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Portugal Golden Visa Guide >> Still worth it after 2022 changes?

April 23, 2022 | Alastair Johnson

The Portugal Golden Visa is one of the best know and most popular in the world. Portugal’s residency by investment program is well managed, transparent, and offers a clear path to EU citizenship by investment. Importantly, the government made significant changes to the Portugal Golden Visa program in 2022, but demand is still high despite the tighter restrictions. In this article, we have all the information you need to decide if the 2022 Portugal Golden Visa is still your best pathway to an EU passport.

The information in this article was verified by our expert Portugal immigration law partner in July 2021.

Porto's harbor - a prime choice for Portugal Golden Visa real estate
Table Of Contents
  1. 2022 Investment Options for the Portugal Golden Visa
    • New 2022 Portuguese Real Estate Investment Options
    • Capital Investment in the Portuguese economy
    • Start a company and employ Portuguese nationals
  2. Golden Visa – Portugal Residency Requirements
  3. The Portugal Golden Visa Application Process
    • Online Application
    • Validity and timeframe
    • Portugal Golden Visa Renewal process
    • Golden Visa Fees
  4. Advantages of the Portuguese Golden Visa Program
    • Family Benefits
    • Tax Benefits
    • Pathway to Portuguese Citizenship
    • Access to the Schengen Zone, EU, and EEA.
    • Access to Benefits
    • Work Opportunities
    • You get to live in one of the most beautiful EU countries
  5. Portugal’s Golden Visa Facts
  6. Portugal Citizenship by Investment (CBI)
    • The Golden Visa is Portugal’s Residency by Investment program
  7. Golden Visa: Spain vs. Portugal
  8. D7 Passive Income Visa or Golden Visa
  9. Next steps for your Portugal Golden Visa

2022 Investment Options for the Portugal Golden Visa

There are currently three investment options to qualify for a Portugal Golden Visa. The real estate option is the most popular, accounting for almost 94% of applications.

Note: Portugal Golden Visa New Rules from January 2022

Portugal’s Parliament has passed amendments to this residency by investment program. The Portugal Golden Visa new rules include limitations on where investment properties can be located and increased investment thresholds. All figures in this article reflect the new 2022 Portugal Golden visa requirements.

New 2022 Portuguese Real Estate Investment Options

To apply, you must purchase a qualifying property in Portugal outright, without a loan or mortgage. You can register individual or multiple properties to make up the minimum investment level.

The property can be your personal residence, an investment property to let, or a commercial property.

There are three qualifying real estate categories with different investment levels.

  1. €280,000 – Existing properties requiring renovation in low-density areas.
  2. €350,000 – Existing properties or properties located in urban regeneration areas.
  3. €500,000 – for all other real estate in Portugal.

The property does not have to be a residential home for the program, although this is a popular choice. Commercial real estate is also valid if it meets the minimum value.

The most significant change was to properties in high-density areas. And that includes popular destinations like Lisbon, Porto, the Algarve, and high-density coastal towns like Setubal and the Silver Coast.

The aim is to increase investment into low-density regions, including the Azores, Madeira, and the country’s interior.

A map showing low-density areas appropriate for Portugal Golden Visa real estate investment after the changes in 2022.

Is Property in Portugal a Good Investment?

The property market is currently stable. Some areas show promising growth that should offer a good return for investors over the coming years. Some favored areas are cities and coastal regions popular with Expats and holidaymakers.

However, properties in these areas, including Lisbon and Porto, will no longer qualify for the Portugal GV from January 2022.

Investors will need to choose properties wisely, but experts believe there will still be quality investment opportunities.

Capital Investment in the Portuguese economy

2022 Capital Investment options

  • Capital transfer of at least €1.5 million.
  • €500,000 into a Portuguese Investment fund (private equity or venture capital funds) providing capital to specified companies.
  • €500,000 for companies in the national scientific or technological system (€400,000 in a low population density area).
  • €500,000 to increase or incorporate the share capital of a Portuguese company. This existing business investment should lead to the creation of five permanent jobs for at least three years.
  • €250,000 into eligible Portuguese arts or cultural heritage. This amount is the minimum investment for the GV, apart from starting a company.

Start a company and employ Portuguese nationals

There is also an option with no minimum investment level. You can apply as an investor in a business that creates at least ten jobs for at least five years or eight jobs in a low-density area.

Golden Visa – Portugal Residency Requirements

The Portugal residency requirements for the Golden Visa investor are not hard to meet. You must spend at least seven days of the first year in Portugal and fourteen days during every subsequent two-year period.

There is no requirement to use your property during your visit. Take a fun holiday anywhere in Portugal, and you will still meet the Portugal residency requirement.

