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A new legal regime for the obtaining of the Residence Permit for the Investment Activity (currently designated by Golden Visa) has been approved in Portugal.

 

A brief summary of its regime is described below:

 

What is the Portuguese Golden Visa Program

 

  • Consists of a special Residence Permit issued for non-EU citizens operating an investment activity;

  • Under this Program, non-EU citizens simply need to carry out one of the investment activities set out in the legal regime to obtain a special residence permit in Portugal, being allowed to enter freely in the majority of the European countries;

  • The legal requirements have been simplified, which make that this program is already considered as one of the most attractive residence permits programs for investors.

 

What does it provide

 

  • A residence permit on account of the performance of an investment activity in Portugal, which shall be kept for a minimum period of five years;

  • A residence permit valid for one-year initial period, that can be renewed for successive periods of two years;

  • Free access to the Schengen area;

  • Access to a profession or to carry on a business in Portugal;

  • Access to the Health and the Educational Systems on the same conditions of the Portuguese citizens;

  • Access to Justice;

  • Possibility to apply for Portuguese permanent residence, or apply for the Portuguese citizenship.

 

Investment Activity

 

  • The residence permit is issued on account of the performance of an investment activity in Portugal;

  • Investment activity means carrying out one of the following activities in Portugal, either as an individual or as a company:

    - Capital transfer (including acquiring or investing in companies) with a value of at least €1 million;

    - Creating at least 10 jobs;

    - Acquiring a real estate property with a value of at least €500,000.00.

 

Option A

 

  • Investing at least €1 million in any type of Portuguese company, listed or unlisted;

  • Existing companies: including companies operating in Portugal and/or having investments in other countries;

  • Companies must be located in Portugal, but they can invest abroad.

 

Option B

 

  • Creating 10 jobs by incorporating a company or investing in companies already incorporated in Portugal;

  • The jobs must be created after the ARI regulations were issued (August 9, 2012);

  • Possibility of creating jobs individually, without incorporating a company;

  • Company shareholder is entitled to apply for the ARI.

 

Option C

 

  • Acquiring rural or urban property with a value of at least €500,000.00;

Properties can be acquired:

   - For leasing, commercial, agricultural and tourism purposes;

   - Through a joint ownership, if the applicant is a joint owner and invests at least €500,000.00;

   - Through a purchase and sale commitment agreement, if the down payment is of at least €500,000.00.

 

Application for the family reunification

 

  • The family dependants of the investor are also entitled to apply for Golden Visa;

  • The dependants are allowed to work in Portugal;

  • Dependants include children, disabled adult sons/daughters, single adult sons/daughters studying at a school or educational institute in Portugal, and economically dependent parents.

 

Permanent Residence Permit

 

After holding the Golden Visa for at least five years, the Permanent Residence Permit can be requested; Requirements:

   - To hold a temporary residence permit;

   - Over the past five years, have not been sentenced to punishment or punishments which, individually or cumulatively, exceed 1 year of imprisonment;

   - Have means of subsistence;

   - Have accommodation;

   - Show knowledge of basic Portuguese language.

 

Citizenship

 

After the sixth year from the issuance of the Golden Visa, the investor may also apply for the Portuguese Citizenship through naturalization; Requirements:

   - Be of legal age or emancipated according to the Portuguese law;

   - Be legally resident in Portuguese territory, for at least 6 years;

   - Get to know the Portuguese language sufficiently;

   - Have not been convicted for a crime punishable with imprisonment not less than 3 years, according to the Portuguese law.

      

The advice provided by Cuatrecasas, Gonçalves Pereira consists in a full legal service, regarding all the acts needed for the obtaining of the Golden Visa and its subsequent renewals. Our assistance is provided directly to the investors and to their family members, who apply for the family regrouping. Our services are based on a close participation of our lawyers together with the investors.

 

A significant part of our work has consisted also in the legal advice with the acquisition of properties located in Portugal, in order to meet the requirements for the issuance of the Golden Visa.

 

Cuatrecasas, Gonçalves Pereira’s practice is structured in specialized departments that form multidisciplinary teams for specific projects. With this regard, we have created a team of experienced lawyers from our Corporate and Real Estate Departments that have been working with Golden Visa clients from the very beginning of the launch of this program in Portugal.

 

Our offices abroad have allowed our Firm to be in direct contact with clients from all parts of the globe, especially from China, United Arab Emirates (in particular from Abu Dhabi), South Africa, India, Qatar, Brazil, Russia and Angola.

 

For one and a half year since the program has been launched in Portugal, our lawyers have been in a daily basis contact with the main players of the Portuguese Golden Visa market. Our Firm has currently more than 150 Golden Visa clients, the majority with their cards having already been issued. 

NUNO SÁ CARVALHO

Partner  - Real Estate

nsacarvalho@cuatrecasasgoncalvespereira.com

T +351 21 355 38 00

Portugal