Get EU Citizenship Through the Golden Visa Program in Portugal Before It Ends
On February 16, the Prime Minister of Portugal announced the end of the golden visa program for new foreign property buyers, which since 2012 has granted residence permits to 11,000 people who have bought investment property in the country. The Prime Minister points to rising real estate values as the reason for the termination of the visa program.
The Portugal Golden Visa allows you to obtain a residence permit with an investment of at least $296,000 and spend at least seven days a year in the country, according to the Schengen Visa . While few people are in a position to make such an investment, comparatively speaking, it’s a good deal considering it’s nearly half the 2022 US home sale price of $543,000, according to Statista . The program also paves the way for you to citizenship, which lasts for five years, during which you must own your asset.
What is a golden visa?
Golden visas are essentially an opportunity for wealthy people to “buy” a residence permit – sometimes, as in the case of Portugal, without even living in the country. These programs provide residency and, for some, like Portugal, a fast track to citizenship through real estate investment or donations.
However, these programs have recently been shut down: the UK abandoned its golden visa program in February 2022 to focus on dirty money from Russia after the invasion of Ukraine. Ireland followed suit for similar reasons, but mainly because it was vulnerable to tax abuse. Now Portugal is shutting down its program, not because of security concerns or sanctions against Russia, but because of rising property and rental prices, according to Kron4 .
What was so great about Portugal’s golden visa program?
While many European countries have laws allowing foreigners to buy investment property in their countries, Portugal has allowed you to go through a special fast track to European citizenship with very lenient rules. They let you live anywhere in Europe if you wanted, as long as you spent at least one week a year in Portugal in order to keep a valid golden visa. You must hold your investment for five years or until you receive a permanent resident card. After the fifth year, the investor can apply for Portuguese citizenship, which is European citizenship.
When will the golden visa program in Portugal end?
At the time of this writing, there is no deadline for when the program will end. However, we know that three steps need to be taken: a month-long public hearing period, which will last until March 16; a meeting to develop a final proposal to be submitted to parliament for a vote; and then the proposal will be sent to the prime minister for approval and will be accepted, modified or judged by the Constitutional Court, according to The Points Guy .
Back in 2021, the previous amendment to the golden visa took 18 months to complete, and any applications that came before the amendments will be taken into account so the changes will not affect them, according to Global Citizen Solutions . So there is still time to apply if you qualify and act quickly.
What are the benefits of obtaining European Union citizenship?
If you choose to use the Portuguese Golden Visa to obtain European Union citizenship, you can open many doors for yourself and your family in the future. Speaking strictly about Portugal, then you will have the opportunity to work and study there, receive tax benefits and, of course, its path to citizenship.
EU citizenship gives the right to free movement within the Schengen area , which includes 27 European countries that have abolished their internal borders without a visa. The benefits also apply to your next of kin : they will be able to live and work with you, regardless of their nationality. You will have access to free education in most EU countries and your children under the age of 18 will be eligible for education. You will also be able to vote in elections.
Having dual citizenship with a Portuguese passport will allow you to visit 187 countries around the world without an additional visa (Portuguese passport ranked sixth, one place ahead of the US passport, in the list of the most powerful passports in the world according to Henley 2023). passport index).
How to apply for a Portuguese golden visa?
The best way to get started with your Portuguese Golden Visa application is to speak with a Portuguese Golden Visa Lawyer or Portuguese Golden Visa Consultant so they can assess what documents you need and what investment will work for you.
Here are some of the minimum requirements for the program:
- Be a citizen of a country outside the EU, Switzerland or the EEA.
- Minimum investment of €250,000 (or around $265,000) with a range of investment paths to choose from.
- Have a clean criminal record
- Spend a minimum of seven days in Portugal during the first year, then at least 14 days during each subsequent two-year period (this is referred to as a “residence requirement”).
Check out this step by step guide for more information.