House in Lisbon with traditional Portugal tiles.

The Portugal Golden Visa Application Process

It’s wise to be aware of all the Golden Visa application steps before starting the process. The requirements can be complicated, but don’t let that put you off.

Our expert Portugal Immigration partners are ready to help. You can book a no-obligation consultation here.

  • Before application: Preparation of all necessary documents, including investment documents and documents for dependent/s. All documents will need to be in Portuguese. You will need approved translations of any foreign documents.
  • Tax Requirement: You will have to obtain a tax identification number (NIF) and open a bank account.
  • Investment: Secure your investment in real estate or another application investment class. You must have invested before you can make the Golden Visa application.
  • Application: Submit all the necessary documents with the application form for review. You also have to pay the fees for the application.
  • Approval or Denial and Issuance: The authorities will notify you when they have processed your application. It can take three to six months for SEF to approve a Golden Visa and issue a residence card.

SEF is ​The Portuguese Immigration and Borders Service, the main body responsible for Portugal’s immigration law, rules, and regulations. They are the contact responsible for processing your GV application.

To complete the process, you will need to book an appointment date with a SEF office. Appointment availability can vary between centers, but a change means your appointment can be in any SEF office.

Golden Visa applicants do not have to take a language test to obtain a residency permit. However, a test is required to gain citizenship. The test can be adapted for those under the age of 10 and those with learning difficulties.

Online Application

As a result of COVID-19 and travel restrictions across Europe, the Portuguese government has almost wholly digitalized the application. Everything is done online, from submitting your documents to the issuing of your tax file number (NIF).

There is just a biometrics appointment that you must attend in person for your residence card.

A lady applying for the Portugal Golden visa

Validity and timeframe

Portugal temporary residence cards have a validity of two years from the date of issuance. This means that you only need to apply for renewal every two years instead of every year.

You can apply for Portuguese citizenship or PR after five years. If you choose not to, you’ll need to renew the residency permit by the sixth year of your stay.

Timeline

  • Year 1: SEF approves your Golden Visa and residence permit.
  • End of Year 2: Renew your residence permit for an additional two-year period.
  • End of Year 4: Renew your residence permit for an additional two-year period.
  • Year 5: You can apply for citizenship and passport or Portugal permanent residency.
  • End of Year 6: Renew your residence permit (if you have not taken the citizenship or PR route).

Portugal Golden Visa Renewal process

The renewal is relatively simple, but you’ll need a plan as there are documentation requirements.

  • Show evidence that you have spent the qualifying time in Portugal. (In year one, you must stay at least seven days in Portugal. And, in years two through to five, you must stay at least fourteen days in Portugal.)
  • If you are not resident in Portugal, then a new criminal record check is required.
  • Private or Expat Health Insurance for the length of the renewal.
  • Declaration of the absence of debts to the Portuguese Tax Authorities and by the Portuguese Social Security.
  • Submit proof of ownership of your qualifying investments.

Golden Visa Fees

The Portuguese government charges a fee of €517 for the principal applicant. There is an additional fee of €80 per additional family member.

There is also a charge to issue the Golden Visa of €5,202 per applicant.

Advantages of the Portuguese Golden Visa Program

Family Benefits

As the investor, you can include your spouse, kids, and even your parents and in-laws on your visa. You’ll need to show that you can look after anyone you nominate. Family members who qualify:

  • Spouse, de facto, or legal partner. (Portugal recognizes same-sex unions.)
  • Children under eighteen years old.
  • Dependent children under twenty-six (must be single, students, or can demonstrate full financial dependence on the parents).
  • Parents of either spouse over sixty-six years old (can be fifty-five if dependent).
  • Siblings under eighteen years old from either spouse if the applicant is designated as the legal guardian by the courts.

What’s more, your dependent children and dependent parents also have the same benefits as you.

Tax Benefits

Golden Visa holders have the option to become non-habitual tax residents (NHR) of Portugal. This NHR scheme offers:

  • Reduced tax to new residents for their first ten years in the country.
  • Some foreign income is tax-free.

The NHR ruling can be a massive saving for many people and makes Portugal an attractive financial option.

Pathway to Portuguese Citizenship

The GV is an excellent way of gaining EU citizenship for yourself and your family. You’ll need to have a valid visa for five years before you can apply.

Once you have been granted citizenship, you can apply for a Portuguese passport with extensive visa-free travel. Portugal offers dual citizenship, so you wouldn’t have to relinquish your existing passport.

Access to the Schengen Zone, EU, and EEA.

