the duration of your residence in Portugal (or for a shorter period, but with automatic renewal).
Criminal record letter from your country of origin and/or the country (or countries) where you have been living for more than one year.
It is essential that the criminal record extract is issued within 3 months of the online application.
Completion of a form authorizing SEF to obtain an extract of your Portuguese criminal record.
Affidavit stating that you will meet all minimum investment requirements (amount and term of 5 years).
Documents showing good standing with the Portuguese Tax and Customs Authority and the Social Security system. These can be issued no later than 45 days prior to your online application.
A receipt showing payment of the ARI visa application processing fee.
Specific documentation related to your investments (see below).
All documentation (unless otherwise indicated) must be issued within 90 days prior to the date you submit your online application. It must also be legalized (for example, with an apostille if your home country has signed the Hague Convention). In addition, everything that is not in Portuguese must be translated and certified.
Golden Visa (ARI) What kind of minimum investment is required?
If you are not a citizen of an EU member country and you wish to gain access to permanent residence and Portuguese citizenship while moving freely within the Schengen area in practically record time compared to other countries, you can apply for the Portuguese investment visa.
To do so, you will have to meet one of the minimum investment conditions required by the Portuguese state for its concession:
To access the Golden Visa of Portugal under this option you must prove the investment over the required amount, individually or through a corporation if you are a shareholder by presenting proof of an international and effective transfer, depending on the type of investment:
Statement from a credit institution authorized or registered in the national territory with the Bank of Portugal, attesting to the ownership of deposit accounts with a balance equal to or greater than 1 million euros, resulting from an international and effective transfer, or a quota of the same amount in the case of joint accounts, free of charges, taxes and obligations; or
Document certifying the ownership of the acquisition of public debt instruments of the Portuguese State, in particular government bonds, savings certificates or treasury bills, free of charges and obligations, issued by the Treasury and Debt Management Agency – IGCP, EPE, of instruments for an amount equal to or greater than 1 million euros; or
Certificate evidencing the applicant’s ownership of the acquisition of securities, free of any charges and obligations, issued by the registrar; or
For the acquisition of bearer securities, placed with the depositary (surety company) under Article 99 of the Portuguese Securities Market Code, a certificate issued by the depositary evidencing the Applicant’s ownership, free of charges and obligations; or
For the acquisition of registered securities not included in a centralized system, a certificate attesting the Applicant’s ownership, free of charges and obligations, issued by the issuer; or
For acquisition of registered securities included in a centralized system, a certificate evidencing the Applicant’s ownership, free of charges and obligations, issued by the financial intermediary within which the respective account integrated in a centralized system is open; or
For acquisition of a shareholding not included in the above cases, it is necessary to submit an extract from the companies’ registry proving the ownership of the shareholding and the contract by means of which the acquisition was made, with the amount indicated;
Extract from the register of companies also, in the event that the investment is made through a shareholding corporation, indicating that you are the shareholder.
If you are an entrepreneur or wish to move your business to Portugal you will be able to obtain your Investment Visa by presenting evidence that the minimum required investment has been made, either individually or through a shareholding company of which you are a shareholder.
Statement from a credit institution authorized or registered in the national territory within the Bank of Portugal, proving the effective transfer of the amount equal or superior to the legally required amount (this requirement may be reduced to 8 jobs when located in a low density territory);
Individual labor contracts between the employer and the employees;
In case the investment is made through a joint stock company of shareholders, extract from the register of companies.
If you prefer to make your investment through the acquisition of real estate of an amount equal to or greater than 500 thousand euros, this can be done individually or through a limited liability company of shareholders of which you are a shareholder. For this type of investment you will have to prove the ownership of the real estate (or otherwise the pre-contractual contract, with a deposit or bond equal to or greater than 500 thousand euros, as follows:
Acquisition in joint ownership, provided that the ARI Applicant invests an amount equal to or greater than 500 thousand euros;
Having acquired the property through a limited liability company of shareholders of which the Applicant is a shareholder;
Have been paid for the portion exceeding the minimum investment amount of EUR 500 thousand;
To have them under lease or to own them for commercial, industrial, agricultural or tourist purposes;
You must accredit that you have made the investment with the minimum amount required by presenting the following documentation:
Deed of acquisition of the property (s) or of the pre-contract (with a deposit or bond equal to or greater than 500 thousand euros);
Statement from a credit institution authorized or registered in the national territory within the Bank of Portugal, attesting to the effective international transfer of assets for acquisition or payment of the deposit indicated in the pre-contract for the amount equal to or exceeding 500 thousand euros, which corroborates the investment of ARI;
Land Registry Certificate with registrations, endorsements and registration in force, proving the ownership of the real estate, free of charges, taxes or obligations or the Land Registry Certificate stating the caution in the Land Registry, and valid, stated in the pre-contractual agreement, when legally possible, with a deposit or bond equal to or greater than 500 thousand euros;
Legal description of the real estate, when possible.
