This is a special Portuguese visa program designed to attract foreign investment into Portugal. If you do pursue this route, take into consideration that the EU does not mix well with offshore banking. If you are looking to hire in Europe, Portugal could be a prime location to hire content creators, back-office workers, salespeople, web developers, etc. Perhaps, they find ten families willing to invest 350.000€ ($398,000) each. You cannot be a stateless person. In light of the ensuing changes, this option has become much more attractive for its simplicity. The total residence permits issued for … Obtain citizenship status in portugal in 5 years'. October 11 th 2018 Following the recent concerns voiced by the European Commissioner of Justice, Vera Jourova, the question of whether or not the EU will start to legislate against it’s citizenship by investment programmes looms. As mentioned earlier in this article, we were lucky enough to have Joel on our podcast last year. Potentially, you could jump in now and still make it. Please note that on May 30, 2019, Georgia raised investment requirements for applicants for permanent (300.000 minimum)and short-term residence permits. In others, you can qualify for a by simply running a business. The citizenship comes with all of the benefits and potential future drawbacks attached to being a citizen of the European Union. To qualify for the visa, both of these rates must be met. Portugal Citizenship by Investment. And, as a resident of an EU country, you have the right to live and work in any of the EU/EEA countries. 155 likes. People who are looking to make a decent ROI of 12% or more are not going to get that with this scheme. The Get Golden Visa, provides consultancy service on 5 residency by investment programs. After that, you can make the investment. Join our email list and we’ll send our best articles, videos and exclusive content right to your inbox. passport does not come without a hefty price tag. Caribbean Citizenship. Once you are pre-approved, you can then make your appointment. The funds stay in escrow but you own the property when it is complete and when you want to move or sell the property and leave the country, you can and you reap the benefits of a good real estate market. While I would always support keeping your offshore bank account in a separate country from your second residence, Portugal is a nice place if you like a Mediterranean climate. and many other countries around the world. Citizenship by investment programs legally confer citizenship status faster than traditional immigration processes and do so without requiring investors to put their lives on hold. Some examples of proof you can provide are: Ensure that your paperwork does not get rejected by getting all documents translated to Portuguese. The main requirement of the program is that you create at least 10 jobs in Portugal and register each employee in the Portuguese Social Security system. Pakke Portugal Wale Munde. Entrepreneurs who are considering hiring in Portugal should know that it doesn’t offer the cheapest labor in Europe. Portugal’s Golden Visa program requires an investment in either real estate, business, or capital contributions. Portugal’s real estate market was never prone to wild speculation either (unlike in the US where unqualified buyers were looking to become “no money down millionaires” before the bubble burst). Foreign investors can apply for either permanent residency status or full-time citizenship in a number of beautiful and financially secure countries including Grenada, Dominica, Antigua & Barbuda, St Kitts & Nevis and St. Lucia. You only need to renew your residence at the end of the first and third year. On February 5, 2020, Portugal’s parliament passed a budget proposal that essentially amends the underlying laws of the Golden Visa program. You can fast track in 4-6 months and have a passport that has visa-free travel to 120 countries. They are under 1 umbrella. And if you already started the program, the changes should not affect you. The pass… Re the entrepreneurs GV where they invest €350k and create five permanent jobs, do those jobs need to be full time or just subject to Portuguese and immigration laws? We will address this particular benefit in more detail below. The deal was to make a hotel with 20 rooms with the help of 200 investors who would each pay 280.000€ ($319,000). Your Golden Visa residence permit will grant you visa-free travel privileges within the Schengen Area and many other countries around the world. So, it’s no surprise that offers for this bracket are few and far between. Invest 350.000€ ($398,700) in an existing Portuguese company alongside creating five permanent jobs for a minimum of three years. Those wealthy people buy homes, cars, food, The retail stores benefit, the lawyers, doctors, all benefit (you get the idea). The lower end of the investment grade. While you are waiting for your investment to finalize, you can focus on getting your documents translated into Portuguese. In fact, the program has been so successful that, in January of 2019 alone, the Golden Visa had already collected over €85 million from 146 investors (and 241 of their family members). The other piece of good news is that any changes to the program will not go into effect until the latter half of this year. After 5 years, investors can obtain permanent Portuguese residency. Create a new company with at least 10 permanent employees based in Portugal. Likewise for the US and obtaining their Green Card. What a huge topic, and I know you’re going to love it. Would that investor be able to get GV benefits for his unmarried partner with whom he has been living in Japan for more than two years? Thanks to the thousands of Golden Visa investors, the great deals are fewer and farther between than before and the coming changes to the program will likely change this as well. And very long and … Those changes will now