Portugal citizenship through the Golden Visa
Published at: 18/10/2018 01:44 pm
The Portuguese Golden Visa or residency by investment programme might actually lead to citizenship. The residents must spend only 35 days in the country, and after five years they might be able to obtain the Portuguese citizenship.
Under the rules of the Portuguese Golden Visa, the applicants must renew their temporary residence permit twice (1+2+2 years) and obtain the permanent residence permit, which allows the application for citizenship of the EU Member State after five years of residence.
Until now, holders of the Golden Visa had to keep the temporary resident status for five years, and after becoming permanent residents, they had to wait one additional year to qualify for the citizenship. However, Portuguese legislators amended the Immigration Act to let those residents, who spent five years legally in Portugal apply for the citizenship. In most European countries, the minimum timeframe of physical residence is more than 183 days per year. However, the Portuguese lawmakers allowed applying the residents who have spent the minimum 35 days annually in the EU Member State. The Portuguese Golden Visa Programme started in 2013, and the first applicants are due to receive their passports during 2018. The government also introduced a new permanent residence permit option, which enables residents keeping their status without spending even one day in the country, according to imidaily.com.
There are several options to qualify for the Portuguese Golden Visa. The most preferred solution is, without any doubt, the real estate investment option. The third country nationals may buy property or properties for at least half a million euros (€400,000 euros in "low density" areas). Real estate rehabilitation is also popular, the rehabilitation work contract should indicate at least €350,000 (€280,000 in low density areas). They can also transfer at least one million euros to a local bank account, purchase shares of a company registered in Portugal or purchase sovereign debt instruments or traded securities.