Golden Visa - Residence in Portugal and a visa for Europe
New laws approved by the Portuguese Government opens the possibility for citizens of countries outside the EU, apply to a residence visa.
This new residence visa intends to attract new investment in Portugal by purchasing real estate property for a minimum period of 5 years.
The owners of this residence visa for investors, have the right to family reunification and gain access to a permanent residence visa, as well as Portuguese citizenship as foreseen in the current legal provisions.
The investor must make a purchase of one or more properties with a value of 500,000€ (five hundred thousand euros) or higher. Can also choose to buy in in terms of co-aquisition provided that each of the partners invest a sum greater than 500,000€ (five hundred thousand euros).
The application for the purchase of a property can also be demonstrated with a promissory contract through a deposit in excess of € 500,000 (five hundred thousand euros), and registered at the Government Office real estate. This means that the green card for investing can be applied with a promise contract signed by both parties and registered at the Government Office, to offer greater safety to the buyer assuring that this will receive his/her residence visa gold.
The promissory contract must be registered in the land registry and before they can renew the residence visa, the title of deed of sale must be presented.They also need a statement issued by a financial institution to verify the transfer of capital to the deposit payment on the contract of pledge in the amount of € 500,000 (five hundred thousand euros) or higher.
The purchased property may be leased subsequently, mortgaged or used for commercial purposes, or for agricultural tourism.
Renewal of permanent residence visa.To renew the permanent residency visa the submitters must stay a minimum of:
- Just 7 days in the first year and not 30
- Only 14 days and not 60 during the two subsequent years
The green card is valid for 5 years but renews it during this period:
-The first renewal must be made after the first year and is renewed for two years.
- When the first refurbishment finished it is possible to carry out a new renewal for two years.