So, you’re set on a move to Portugal. Maybe it’s the fascinating history and architecture, the delicious food, or the agreeable climate – likely, it is a combination of all three. Portugal is a beautiful place to live. But working out foreign visas can be a bit of a head-scratcher, so, in this article we’ll go through the key ones to know about.
The Golden Visa
Portugal Golden Residence Permit is a five-year residence by investment program for non-EU nationals. The visa gives them the right to live, work, and study in Portugal. It also grants free circulation in Europe’s Schengen Area. Additionally, the visa only requires the user to stay for seven days per year to stay in Portugal. In the subsequent two years, the user will have to stay in the country for at least fourteen days. Once the five years are up, the user will be able to apply for citizenship.
The Golden Visa presents with multiple investment options, including capital transfer into research activities and support of artistic projects. Plus, investment through business, such as the creation of ten new jobs. However, the most popular option is real estate investment. The rules on this are as follows:
- €500,000 minimum real estate purchase; €400,000 minimum in low density population areas.
- €350,000 minimum real estate purchase for residential properties older than 30 years that require significant refurbishment; €280,000 in low density population areas.
The Golden Visa was created in 2012 to attract high earners to the country. It has done its job well, generating over €6 million in investment. However, since starting the scheme, the Portuguese government have made several tweaks, including making the highly sought out areas of the Algarve, Lisbon, and Porto ineligible for the scheme. So, if you were hoping to gain residency through purchasing property in one of these places, you’re out of luck. However, Portugal still has beautiful inland areas for you to discover and purchase property in.
The Digital Nomad Scheme
If the pandemic showed us one positive thing, it was that so many of our jobs are possible to do from home. All you need is your laptop and internet connection. And if you can do your job from home, why not do your job from Portugal?
So many of us want to go travelling but can’t sacrifice the time away from work. Digital nomad schemes mean that you don’t have to make any hard choices. You can get to know the beauty of Portugal and have an income from a British based company. Let’s take a look at what is required for a digital nomad visa in Portugal:
- It is available for non-EU citizens.
- The visa stays valid for up to one year and can be renewed for up to two more years.
- You can travel freely in and out of Portugal with this visa.
- You will need sufficient income to support yourself, set at €2820 per month, four times that of the national minimum wage.
This visa is suited for those who do not intend to work in Portugal and will instead be dependent on a passive income, such as a pension. For this, you need to show that your income is at least €8,460 per year.
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Download our guide for more information on a move to Portugal.