Golden Visa

For the purposes of obtaining the Golden Visa, the applicant should meet at least one of the following conditions:

1. A transfer of capital to Portugal of at least EUR 1m
2. Creation of at least 10 new jobs in Portugal
3. Acquisition of real estate in Portugal with a value of, at least, EUR 500k
4. Invest at least EUR 350k in a scientific project
5. Invest or support an artistic project of a minimum of EUR 350k
6. Rehabilitate and maintain a heritage site or building – minimum EUR 350k
7. Purchase a property to realize works of urban rehabilitation – minimum EUR 500k
8. The regime will be open to investors at 20% less in terms of expenses if they are prepared to develop projects in areas of extremely low population density

The individual may invest directly or through a company with its registered head office in Portugal, provided that it meets one of the above requirements. However, when the investment is made through a company, the investment amount considered for the purposes of granting a Golden Visa will be proportional to the share capital held by the applicant.

For the purposes of meeting the criteria relating to the acquisition of real estate, the following situations are also admissible:

• Co-ownership of the real estate, with each co-owner making an investment of a minim of € 500,000;
• Making only promissory contracts of purchase before the initial application for the Golden Visa, provided that a deposit of a minimum of € 500.000 is paid. However, at renewal stage (i.e. after one year), the purchase of the property must have been completed;
• (Bank) financing of the acquisition of the property for the purchase price in excess of € 500,000;
• Rental or letting of the property for commercial, agricultural and tourism purposes.

The requirements should be met throughout a minimum period of five years, counting from the date the residence card is issued for the first time.

The first residence card (Golden Visa) is valid for one year and should be applied for with the Portuguese Foreign Services during the first 90 days of presence in Portugal. This residence card may then be renewed for successive periods of two years, provided that the conditions are maintained.

To be able to renew the Golden Visa, its holder should stay at least seven days in Portugal during the first year of validity and at least 14 days during each of the subsequent two-year renewal periods.

The investor’s family members are also allowed to enter and live in Portugal, based on the investor’s Golden Visa, through a family reunion application, which should be made as from the moment the Golden Visa for the investor is approved.

Once in possession of the Golden Visa, investors are allowed to travel within the Schengen countries without the need to apply for a visa for each country to be visited. It is possible to stay in the Schengen area for 90 days in each period of 180 days.

It is now more than two years since the Golden Visa program was launched. According to recent information released, from October 2012 to 28 February 2015, there were issued 2,203 Golden Visas, most of which were granted in 2014 (1,526). The Golden Visas were granted to nationals from China (80% of the Golden Visas issued), Russia, Brazil, Lebanon and South Africa. The regime has already generated an investment in Portugal of more than EUR 1.3bn. There were also 3,316 residence permits issued to Golden Visa holders' family members.

From the alternative ways of investment chosen by investors to obtain the Golden Visa, the acquisition of real estate has been the preferred way and the most requested areas to invest are in Lisbon (e.g. Parque das Nações) and its neighborhood areas of Estoril, Cascais and in the Algarve.