The Portuguese Golden Visa is increasingly becoming one of the most successful residency programmes worldwide, allowing non-European citizens to make investments in a booming real estate market, which is considered one of the best to invest in 2022! Portugal has seen a remarkable demand for properties, ranging from newly built housing, restoration of old properties, or even project development from the ground up.
With the Golden Visa Portugal, individuals have a viable option to obtain temporary residency, with immediate visa-free travel to the Schengen countries, and most importantly this programme is eligible for family inclusion.
In this article, we discuss the details of the Golden Visa Investment Programme, how to apply and its benefits, specifically regarding Middle Eastern families; the cost of living in Portugal, and why choosing Portugal Homes, an award-winning luxury real estate investment consultancy, while making your plans of moving to Portugal.
So, what is the Golden Visa Investment Programme, and How Do You Obtain it?
Portugal Homes is the perfect partner to have when embarking on the Golden Visa Portugal programme, featuring a supreme array of services for real estate property & investments. They provide you with everything you need to know when applying for the Golden Visa, which offers fast track to non-European investors who purchase on Portuguese real estate, as defined by law, to receive a residency permit in the country, alongside other attractive tax advantages. And Portugal Homes is here to help you with the investment that best suits your needs.
Those who gain access to Portuguese residence by investment only need to spend a minimum period of 14 days in the country, either consecutively or intermittent, within each 2-year visa period, keeping all the benefits that come with being an EU resident, including visa-free unlimited travel and the option to live, work and study in Portugal.
How Do You Obtain EU Residency Through The Portugal Golden Visa Programme?
The Portuguese Golden Visa scheme currently grants residency in exchange for a minimum €350,000 investment in qualifying real estate or €500,000 in an approved local venture fund.
Once the Golden Visa residency permit is granted, you will have the right to:
- Reside in Portugal during the whole duration of your visa;
- Work, live, and study within Portugal;
- Travel freely, without a visa, through the 26 Schengen countries of the European Union;
- You may also obtain Portuguese citizenship after a period of 5 (five) years, having the same right as anyone born in Portugal and the European Union;
- Right to family reunion in Portugal and the European Union.
Holders of a Portuguese Golden Visa card are given a temporary residence permit in Portugal for two years, which is renewable for another two-years.
How Do You Apply for the Portuguese Golden Visa?
While you can go through this process on your own, Portugal Homes skilled professionals will save you time and money throughout this process, and their property and investment advisors will guide you on the best investments available in the market.
The Portuguese Golden Visa Programme allows family reunion, permitting the following family members to join the golden visa holder in Portugal:
- Dependent children (up to 18 years of age, or if demonstrably dependant);
- Full-age dependent children who are still engaged in study;
- Dependent parents of either the golden visa holder or spouse;
- Dependent brothers or sisters who are under the guardianship of the golden visa holder.
What Makes Portugal an Attractive Choice for Middle Eastern Families?
At Portugal Homes, they believe that there are many reasons why Portugal is the perfect destination for Middle Eastern families. Portugal Homes has detailed 7 main reasons why Portugal is a perfect fit for Middle Eastern citizens looking to relocate with their families to a European Union country.
1) Geography and Climate:
Portugal offers amazing warm climate, with over 300 days of sunshine annually, which Middle Eastern families will not find overwhelming to adapt to. Snowfall temperatures are not often seen, only can be experienced in a harsh winter in the northern region of Portugal. Popular Portuguese regions for expats tend to be in the capital city of Lisbon, Porto and the Algarve. The Algarve region, situated in the south is highly sought after from tourists, and expats as it is known for luxurious golf resorts, Michelin-starred restaurants, and pristine beaches, an ultimate location to visit and live in!
2) Society and Religion:
Like many European countries, Portugal is secular state where freedom of religion and belief prevails. More and more Portugal is becoming home to Middle Eastern expats of the Muslim faith, and Lisbon´s grand Central Mosque is one of the many places available for prayer and devotion.
3) Luxury Travellers:
Many of Portugal Homes’ investors come from Middle Eastern countries such as the United Arab Emirates, Qatar, Saudi Arabia, and Oman. Portugal Homes conducts Seminars & Private Meetings in the Middle East, where CEO´s, David Poston and Gary Harland, and managing directors, are able to provide essential knowledge to avid clients & investors on the Portuguese real estate market & Golden Visa Investments.
Lisbon is an inspiring destination that boasts some of the World’s finest luxury brands and Portugal is considered a new hotspot for millionaires. With Emirates and TAP Air Portugal collaborating to open flights to 19 additional destinations, travelling between any Middle Eastern country and Portugal is certainly not a concern for lack of flights.
4) Lifestyle and Halal Products:
Growth in the Muslim community in Portugal is driving a diversification in the Portuguese Halal food market. While only five years ago it was uncommon, expensive, and difficult to find halal food in restaurants, today Muslim consumers are offered certified halal products in shops and restaurants nationwide.
What is the Cost of Living in Portugal?
While salaries in Portugal are not as high as in the US, Germany, Australia, or other countries, the costs of living in Portugal are much lower, offering residents a good quality of life. The cost of living in Lisbon is cheaper than 54% of cities in the world (137 out of 253). It’s 52% cheaper than Hong Kong, 56% cheaper than New York City, and 35% cheaper than Dubai, to name only a few.
Portugal Maintains the Programme While Other Countries Get Rid of It
The European Commission has called on EU governments to increase regulations on the Golden Visa Program, after pressure from member countries. Following this indication, the Portuguese Parliament increased the number of rules around the Program, making it one of the most beneficial and stable in the entire European bloc. Currently, these measures implemented since January 2022 have proved profitable for investors, who have been gradually increasing the volume of investments through the programme in Portugal.
What kind of services does Portugal Homes offer for Golden Visa applicants?
Portugal Homes has become a leader in providing Golden Visa expertise and personalized assistance ranging from property, investment advisory, and a unique post-purchase array of services from the After Sales Department.
This luxury real estate investment consultancy offers off-plan property assistance, project development & construction, fiscal representation, property management, furniture packages, leisure concierge services, and building project management. In turn, making sure your Golden Visa investment needs are being met with utmost care and consideration.
Why Lisbon Is Amongst the Best for Real Estate Investments in Europe
Lisbon has been ranked in 16th position in the PwC list of the most attractive European cities for real estate investment in 2022.
In 2020, during the pandemic, the sale of properties increased by 23% in May, with investment surpassing €146 million, which means that even during the confinement period, the market in Portugal was able to maintain a significant activity level.
With a great transportation system and internationally recognized Universities, the city of Lisbon is one of the most eco-friendly cities in the world, boasting one of the best climates in continental Europe along with the best blue flag beaches making it a very attractive option for holidaymakers and investors.
With all these attractive features and benefits, it's not difficult to see why the Portugal Golden Visa Programme has become so widely popular. Contact the experts at Portugal Homes today to find out how you can take advantage of this incredible opportunity.