If the acquisition of the real estate is made through a limited liability company of shareholders or the latter is the buyer:
Extract from the register of companies, in case the investment is made through a shareholder limited liability company, of which you are a shareholder.
If you prefer to obtain your investment Visa through the acquisition of an old property or renovation of a property you must adhere to the following:
In the acquisition and execution of real estate works (renovation), for an amount equal to or greater than 350 thousand euros, the construction of the property must have been completed for at least 30 years; or the property must be located in an urban rehabilitation zone (even if it is less than 30 years old).
The property may be acquired in joint ownership, provided that you invest an amount equal to or greater than 350 thousand euros, in the acquisition and rehabilitation, as well as through a joint stock company in which you are a shareholder.
You can acquire a property, or group of properties, whose acquisition and rehabilitation value is equal to or greater than 350 thousand euros. To be able to collect the acquired real estate, in the portion that exceeds the amount of 350 thousand euros, as well as to lease the real estate or Leasing for commercial, industrial, agricultural or tourist purposes.
You will have to prove that the investment has been made within the minimum amount required by presenting the following documentation:
Deed of acquisition of the property (s) or of the pre-contract (with a deposit or bond equal to or greater than 350 thousand or 280 thousand euros in low-density territory);
Statement from a credit institution authorized or registered in the national territory or within the Bank of Portugal, attesting the effective international transfer of assets for acquisition or payment of the deposit cash indicated in the pre-contract for the amount equal to or greater than 350 thousand euros, which corroborates the investment of ARI;
Land Registry Certificate with the registrations, endorsements and registration in force, proving the ownership of the real estate, free of charges, taxes and obligations or the Land Registry Certificate in which the caution in the Land Registry is recorded, and valid, stated in the pre-contract agreement, when legally possible, with a deposit or bond equal to or exceeding 350 thousand euros;
Legal description of the real estate property, when possible;
Extract from the register of companies, in case the investment is made through a limited company of shareholders, of which the Applicant is a shareholder.
Documents related to the rehabilitation of the property:
Prior notification or request for permission to carry out the urban rehabilitation operation or contract for the performance of rehabilitation works of the real estate to be acquired between the legal entity duly qualified by the Instituto dos Mercados Públicos, Construção e do Imobiliário, IP. In this case, you must submit proof of payment of the works contract or deposit in a deposit account held by you in a credit institution authorized or registered in the national territory within the Bank of Portugal, and for this purpose submit a statement evidencing the effective transfer of the amount equal to or greater than the works contract; and
Evidence supporting that the construction of the real estate property was at least 30 years ago, in case such information is not indicated in the legal description; or
Statement from the competent entity certifying that the real property is located within a rehabilitation area. In this case, and when the amount of the investment resulting from the acquisition of the real estate and the construction contract does not constitute the legal minimum investment amount, the difference between the acquisition price of the real estate and the legal minimum investment amount must be deposited in an authorized credit institution.
This option to obtain an investment visa in Portugal is excellent if you wish to contribute to scientific research activities or to the technological development of the country. You will need to submit supporting evidence that you have made the investment of the minimum amount required, individually or through a shareholding corporation of which you are a shareholder.
Accreditation of the effective transfer of the amount equal to or greater than the legally required amount by a credit institution authorized or registered in the national territory of the Bank of Portugal;
Statement issued by a public or private scientific research institution linked to the national scientific or technological system, confirming the effective transfer of capital for research activities in an amount equal to or greater than 350 thousand Euros;
Extract from the register of companies, in the event that the investment is made through a joint stock company of shareholders, of which you are a shareholder.
Transfer of capital equal to or greater than 250 thousand euros to be applied in investment or support for artistic activity, recovery and maintenance of national cultural heritage through public entities.
