Portugal announced in 2012 that it had started a Golden Visa program to attract foreign talent. As part of this Visa Program, people can become permanent residents of Portugal if they invest in Portuguese property worth at least €280,000 or create about ten jobs in Portugal by investing in Portuguese properties. Several EU citizens in Portugal are familiar with this program, and it serves as an excellent resource for residents. In addition, there are several benefits that investors receive when they invest in this business.
Prospective investors can invest in various ways, making it easier for them to afford a residency or program. While the investment does not allow the investor to obtain residency in the EU, it does offer them a better lifestyle for their families.
However, this article outlines the top benefits investors can gain from the Golden Visa program.
1. Portugal citizenship
Once you have obtained a residency permit in Portugal, there are several ways in which you can become a Portuguese citizen. However, the Portugal Golden Visa allows you to travel freely anywhere in Europe without having to apply for a visa in advance.
A Portugal Golden Visa can take up to five years for an investor to acquire the status of a full resident or citizen of the country. According to other countries’ citizenship requirements, such as Spain and Italy, citizenship takes about ten years.
Obtaining permanent residency in Portugal will require you to maintain your investment in the country for at least five years. After that, you can become a permanent resident if you meet all the other requirements.
2. Benefits for the family
A Portugal Golden Visa also allows you to bring your family to Portugal. After five years, your family members can become permanent citizens if they depend on you. A family can receive citizenship benefits if these members are eligible:
- Being a legal partner or spouse
- Adopted or biological children under 18
- Children under 26 who are dependent and single should attend school full time.
- Parents of either spouse, but only if they are 66 or older.
- A parent who is 55 years old or older and dependent on either spouse.
- A spouse’s siblings under 18 must be legally responsible for their actions.
To apply for this, the applicant must also fill out an application for each additional family member. To reap the same benefits as the primary applicant, every applicant must follow the same procedure.
3. Tax advantages
The Golden Visa offers some tax convenience to investors. In addition, Visa applicants can take advantage of some great incentives with the non-habitual residency program. As of 2009, investors have been able to compete more closely with each other thanks to this program.
However, it offers some fantastic tax benefits for people who apply for citizenship in Portugal. They may be eligible for the following tax benefits:
- There is no tax on inheritance property
- Transferring money does not require additional fees
- It will not be taxable for the person to receive income from outside the country.
- Wealth tax abolished
- The tax exemption will last ten years.
Due to the absence of a minimum stay requirement, all these benefits will be available to investors. Those incomes are tax-free if they meet the following criteria:
- Capital gains
- Dividends
- Royalties
- Professional profits from the eligible occupations (both self-employment or business)
An investor can obtain several capital gains from Portugal Golden Visa, which offer excellent tax benefits.
4. Healthcare and education
Several healthcare and education benefits are available to those enrolled in this program. According to the parents’ choice, a child’s education can be acquired at either a public or a private institution. Many schools and tuition classes will likely be free for them or much cheaper than they would pay in another country.
Moreover, they will have access to several health care facilities in different countries that will provide the best treatment in the entire country.
Summary
Investing in the Golden Visa offers several benefits to investors, which is why most people are attracted to it. When you’re thinking of investing in a certain country, it will be a great option since you’ll get the chance to see other countries as well.
Also read: How to Prepare for The US Visa Interview? 5 Things that Can Impact the Success
