Portugal Golden Residence Visa Program mearani
PORTUGAL GOLDEN RESIDENCE VISA PROGRAM
Investment:€ 350,000 – € 500,000 in real estate purchase for 6 years
NetWorth Requirement: None
Physical Residency:Average of Minimum 7 days per year
Permanent Residency: After 5 years of Golden Residence Visa
Citizenship: After 1 year of Permanent Residency.
Visa-free travel: to over 170 countries including the Schengen Zone.
Immigration to Portugal has become easier with the launch of the Golden Residence Permit Program in the late 2012 by the Portuguese government. This program was considered an opportunity to attract foreign investment into Portugal by the non-EU citizens.
The law allows the Golden Residence Permit holders to live, work and study in Portugal, as well as to travel anywhere within the Schengen zone without a visa. In order to maintain their permits, the applicants are required to physically reside in Portugal only for 7 days in a year. The permit must be renewed in year 1, year 3 and year 5.
Based on the legal opinion obtained by an independent Portuguese law firm, if the investors and their families are successful in meeting the minimum 7 day residency requirement and have a basic knowledge of Portuguese language, they will become eligible to obtain Portuguese citizenship after holding the Gold Residence permit for a period of 6 years.
Portugal immigration through the Golden Residence Visa program is ideal for all those individuals who wish to secure European Citizenship and visa-free travel within the Schengen zone for themselves and their families, but cannot physically reside outside of their homeland for personal or business reasons.
Eligible Family Members
The following family members can be included in an application:
Children under 18
Dependent children over 18 who are full-time students and unmarried
Dependent parents and parents-in-law over 66 years and residing at same address.
Under this program, there aren’t any special requirements in regards to personal net worth or management experience for the applicants, except for the minimum age requirement of 25 years. However, the investors are obligated to disclose the source of funds for the investment and fees and will undergo the standard KYC (know your client) procedures and Anti-money laundering protocols at the Portuguese banks.
The candidates who wish to secure Portuguese residency status through this program will be required to invest foreign direct investment through two ways. Firstly, through the acquisition of real estate worth at least €350,000 with construction completed at least 30 years ago or located in an urban rehabilitation area, with execution of rehabilitation work. The alternate option available is to invest at least €500,000 in real estate anywhere in Portugal. Each investment must be held for a minimum period of 6 years and cannot be financed through a third party, such as a bank.
The relevant documents will be filed and submitted by Lalani & Associates, as well as service and Processing payment.
Applicant will visit Portuguese Embassy in Islamabad to sign and attest the documents required.
All funds for the real estate transaction and government fees for Golden Residence Permit must arrive in the applicant’s bank account in Portugal and be distributed from there
Investor and family must prepare to visit Portugal for 4/5 business days to sign documentation, fingerprinting, opening of bank account etc. An invitation letter will be issued for the Temporary Residence Visa application for Portugal. Lalani’s partners will assist with trip arrangement. Government fees must be transferred by investor to his Portuguese account.
Application is submitted. After approval in 4-6 months, Portuguese government issues file number and the attorney completes real estate purchase.
Passports are submitted for Golden Visa insertion.
For successful renewal:
All family members must visit Portugal for a minimum of 7 days per year to maintain residency.
The investment must remain in place to maintain residency status.
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