If you like art or wish to contribute to the recovery and maintenance of the national cultural heritage. You must present accrediting evidence in which you have made the investment of the minimum amount required to obtain the Investment Visa in Portugal, individually or through a shareholding corporation of which you are a shareholder.
Proof of the effective transfer of the amount equal to or greater than the legally required amount through a statement from a credit institution authorized or registered in the national territory and from the Bank of Portugal,
Statement issued by the Directorate of Strategy, Planning and Cultural Valuation, where the cultural service with competences in the sector has been consulted, accrediting its investment character or support to the arts, restoration and maintenance of the national cultural heritage;
Extract from the register of companies, in the event that the investment is made through a public limited company of shareholders, of which you are a shareholder. The amount of this investment may be reduced by 20% (200 thousand euros) when it is located in a low-density territory.
Transfer of capital equal to or greater than 500 thousand euros for the acquisition of units of participation in investment funds or venture capital invested for the capitalization of small and medium-sized enterprises.
If you prefer investment funds, the Portuguese investment visa offers you this alternative. You will need to submit supporting evidence that you have invested the minimum amount required, either individually or through a shareholding company of which you are a shareholder.
Statement from a credit institution authorized or registered in the national territory and within the Bank of Portugal, which accredits the effective transfer of the amount equal or superior to the legally required amount;
Proof of the holding of the investment units by means of documentation issued by the entity responsible for keeping an updated register of the holdings of the investment holders, in accordance with the law, the respective management regulation or contractual instrument, free of charges and obligations;
Statement issued by the controlling company of the respective investment fund, evidencing the viability of the capitalization plan, the maturity of at least five years, and the application of at least 60% of the investment in commercial companies with registered office in the territory;
Extract from the register of companies, in the event that the investment is made through a joint stock company of shareholders, of which you are a shareholder.
Transfer of capital for an amount equal to or greater than 350 thousand euros, for the incorporation of a commercial company with registered office in the national territory, combined with the creation of five permanent jobs.
This last option is excellent if you wish to start a company or transfer operations of an existing company, in addition to generating sources of employment. In order to do so, you must present the following documentation as evidence:
Statement from a credit institution authorized or registered in the national territory and within the Bank of Portugal, certifying the effective transfer of the amount equal to or greater than the legally required amount;
Document evidencing the incorporation of a commercial company with share capital equal to or greater than the legally required updated and associated extract from the register of companies; or
In the case of acquisition of a shareholding, an updated extract from the register of companies proving the holding of the shareholding, and a contract by which the acquisition has taken place, indicating the amount of the acquisition. SEF unofficially verifies the situation within the Social Security.
Extract from the register of companies, in the event that the investment is made through a joint stock company of shareholders, of which you are a shareholder.
Last but not least, in order to maintain the benefits of your Portugal Investment Visa in all the above cases you must comply with the minimum requirements of physical presence mentioned below:
Maintain the investment for a minimum period of five years .
Stay a minimum of seven days in Portugal during the first year, then at least 14 days in each subsequent 2-year period.
Advantages of the Golden Visa
It should be noted that the holder of an ARI investment visa is eligible for the benefits of the non-resident status (RNH) which exists in Portugal and is highly desired by thousands of international investors.
The investment residency program in Portugal grants residency through real estate investments but without the requirement of residency. These programs are especially popular with investors who do not wish to emigrate and move their family, but require flexibility should they ever need it.
The Portugal Investment Visa comes with freedom of travel throughout the EU Schengen zone.
Eventually, if you and your family wish to obtain permanent residency and/or Portuguese citizenship, you can usually apply within 5 to 6 years. On the other hand it is not possible to work in Portugal or any EU/EEA country with this visa until you meet the requirements for permanent residency or citizenship, in which case you will obtain a Portuguese passport.
Process for applying for the Golden Visa of Portugal (ARI)
The initial application for the Portugal Investment Visa is submitted online at the ARI portal, including copies of supporting documentation. Once the Serviço de Fronteiras e Estrangeiros (SEF) approves the application, you will need to appear in person for an interview. The SEF portal will allow you to book the interview in any district of your choice.
The Golden Visa application is usually completed through a lawyer and can take up to 6 months to be approved. It is technically possible to do everything on your own, but it is not recommended as the procedure requires a fiscal address in Portugal. Documentation proving a national tax number (NIF) and a Portuguese bank account are necessary for the confirmation of the transfer of funds to a Portuguese bank when making your investment.
