Portugal “Golden Visa” Grants 5-year Residency Permit to Non-EU citizens for €500,000!

[Jonathan Fairfield]

 

Portugal “Golden Visa” Grants 5-year Residency Permit to Non-EU citizens for €500,000!

 

Portugal started 2018 with a renewed confidence, showing a growing forecast and strong dynamism in several sectors, such as real estate and tourism. 359 million euros were invested in commercial real estate during the first quarter of 2017. Sales have increased hugely in 2017 and the market has seen a significant shift in buyers’ profile as increasing numbers of investors realize the potential of the Portuguese real estate sector.

 

There are no restrictions on foreign property ownership in Portugal and transaction costs are generally low.

 

Yield vary from 3 to 7 percent per year. 

 

Income tax is usually low and property price are extremely competitive compared to Bangkok or other Southeast Asian capitals.

 

Last but not the least: Portugal will grant a 5-year residency permit to non-EU citizens purchasing a minimum of €500,000 worth of property. The permit allows holders to work, live or study in Portugal freely, as well as to travel in Schengen countries 3 months within a 6-month’ period. It is extremely convenient for Thai businessmen willing to travel to Europe frequently to follow-up on their investment or expansion on the European market.

 

Investors and their dependents can apply for permanent residency after five years and citizenship after six years.

 

As of 1 January 2017, Portuguese citizens had visa-free or visa on arrival access to over 160 countries, ranking the Portuguese passport 5th in terms of travel freedom (tied with the USA, UK and Austrian passports).

 

What has been known as the “Golden Visa” has been launched in October 2012 by the Portuguese Authorities in order to attract foreign investment to the country. This visa is now internationally recognized as being the most attractive residency program for investors in the world in part thanks to his extremely reduced minimum stay requirements.

 

So why not combining the Golden Visa with an interesting investment? Let’s see what the features of the program are.

 

Investment:

 

The qualifying investments to obtain the Golden Visa are the following:

 

Property: any property(ies) purchase worth of €500,000

 

Location: property can be purchased nationwide

 

Advantages:

 

• There is no need to obtain a visa to enter Portuguese territory
• There is no need to obtain a visa to travel to Europe (Schengen Area)
• Living and working in Portugal, even if your residence is abroad
• Fully extensible to family members (with no further investment requirements)
• Permanent residence after 5 years
• Nationality after 6 years
• Tax ID number created in Portugal

 

Main Requirements:

• Proof of investment
• Minimum stay of 7 days within the first year and 14 days every subsequent period of 2 years
• Clean criminal record from country of residence
• Health insurance coverage valid in Portugal

 

Government Fees:

• €5,147.80 per family member

 

Personal Taxation:

• Investors will only be taxed on their offshore income if they reside in Portugal for over 183 days in any year 
• For those considering living in the country, no taxes are charged on income for the first 10 years. 
• Capital gains tax is 28% and there are allowances for costs and depreciation 
• No inheritance tax in Portugal 
• Annual property taxes (IMI) can vary between 0.3% and 0.8% of the property valuation, but there are a wide range of exemptions

 

Harvey Law Group was founded in Montreal, Canada in 1992 by Attorney Jean Francois Harvey, who completed a Bachelor of Laws Degree from the University of Ottawa. The team of lawyers have decades of combined legal experience, along with substantial education and professional credentials.

With its multinational presence and expertise in business and immigration matters, HLG’s service is built on the cornerstones of strength, reliability, and integrity. Embracing change, a global presence, and a 25-year history, HLG combines world-class acumen with local insight to deliver sophisticated legal advice and representation. 

 

HLG is duly licensed by most CIPs to promote and submit applications on behalf of investors.

 

For more information, please contact Mr. Bastien Trelcat, Managing Partner, at [email protected].

 

Call 02-670-1848 or visit us www.harveylawcorporation.com and FB: https://www.facebook.com/HLGthailand