take effect beginning in July 2021. To successfully combine an international tax strategy with Portuguese citizenship, comprehensive planning is necessary. Some residency by investment programs allow for citizenship application after completing the required legal residence period in the country. If you haven’t started the program, this may be a good time to consider your other options as Portugal is just one of several Golden Visa programs in the world. How to Get Irish Citizenship by Descent from Grandparents or Great Grandparents. Joel & Mikkel talk in depth about the reasons why a country would want more citizens? These properties often appear in the no man’s land between Portugal and Spain where there is basically nothing. At its core, the true appeal of the Golden Visa is that you will be given preferential treatment during the immigration process in exchange for your investment in the country. Proof of your legal entry into the country (i.e., Schengen short-stay visa), A certified copy of a background check from your country of origin or residence (issued within 90 days of submitting your application), A completed permission form which authorizes SEF to your Portuguese criminal records, Proof of health insurance (to cover your stay in Portugal), Declaration from you stating that you are compliant with the investment requirements, Evidence that you are in good standing with the Portuguese Tax and Customs Authority and Social Security systems, Statement from your bank that confirms the transfer of funds, Proof of payment of the Portuguese Golden Visa fees, Deeds of purchase for all real estate investments, Employment contracts for jobs that you created within the country, A bank statement that displays your capital contributions. The immigration office, Serviço de Estrangeiros e Fronteiras (SEF), has an online portal where you can submit your application. As the Citizenship by Investment (CBI) Index indicated: “Before the Covid-19 crisis, investors looked to second citizenship as a platform from which to dive head-on into a world of greater interaction, travel, and globalization. In fact, applicants from countries other than these top five have grown from 9% in 2015 to over 20% in 2019 — a testament to the growing popularity of the program. Joel explains in this interview how they work and that if you are a citizen of the US what your obligations are when you live abroad. People. Currently, there are 150 countries that can apply for this visa. As of 2021, Portuguese passport holders can travel to 186 countries visa-free, making it the sixth most powerful passport on our Nomad Passport Index. I visited Porto, Portugal back in 2009 and again in 2017 and the difference was staggering. Listen in as Mikkel Thorup and Joel Nagel discuss the history of Citizenship by Investments and Residency by investments around the globe. Unlike neighboring Spain, where squatting and apartment “occupations” became the norm following the recession and government seizure of private property has become more common in recent years, Portugal has had constitutional property protections in place since 1974 that prevented such issues. (SEF), has an online portal where you can submit your application. by investment programs, the following articles and videos can help: The Most Efficient and Affordable Economic Citizenship Program, 19 Fake Citizenship by Investment Programs Revealed, Foremost is the fact that Portugal offers a top-notch Tier A passport. Holistic planning in these cases is essential because messing up can cost you a fortune. Emerging-world Citizens who have “bad passports” and want access to the EU for the schools, the opportunities for their kids, the safety, the stability, whatever it is that they deem important. There are some additional fees like 5% VAT. Portugal may be famous to the rest of the world for its Port wine and soccer superstar, Cristian Ronaldo, but here at Nomad Capitalist, Portugal is much more famous for offering one of the best, Technically speaking, the “visa” is actually a fast-track. In his case, he could hire ten Portuguese employees and automatically qualify for second residency without having to live in Portugal. Portugal’s Golden Visa program (officially known as the “ARI” Autorização de Residência para Atividade de Investimento) is one of the most popular citizenship by investment programs in Europe. We talk about this all the time. While these deals are much less common, they do exist. The ones set up for Golden Visa investors will have a shorter fund term (typically 6-7 years), less risk, and lower yields while the traditional funds have longer minimum required fund term and higher returns. Foremost is the fact that Portugal offers a top-notch Tier A passport. Brexit is Here. Residency by Investment can be obtained much quicker than CBI. How am I going to be protected? As discussed, your residence permit will be valid for one year. But don’t wait too long. It is not for everyone, but if you fit the bill, it could save you €500,000 in real estate investments and still get you an EU residence permit. In relation to those who are resident in Portugal, including those who follow the residence-by-investment program, it is possible to apply for citizenship after five years of legal residence in Portugal, if: The applicant is at least 18 years of age The applicant has been a resident in Portugal for at least five years If you are unfamiliar with Golden Visa’s in general, you can go here for an explanation of how they work, who they benefit, and the programs available in Europe. When your application is finally approved, you must pay the permit issue fee of 5.147,80€ ($5,860.00) per person before you can receive your residence card. by Joel Nagel. for an explanation of how they work, who they benefit, and the programs available in Europe. ... which can also count towards … More than half a decade later, it is clear that the program has done just that. As