Residency gives you visa-free access to travel to the SCHENGEN region. A Portuguese passport lets you work and live anywhere European Union (EU) and the European Economic Area (EEA).

Access to Benefits

Portugal has a low cost of living compared to other countries such as the USA. A contributor to that saving is that residents and citizens can use the Portuguese national healthcare system (Serviço Nacional de Saúde). This excellent, low-cost system is world-class.

Portugal’s excellent education system is also available to your family to study or do research.

Work Opportunities

The visa gives you the right to work in Portugal. And it also allows you to start a business or work remotely for a foreign company.

You get to live in one of the most beautiful EU countries

Portugal consistently ranks as one of the top Expat countries in Europe and the world. And, even though you don’t have to be resident in Portugal, it is not a hardship! Check out our article on Living in Portugal for all the reasons why.

Portugal’s Golden Visa Facts

The program was established by the government in 2012. It attracts many people from around the world with its favorable terms and conditions. In Portuguese, it is called Autorização de Residência para Atividade de Investimento (ARI).

It was established to promote investment into the country from non-EU/EEA citizens. It has been well managed and supported by both sides of politics in Portugal. And this means it doesn’t have the legal concerns of other RBI and CBI programs that worry the OECD and EU.

As of March 2021, over 25,000 people were granted residence permits as a part of the program. As a result, Portugal has credited over €5.7 billion from investment linked to the program.

Some cool facts about the program (up to March 2021).

  • There have been 9,617 primary applicants and 16,372 family members.
  • Top countries are Brazil, China, Russia, Turkey, South Africa, and the USA.
  • 94% of applications are for real estate purchases.
  • Since BREXIT and the UK’s departure from Europe, inquiries from UK citizens have increased dramatically.

The massive injection of investment has been welcomed. However, the concentration (especially in real estate) in certain areas has caused concern.

Portugal Citizenship by Investment (CBI)

Important: There is no direct Portugal Citizenship by Investment program where you can instantly “buy” your nationality. You must use your GV residency to qualify over five years. Read our article to see the easiest countries to get citizenship by investment.

The Golden Visa is Portugal’s Residency by Investment program

Although the GV is a Residency by Investment (RBI) program, it is a great pathway to Portuguese citizenship and a Portugal Passport.

So, although citizenship cannot be immediately granted through investment in this program, you do have a clear pathway. The program allows you to apply for citizenship by naturalization five years after gaining residency through the Golden Visa program.

And, as a Golden Visa holder, you don’t need to worry about showing ties to Portugal for your citizenship application. And, you don’t need to live in Portugal.

So, although it is not a direct CBI program, this is still one of the easiest countries to get EU/Schengen citizenship.

Golden Visa: Spain vs. Portugal

Portugal and Spain offer two of the best investment visas in Europe. And while the short answer is that both visas are good, you must consider some essential differences.

Both are members of the European Union and Schengen signatories, making both passports exceptionally desirable.

Under the current system, Portugal offers its Golden Visa at lower investment levels than Spain. Where Spain requires a minimum property investment of €500,000, Portugal’s minimum of €280,000 is available in some cases.

Spain has no restrictions on where you can purchase real estate. From January 2022 Portugal has excluded popular regions like Lisbon and Porto.

There are also differences in the path to residency and citizenship, particularly in residence requirements. For the Spain Golden Visa to be renewed, you only have to visit the country once a year at the time of the renewal. For Portugal’s Golden Visa, this requirement is seven days in the first year and fourteen days per two years after that.

In both countries, permanent residence is offered after five years.

But the path to citizenship in Spain is more complex. After five years on a temporary residence permit, you can apply for permanent residence. You then need to spend six months of every year in Spain to maintain your status as a permanent resident. After an additional five years, you can apply for Spanish citizenship.

In Portugal, on the other hand, you can qualify for citizenship at the same time as permanent residence. That means you could become a Portuguese citizen just five years after you receive your visa. Portugal’s citizenship also has some clear advantages.

D7 Passive Income Visa or Golden Visa

The D7 is another popular visa for non-EU and EEA citizens. If you don’t want to make a significant investment in Portugal, it can be another good option.

It does have a longer residency requirement of four months per year but is still an excellent path to EU citizenship.

Check out all the details of Portugal’s D7 passive income visa in our article.

Next steps for your Portugal Golden Visa

Applying for a Portugal Golden Visa takes time and money. However, once approved, your pathway to EU citizenship is open.

If you want to get the process started, our expert immigration lawyer partner will be happy to help guide you. You can book a no-obligation consultation with our Portugal Golden Visa experts here.

What are the benefits of a Portuguese Golden Visa?