You need a Portuguese tax number (NIF) to open the bank account. It is not a complicated process and can be done in less than a day. To obtain a NIF as someone without a fixed legal address in the EU/EEA, you will need a Portuguese representative for the tax authorities. This can be your lawyer.
If you wish to bring your family members, their application is sent simultaneously. A processing fee of 532.70 Euros is paid for the first applicant and 83.10 Euros for each of the remaining family members.
When your application is approved, you will pay an approval fee of 5,274.40 Euros for each applicant.
After ten to twenty days, you will receive your green card valid for one year.
How to prepare to apply for the Portuguese Golden Visa
While the process is not very complicated, it does involve gathering a lot of documentation, both in Portugal and in your home country. It is a good idea to work with a native Portuguese speaker if you do not already know the language. The documents must be translated into Portuguese and apostilled for submission. Below you can see the data and documents requested in the ARI portal:
Registration of new Candidate for Residence Permit for Investment.
The following fields must be completed, after logging into the ARI Portal.
Email: optional if you have a legal representative
Type of investment
Identification
Passport
Address and telephone contacts, preferably in national territory
Legal representative (email) – An optional email was identified in item 1 above
Presentation of application for residence authorization for investment regime
Enter the ARI Portal
Complete the application and submit it
Upload the documents required for the application according to the type of investment
Submission of the application with all the requested documents (documents must be placed in PDF format with a maximum of 4MB).
Confirmation of application submission
Entry on the “Payments” page
Indication of the NIF
Printing of the Documento Único de Cobro (DUC) with the respective fee analysis
Proceed with the payment of the DUC within the indicated deadline
Wait for SEF email informing that: a) The application has been accepted and you can now schedule. b) The application has errors and needs to be corrected and resubmitted.
Scheduling trips to SEF (after SEF validation of the documents entered in the application)
Log in to the ARI Portal
On the Application page, go to the “Calendar” option.
Select the service office (availability is guaranteed at various SEF service counters on the national territory).
Choose the year / month
Select the day
Choose the time (if the desired time is no longer available, you will have to select another time)
Receipt of an email with trip scheduling data to the SEF service desk to deliver the necessary documents and collect biometric data.
Process for renewing the Portugal Golden Visa (ARI)
During the first year of Golden Visa in Portugal your residence card will allow you to travel freely within the Schengen countries. You must also present your passport, without applying for any visa. In the first two years, you must spend at least a total of fourteen days in Portugal.
To renew your residence permit, you must go through a renewal process approximately one month before your current residence card expires. During the renewal process, you must again provide biometric data (fingerprints, etc.), updated criminal record. Also, re-pay a fee of 2,637.20 euros per applicant. In addition to that, the processing fee is again 532.70 euros for the first applicant and 83.10 euros for other family members.
Your new residence card is again valid for two years. During this period, you must again be in Portugal for at least 14 days (consecutive or non-consecutive). At the end of year 4, another renewal process takes place.
When applying for renewal for the 5th year you will have another residence card, valid for another two years. Again, in this period you must be in Portugal for at least 14 days, consecutive or non-consecutive. After the fifth year, you can apply for permanent residence or citizenship (you can choose which).
If you do not wish to apply for either, you can continue to renew your Investment Visa in Portugal every two years.
Recommendations for buying a house or property in Portugal as an investment
The purchase of a property in Portugal is open to anyone, with no nationality or residency restrictions. However, you must first obtain your NIF (Portuguese tax identification number).
It is advisable to search for interesting properties beforehand on real estate agent websites. Some companies offer both rentals and sales.
These companies can help you find investment properties with high yields and rent them out. It is important to take into consideration that in Portugal, brokers usually work for the seller. While they are not paid a fee directly they are incentivized to sell properties for the highest possible price.
In February 2020 a proposal was approved that seeks to exclude properties in Lisbon, Porto and other coastal municipalities from qualifying for the Golden Visa. The final changes and new rules will come into effect by the end of the year. Currently only real estate investments in Lisbon and Porto are eligible to recover your investment if you are not granted an Investment Visa (ARI).
Now that you know how to apply for your Investment Visa in Portugal and if you are planning to invest in a property, we invite you to fill out our form to receive personal advice from our experts to facilitate the process.
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