always, understand that I am not a lawyer or accountant and any information provided here should not be considered financial or legal advice. But if you are prepared to make an effort and do a significant amount of planning, you can drastically reduce your tax burden by becoming a non-habitual tax resident of Portugal. While Portugal’s Golden Visa Programme needs no introduction, the Portugal Angel Visa Programme, launched in 2019, is … You’ll need to get a Portuguese NIF or fiscal number and open a Portuguese bank account, as well. Acquire a minimum 30-year-old or refurbishing requiring urban property hotel project of minimum €350,000 worth. While you wait for your investment to go through, you can start gathering documents for your application as it can take a few months to obtain them all. While it was later approved, the proposed changes were postponed due to COVID-19. As long as you are willing to pay your employees subject to Portuguese standards, you can hire just about anyone. The personal income tax rate is about 48%, but you can reduce that tax if you prove you are a non-habitual resident. Requesting police checks can take some time, so while you are waiting to receive that document, you can work on getting your Portuguese credentials. But if you do the math, 700 x 2 million euros, that’s 1,4B Euros infused into the economy. Aside from granting you the right to live in Portugal and work toward citizenship, your Golden Visa residence will also allow you to legally work in the country. Blacklisted countries for St Kitts citizenship by … It’s an old concept, one that is quoted in the bible some 2000 years ago. Retirement-aged parents in the family can qualify for this visa, as well. This “golden” residence then allows the holder to obtain citizenship several years down the road if they meet the qualifications. The Portugal Golden Residence Permit Program is a five-year residence-by-investment program for non-EU nationals. Programs are constantly changing, and usually not in your favor. As I have discussed elsewhere, most of the Golden Visas offered in Europe have the greatest appeal to the following three groups: 1. Andrew Henderson is the world's most sought-after consultant on international tax planning, investment immigration, and global citizenship. The golden visa can be renewed every two years providing the applicant spends two weeks in the country every two years. If you’re looking for a European property investment with a warm-weather climate, Portugal is worth considering. After that, you only need to renew your permit every two years and show proof that you have spent at least 14 days in the country during that period. That’s a far cry from the minimum wage in other countries like Ukraine (266€ or $303) and Moldova (276€ or $314). Every year. For foreign investors looking for access to the EU and a powerful passport, the fees and cost may just be worth the trouble. A lot of new changes and amendments happened to citizenship by investment programs in 2019, some countries have tightened the rules while others simplified the acquisition of citizenship through investments. Take care to keep any and all receipts regarding this transaction. Another benefit of the program is that Portugal’s real estate market is one of the most secure and attractive among all of the Golden Visa countries. More than 90% of all applicants obtained their residence permits via real estate acquisitions, which is by far the most popular form of investment. You will likely need to apply for permanent residence before qualifying for citizenship, so don’t assume that they’ll just hand you a passport at the end of year five. Use this information as a springboard to consider whether the residence program is a potential solution for your individual needs. He has around 100 employees and is looking to move some of them overseas. How important is the investment? Regardless, it is still essential to have a good understanding of the program and its requirements because not all Portuguese lawyers are as efficient as they could be. A new passport can take 5 years but what a great place to live and work. Learn how your comment data is processed. Many would think we would appeal to the 30 something generation. Antigua and Barbuda requires USD 100,000(contribution) or USD 400,000 (real estate investment) to become a Citizen. For instance, while I like to hire people from all over Europe, if I were to just hire Portuguese workers I could qualify for the program. Industry experts are speculating that changes to these programmes in 2019 are highly probable. Follow Mikkel Thorup on Social Media: Save my name, email, and website in this browser for the next time I comment. On October 8, 2012, Portugal introduced the first Golden Visa program in Europe in an effort to attract foreign investors who could both fill the government’s quickly emptying coffers and reignite the Portuguese real estate market. Cyrpus has an amazing program for those that want to invest in property to become citizens of Cyprus. You’ll need to ensure that the translation is certified by a Portuguese notary or a Portuguese consulate in the country of origin to meet SEF’s requirements. So, if you’d rather spend your time working and living outside of Portugal while you wait for citizenship via naturalization, you can. The program’s application and approval process has become slower in recent years, though, due to some resistance and the general bureaucratic nonsense you would expect from a western country. Visa Waiver Search. Other countries discussed in this podcast: Australia, Belize and Colombia. Local Business. The Golden Visa scheme allows investors to stay in Portugal (and to travel within the Schengen Area) for 5 years. These fees are just a part of the price you pay to get the best of the best. If you would like to stay up to date with all new content that comes out at The Expat Money Show make sure you sign up