How Much Money Do I Need to Get a Permanent Residency in Portugal?
Portugal has a simple and quick process for permanent residency than many other countries. This is all due to a new residency program that was recently launched by the Portuguese government last October 2012 which is aptly called the Portuguese Golden Visa. This allows non-EU citizens to easily obtain a Portugal residence permit through citizenship through monetary investments.
This saves time from completing the usual visa requirements and makes it possible to gain Portugal's permanent residency. The minimal requirements needed for a Portuguese Golden Visa are supplemented with a monetary investment. This makes it ideal for those looking for a permanent residency in Portugal without having to heavily invest their personal time into it. Rather than spending a few years of your life in Portugal to be considered for permanent residency, the perks of the Golden visa only require you to stay at 7 days in the first year then 14 days the year after which cumulates after 5 years where you will be eligible for Portugal citizenship and permanent residency.
Golden Visa Program Costs
There are multiple ways you can make investments to Portugal to become eligible for the Golden Visa program. Let’s tackle each of these investments that you can make.
Property
Owning real estate property in Portugal is an easy way to become eligible for the program. This is also the most typical type of investment people make as you are also securing yourself a house for the future. Becoming eligible through property investment entails you completing either the following:
· Purchase a property worth at least €500,00. Purchasing a property in a low-density area can potentially lower to price downwards to €400,00.
· Invest €350,000 in a property in a Portuguese urban regeneration area. If you invest in a low-density area, the investment amount will be discounted to €280,000. The project should also qualify for investment by the Portuguese Immigration and Border Service — SEF.
Money Transfer
Money transfer is one of the fastest and most convenient ways to make investments in Portugal to become eligible for the program. It does however have a significantly higher amount that you must invest in. To become eligible through money transfer, you would need to accomplish the following:
· Invest at least €350,000 in a qualifying Investment Fund. The investment options are regulated by the Portuguese CMVM and include venture capital investment in real estate or start-up tech companies.
· Make a capital transfer of at least €1 million in a Portuguese bank account
Science and Arts Advancement
Perhaps the simplest of the three, investing to improve Portugal’s science and art is another way to become eligible for the golden visa. It entails making an investment in either of these sectors:
· A capital transfer for at least €350,000 for research activities in science by private or public institutions
· A capital transfer of at least €250,000 to support the arts or reconstruction of national heritage
Processing Fees
Completing any one of the listed requirements will make you eligible for a Golden Visa. The processing fees can be broken down into the following:
· €533 for primary application with an additional €84 for dependent application for both initial and renewal applications.
· €5325 for initial applications
· €2663 for renewal applications
With this program, you can easily gain a Portugal residency permit, permanent residency, and Portugal citizenship with few requirements for your presence. This allows a more flexible plan for living as you save up on time and money in the long run.