The Golden Visa has been a long-standing and extremely successful scheme that has encouraged many people from outside of the EU to settle in Portugal. It started in 2012 and has since brought billions of euros into the Portuguese economy. As the UK has now left the EU, Britons are now eligible to apply for a Golden Visa.
However, your time to acquire a Golden Visa for certain areas is running out.
What is the Golden Visa?
To acquire a Golden Visa, you need to make a suitable investment in the country. This usually involves buying a property worth €500,000 or more; however, the figure can be less in low-density areas.
There are also several business-related ways to invest in Portugal and obtain a Golden Visa, such as creating jobs or moving investment funds or capital into the country.
After applying for a visa and making the required investment, you will be granted a Golden Visa. This gives you residency in Portugal for one year, which is followed by two more permits lasting two years each, providing you keep your investment. After this, you will be eligible to apply for a permanent residency or citizenship.
One of the draws of the Golden Visa is that you don’t have to spend all of your time in Portugal once you have it. You need to spend a minimum of seven days in Portugal during the first year, then no less than 14 days in each subsequent 2-year period.
How long do I have left to apply?
From July 2021, investment in areas such as Lisbon, Porto and potentially the Algarve will not be eligible for the Golden Visa. If you wish to invest in these areas, you have until the 30th of June to apply.
The Portuguese government is trying to encourage more investment in low-density, inland areas, which is why the visa will no longer apply in Lisbon and Porto. The government also wishes to ease market pressure in both cities.
How can I apply?
The initial application needs to be done online with supporting documents. After this, you will need an interview. Usually, applicants choose to complete the process through a lawyer, although it can be done on your own. It can take up to 6 months to be approved.
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If you would like further advice on the selling process in Portugal, download your free Portugal Guide.
Why not split the cost and double the fun of owning a holiday in Portugal by buying with family or friends? Read our guide to Buying Abroad with Family
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