Portuguese Citizenship is considered to come with a lot of benefits the main being the ability to work and travel within the EU. Also if you have a Portuguese Passport you can get free visa or visa on arrival at 172 countries. Since the Brexit, interest has increased in Portuguese citizenship. And if you have plans to live there for a long period, then you could think of this citizenship.
Now there are various ways to obtain citizenship in Portugal. This could be through Naturalization (if you live in Portugal for 6 years), through Marriage (for three years or longer), through origin (Portuguese parents or grandparents), through Sephardic Jew Ancestry (if your ancestors were), through adoption (if you are less than 18 years of age) and through agreements between former colonies and Portugal. Another way of getting citizenship in Portugal is through Investments.
The Golden Visa Scheme – The Golden Visa program is one of the most popular Portugal citizenship by investment and attracts investors due to its various benefits and flexibility. If you invest in Portugal, you are offered a valid residency permit. Now, investment can be of various forms like setting up a business which can provide jobs for locals, investment in some sort of research or investment in culture. Another common way in which most people attain residency permits is by purchasing properties in Portugal.
Qualifications for this Scheme – To be eligible for the Portugal second passport through the above scheme, one needs to match the following needs –
- Give sufficient proof that the funds invested have originated from out of Portugal.
- The applicant holds no criminal record.
- The applicant’s invested property is not within the frozen boundaries of the EU.
- All processing and application fee have been paid.
- Entry into Portugal should be through a valid Schengen visa.
- The stay requirements need to be met i.e., for the first year seven days, and for the succeeding two years a period of 14 days.
Requirements of the Property Invested in – The property purchased/invested in should be €500,000 or more. However, if the property is in an urban renovation area or is more than 30 years then the value of the property is reduced to €350,000 or more. A property purchased in a low density populated area can be brought down by 20% to about €400,000 or to €280,000. If you have this kind of money, then this is the best way and the easiest to get Portugal citizenship.
Capital Investment –
- If an applicant invests in research activities it needs to be a minimum of €350,000.
- If the applicant invests in restoration or reconstruction of national heritage tasks it needs to be at least €250,000
- If the applicant invests in venture or funds capital it needs to be at least €500,000
- Applicant should at least create a minimum of 10 jobs.
The Golden Visa Scheme lets investors travel in the Schengen area or reside in Portugal for a period of 5 years. After this period, investors can get permanent residency of Portugal. After a period of 6 years, investors can go ahead and apply for the citizenship.