Portuguese passport by investment – How much, Who can apply, What is the process?

‍Portuguese Passport

Portuguese passport is an official document that identifies the citizen of this country towards the authorities of other countries, allowing the recording of their entry and exit through ports, airports and international access routes.

In order to obtain the Portuguese passport, the candidate must have already obtained a residence permit by the previous five years.

The residence permit allows you to become resident of the country, granting the freedom to live, work and study in Portugal and to move within the EU-countries and Schengen Zone.

In accordance with Portuguese Nationality Law 37/81 of the 3rd October 2006, amended by Decree Law No. 322-A/2001 of 14th December, the Government grants the Portuguese nationality through naturalization to foreigners who fulfill the requirement to be legally resident in Portuguese territory for at least 5 years.

Only after 5 years holding a temporary residency status, you can apply for Portuguese citizenship and, consequently, obtain the Portugal passport.

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Portugal Passport by Investment

For now, you must be questioning how can you get access to this Portugal Residency Program, right? By investing!  

It’s called Portugal Investment Residency, also known as Golden Visa Program. It is the fastest way to obtain EU residence permit through investment activity in Europe. 

The Portugal residency by investment program’s legal framework was first introduced by amending Act number 23/2007 of July 4, 2012.

On the 8th October 2012, the Government of Portugal made changes to the Immigration Law 29/2012 allowing non-EU Citizens to receive a temporary EU Residence Permit for up to 5 years in exchange for investments in Portugal’s Real Estate. The new regulations offer non-EU Citizens, a simple and fast way for property investors to obtain a five-year residence permit.

Who can apply for the Golden Visa in Portugal?

All third-country nationals who carry out an investment activity in Portugal, can apply for Golden Visa in Portugal. This program is not applicable to citizens who hold Portuguese nationality and to EU nationals and the EEA-European Economic Area.

The investor must have at least 18 years old and hold a clean criminal record from your home country and make and maintain a real estate investment for 5 years, which funds should arrive from outside of Portugal to a bank account in Portugal.

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Invest in Portugal Real Estate

In order to invest in a Portugal property, there are three main options whose essential difference lies in the minimum investment amount. 

Option 1 – Classic Real Estate Investment: 

The minimum amount (and the lowest) required is €280.000, and the property needs to be older than 30 years old, renovated and located in a low-density area.

Option 2 – Urban Rehabilitation Real Estate Investment:

Promoting urban rehabilitation by getting an urban property for the minimum amount of €350.000.

Option 3 – New property Real Estate Investment:

Getting a brand-new property is the ultimate option. The minimum amount required is €500.000 to invest in Portugal Real Estate.

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Regardless these options, there are a few restrictions on the area you can invest.

In areas such as Porto, Lisbon, Algarve and other coastal towns is only allowed investing in commercial properties and hotels. In the other areas of Portugal, you can invest in both residential and commercial properties. 

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What is the process to apply for Golden Visa in Portugal?

The Golden Visa application is quite simple. Taking these steps, the process is going to be successful. First-of-all, you need to decide on which property you are going to invest. Here you can find a property purchase guide, to help you find the right one. Then you need to get a Portuguese NIF (Fiscal Identification Number) and open a Portuguese Bank Account. By this time, you’re ready to finalize the investment and gather all the necessary documents. Lastly, you just need to submit the application and hold for further orientation. Being approved, you get your Golden Visa Cards and you can become a Portuguese citizen (5 years before), as well as obtain your Portugal passport.

The documentation that is going to be necessary is:

• Passport of the current country;
• Proof of evidence of the investment made;
• Criminal record of the current country;
• A sworn declaration on compliance with the minimum investment time period of 5 years;
• Documents outlining good standing with the Portuguese Tax and Customs Authority and Social Security System; 
• Receipt of Investment Activity Residency Permit application payment.

How much is going to cost? 

We, often, see some people asking if it’s possible to buy Portuguese citizenship. The answer is no, you can’t buy citizenship. However, you can obtain residency through investing in Portugal and then, apply for citizenship in five years.

Said that, in addition to the minimum real estate investment, you will be faced with legal and government fees in order to obtaining the residency permit through Golden Visa Program.

The initial application fee is going to cost €5.325 plus a processing fee of €533, both per person (since you can join your family to the residency permit application). Then, at each renewal you’ll have to pay €2.663 plus €533 per person.

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How much time is going to take?

It can take up to 8 months for the application approval and appointment date also required. After this in-person interview, it typically takes around 3 months to receive your Golden Visa Cards, also known as residence permit cards. 

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Our DRP Advisers team has a huge experience in Portugal real estate and Golden Visa in Portugal, classifying itself as an essential help that you will certainly need, so that the process of obtaining your second passport runs smoothly. 

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