– Live and work in the EU.
– Portuguese citizenship and a passport in just five years.
– Just two weeks of residency per year in Portugal is required.
– You can include your family on your Golden Visa application.

Does Portugal have a Golden Visa program?

Yes, The Portuguese Golden Visa is one of the best in Europe.

Can I get residency in Portugal if I buy a house?

Yes, real estate is the most popular way of qualifying for Portugal’s Golden Visa.

How do I get a Golden Visa for Portugal?

You can invest in property, shares, investment funds, or transfer capital. Minimum investment amounts range from €250,000 to €1,500,000.

How much do you need to invest in Portugal to get residency?

The minimum investments range from €250,000 to €1,000,000, depending on your investment. Areas the government considers low-density also have lower levels of investment.

How much does Portugal Golden Visa cost?

The application fee is €517, with an additional fee of €5,202 to issue the visa.

Can you get a Golden Visa with a mortgage?

No, you must purchase a qualifying property in Portugal outright, without a loan or mortgage.

How much do I need to invest in Portugal for citizenship?

There is no direct citizenship by investment program in Portugal. You’ll need to qualify for the Golden Visa (or other residency program) and, after five years, apply for citizenship.

Does Portugal’s Golden Visa lead to citizenship?

Yes, after five years on the Golden Visa, you can apply for Portuguese citizenship.

Can I buy Portugal citizenship?

No, not directly. But, Portugal’s golden visa is a residency by investment program which can lead to citizenship after five years.

How can I get permanent residency in Portugal?

After five years on a Golden Visa (or any qualifying Portuguese residency program), you can apply for Permanent Residency in Portugal.

Can UK citizens apply for Portugal Golden Visa?

Yes, after BREXIT, many UK citizens use the Golden Visa option to live in Portugal.

Which family members can you sponsor on a Portugal Golden Visa?

Your Portugal Golden Visa application can include your spouse or partner, dependent children, parents, and parents-in-law.

Where can I buy property in Portugal for my Golden Visa?

Portugal updated the program in 2022 to exclude some areas. New residential properties in central Portugal and other low-density regions still qualify. New residential properties in high-density areas, including Lisbon, Porto, and some coastal areas, are excluded. Renovations and commercial properties may still be an option in high-density areas. See here for a detailed map.

Does Spain have a Golden Visa?

Yes, Spain’s Golden Visa program is a well-managed and popular EU residency option.

Can a foreigner buy property in Portugal?

Yes, there are no restrictions on non-citizens purchasing property in Portugal.

Can I live in Portugal if I buy a property?

Yes, if you purchase a qualifying property, you can apply for a Portuguese Golden Visa.

Is buying property in Portugal a good investment?

Historically, yes. Portugal’s property market has fluctuated, but many excellent investment opportunities are available.

Is Portugal’s real estate in a bubble?

No. Overall, the Portuguese property market is not considered an investment bubble.

What is the Portugal Golden Visa 2022 official website?

https://www.sef.pt/en/pages/conteudo-detalhe.aspx?nID=21

Is Portugal’s Golden Visa Program ending?

The Portuguese government has no published intention to close the Golden Visa program.

How long is the Portuguese Golden Visa?

The Portuguese Golden Visa is issued for one year initially but can be extended for two-year periods as long as you meet the requirements.

How long does it take for Golden Visa approval?

It can take three to six months for SEF to process your application and approve your residency.

How long does it take to get a Golden Visa in Portugal?

You’ll need to factor in the time to complete your qualifying investment first. Then add that to the three to six months for SEF to approve your Golden Visa application and issue your residency card.

Can I immigrate to Portugal after Brexit?

Yes, Portugal’s Golden Visa is a popular way for UK citizens to immigrate to Portugal after BREXIT. There are other options, including the D7 Passive income visa.

Can I work on Golden Visa?

Yes, there are no restrictions on working in Portugal on the Golden Visa. This includes as an employee in Portugal, freelancer, remote worker, or self-employed person.

Can I work in the EU with a Portuguese Golden Visa?

No, the Golden Visa only gives you the right to work in Portugal. However, once you qualify for Portuguese citizenship, you can work anywhere in the EU.

What are the Portugal Golden Visas new rules in 2022?

Portugal’s Parliament has passed amendments to this residency by investment program. The Portugal Golden Visa new rules include limitations on where investment properties can be located and increased investment thresholds.

About Alastair Johnson

Alastair has lived in South Africa, the United Kingdom, Australia and Spain. He's travelled and worked in more than 50 countries so far. He's an owner and founder of Where Can I Live, a company created to help you share in the joy and opportunity of living abroad. If he's not researching the latest visa, immigration, and residency opportunities he's either hiking or scuba diving.

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