Golden Visa in Portugal: changes

The implementation of the Portuguese Golden Visa regime, in 2012, gave a new breath to the country, as it was facing a substantial financial crisis. In the months that have elapsed after its creation, to prevent possible evasion, the measure was reformulated by the state. In this article you will discover the journey of this visa regime, since its inception till the makeover. Here you will also find the new rules to be followed to obtain this popular visa type.

Benefits and conditions of the Golden Visa at its creation

In 2012 when the Golden Visa was created in Portugal, it was expected to be granted according to certain well-defined criteria, such as the acquisition of a company, that creates at least ten jobs in the country over five years, the purchase of a commercial or private property worth 500,000 euros to remain in personal assets for 5 years or a transfer of a million euros to a bank account in Portugal, also for at least five years.

With this visa, some advantages are evident including the possibility of the holder to obtain a residence permit for family members, a privileged tax status and the possibility, under certain conditions, to be granted a Portuguese citizenship without having to give up your original nationality.

Visible effects for the country

Between 2012 and 2014, the Golden Visa program in Portugal helped to boost the economy. In all, 700 thousand people have benefited from this novelty, in its majority - the Chinese. However, a scandal, echoed by La Tribune de Genève, based on the issue of corruption quickly broke out. There were those, who commented that the best-placed politicians took advantage of this visa regime to fill their own pockets.

New adjustments and requirements were then put into practice, with respect to monitoring the fulfillment of the prescribed procedures, which also improved.

The new provisions

With the new changes, you can now own a property of at least 30 years old, which should be located in the important reconstruction areas (for at least 350 thousand euros in value) to make it a place of accommodation or a private residence. As part of an investment in the field of artistic production, maintenance or restoration of cultural heritage, only 250,000 euros are required. Finally, the minimum amount of investment funds in the bank was reduced to 500,000 euros.

Also, to obtain your Golden Visa in Portugal, it is now necessary to present the following documents:

• Proof of compliance with tax obligations in the country of residence

• A criminal record from the applicant's country of residence

• Documental verification of personal information issued in the Foreigners and Borders Service (SEF)

• A valid passport with a Schengen visa

• A health insurance in Portugal

• A real estate purchase certificate through the Portuguese banking system, information about the creation of ten jobs, etc.

• Proof of payment of state expenses.

Payment of government expenses:

• Presentation - 514.80 euros (for the main applicant)

• Submission fee - 80 euros (for each family member)

• Residence permit - 5,147.80 euros for each family member

• Residence permit card - 2,573.90 euros for each family member

• Card extension for the next two years - 2,573.90 euros for each family member.