Why Now Is the Time Foreigners Invest in Portugal’s Real Estate

If you are looking for a way to gain the rights to live, study and work in Europe, read on. This scheme might be the answer for you. The Portugal Golden Visa Program is the perfect opportunity for those who have the financial means to invest in property and would like to gain access to the perks of being an EU resident, and eventually, a citizen. Through this scheme, you can also bring your spouse and other dependents, and travel freely across the Schengen area without the need for visas. If this sounds appealing to you, read this quick and easy guide to see what you need to do to join the program.

What Is The Portugal Golden Visa?

Essentially, this visa program was designed to stimulate the Portuguese economy by providing an incentive for foreign investors or third-country nationals to invest in Portuguese real estate. The incentive is that they can be granted a residence permit by engaging in property investment within the country of Portugal. After five years on this scheme, they can also apply for Portuguese citizenship, and with that gain the full rights of an EU citizen.

Before you consider applying for this visa scheme, ensure you understand the process and requirements. The Golden Visa is granted to an applicant who invests in certain Portugal real estate opportunities. The property purchased needs to have construction dating back more than 30 years or be located in an urban regeneration area, and be bought with the intention of refurbishing, for a total value equal to or above 350 thousand euros. This makes the scheme primarily accessible to people with significant liquid assets.

The benefits that come with the residency permit include visa-free travel between the twenty-six member states of the Schengen zone, access to social services and education, and eventual citizenship. Moreover, the Golden Visa appeals to business people who conduct money-earning activities overseas, as Portugal does not charge tax on worldwide income. Finally, Portugal is a great place to live. The quality of life is fantastic, with good public services, great food, and a lovely climate. Once you have sipped a glass of wine on the beach in sunny Portugal, there is no looking back!

Who Can Apply?

Portuguese or other EU nationals are not eligible for the program, as one of the main perks of the Portugal Golden Visa is that investors are permitted to apply for Portuguese citizenship after five years of the purchase. At this point, the real estate investment can be liquidated, depending on the project. So, you can end up being a citizen with sizeable liquid assets, and you do not need to manage and run your real estate project indefinitely if it does not suit your lifestyle.

As well as the principal applicant, whose name will be on the investment, other family members may join the investor in their new life and rights in the EU. The spouse, any unmarried children, elderly parents who can be classed as dependents, or minor siblings of the investor may also be granted the residency visa and rights to work, study and live in Portugal. 

If you are concerned about your employability in Portugal, or your ability to start afresh in your career, consider taking your business with you. The world is your oyster!

Requirements

There are no requirements for management experience in order to jump into the real estate business in Portugal and obtain this desirable visa. Moreover, there are no requirements for age, language, or education credentials to apply for the Golden Visa. 

Another fantastic perk of the Golden Visa scheme is that you are only required to spend a minimum of one week a year in Portugal. This means you can travel back and forth between your new investment and your old home, life, family, and friends. This also allows you to explore Europe, using your new right to travel through the Schengen area without visas. The flexibility of the Golden Visa is very appealing for people who love to move around the world, and who want to continue their business and social affairs in other continents.

You will need certain documents to apply for the scheme, such as a valid passport and proof of your real estate purchase in Portugal that indicates the funds have been processed. On top of this, you will require a Portuguese bank account and a NIF number (which is the Portuguese taxpayer identification number). The process of opening a bank account and obtaining your NIF is pretty straightforward, so do not let this bureaucracy put you off.

For more information on how to open your Portuguese bank account and obtain the NIF number, look online for easy how-to guides. The information is out there, and in English!

Start Your Life-Changing Journey Today

If this visa scheme sounds like your dream come true, you should get started on planning your new European life today! The first thing to do is check out the real estate investment opportunities and find one that you fall in love with. This will be in your life for at least the next five years, so choose a location and type of real estate that excites you.

Then, you can get started on planning your new life. Maybe your children want to start learning Portuguese, your partner wants to job hunt in your new location, or you think you should visit the country first to get an in-person feel for the culture and climate. With the perks of the gorgeous beaches, residency rights, and fantastic food, you will surely fall in love with the idea.

Finally, make that investment and apply for the scheme. This once-in-a-lifetime opportunity is waiting for you to take it by the horns. Remember, you do not have to have prior experience managing real estate projects, and after five years you can liquidate the investment and get your money back, plus whatever profit you have managed to generate. What more could you ask for? Welcome to your new life - enjoy every moment of it.