below for our newsletter; EMS Pulse. Portugal definitely isn’t cheap compared to all of the Eastern European countries that. Our team has helped six- and seven-figure entrepreneurs like you to successfully obtain Portugal’s Golden Visa. Portuguese companies pay 23.75% of gross wages to social security and employees pay a rate of 11% on their salary. Some passports are exceptional like Singapore and others are crap, like Iraq. 3. Business owners and investors looking to spend all of their time in Europe. You can find a list of SEF branches here. While it was later approved. Here are just a few of the reasons: CBI was set up for wealthy people that could come full or part-time to a country they see as a nice addition to the country they were born into. Thanks to the non-habitual residence scheme, you could spend more time in the country if you wanted to without compromising your tax status, but long-term physical residence in Portugal is not required for you to maintain your Golden Visa residence permit. what other European countries offer more affordable and less cumbersome programs that would allow me to reside in Portugal? However, you have to pre-register before you can apply. You must spend at least seven days in Portugal during your first year as a resident, at which time you must renew your permit. Robert Kiyosaki Quotes on How the Rich Choose Friends, What to Do When “America First” Outlives Trump, Opportunities to Hire, Invest, and Bank in Armenia. In addition to those fees, there is also a processing fee of 514,80€ ($590.00) for the main applicant and an additional 80,29€ ($92.00) for each family member that must be paid with the initial application and with each renewal. Portugal is the one exception… as long as you are structured properly. The bulk of that cost comes from the Property Transfer Tax (IMT) if you are investing in real estate. The new law limits the qualifying areas for real estate investment within Portugal by excluding high-density areas like Lisbon, Porto, and the Algarve, as well as coastal regions like Setubal and the Silver Coast. The fees paid to a lawyer are well worth the knowledge they have and the ease of knowing it is done right. Why Should the Global Citizen Consider Cyprus’ Citizenship by Investment Program? Discover the world's best Investment Residency Programmes in 2019 and get your Plan B in place, whether you are South African, African, or from the Middle East. If it is outside the main cities, the investment goes down. Fortunately, as of 2019, there have been many precedent cases that received their Portuguese citizenship through the Golden Visa program in Portugal. Potentially, you could jump in now and still make it. In Portugal’s case, they don’t need your money in the thriving property markets of Lisbon and Porto anymore. This is the group that benefits the most from the Golden Visa program because it allows them to bypass the never-ending hassle of getting visas for their bad passport in order to travel to Europe and elsewhere. If you have a smaller scale business, are on more of a budget and are interested in living overseas, then Lithuania or another country might make more sense for you. It is easiest to understand these changes from the perspective of the government. Family Cases. Technically speaking, the “visa” is actually a fast-track residence by investment program that grants non-EU/EEA citizens a Portuguese residence permit in exchange for a five-year investment in the country. Technically speaking, the “visa” is actually a fast-track residence by investment program that grants non-EU/EEA citizens a Portuguese residence permit in exchange for a five-year investment in the country. Your email address will not be published. There is virtually no return on investment in Portugal; however, the investment is based on where you buy your property. Portugal has what’s called ‘The Golden Visa’ Mikkel and Joel discuss what this looks like in a ton of detail. Residence-by-Investment Overview. And if you already started the program, the changes should not affect you. Also, while I have my Golden Visa Residence, can I live in Italy or other EU country? Dear Nomad Capitalist. The Portuguese Golden Visa program speeds up the process for foreign investors from non-EU/EFTA countries to obtain a Portuguese residence permit and claim Portuguese citizenship by investment. After five years with the Portugal Golden Visa, you can get permanent residency and citizenship, but for the Spain Golden Visa, you must wait 5 years for PR and ten years for citizenship. What are the tax ramifications? This is one of the options the Portuguese government wants to direct investment to with the new changes. Returns will be low and investors need to accept that. Today we have him and really go deep on Citizenship by Investment and specifically about Cyprus Residency Program and obtaining a second passport. Often you only have to be in the country 1 day every year or 1 week. It is called The Ultimate Guide To Going Offshore. Not to mention that there are more moving parts in the Portugal Golden Visa, so there are more things that can go wrong if you’re not careful. Related Pages. Each year more and more countries get on board as they see their neighbouring countries being infused with new cash and a more stable economy. The entrepreneur option is one of the most overlooked aspects of Portugal’s Golden Visa program. CYPRUS. If you schedule your interview in a less populated district, you might be able to reduce your waiting time. Panama has other visas, but if you want to work and open up a business then this is the place to be. Hello, Andrew – very helpful analysis, thanks. However, it is stable enough to invest now without worrying about the government changing its mind tomorrow and kicking you out. Once you’ve attended your appointment, you have to wait three to six months to be approved. He has personally lived this lifestyle for over a decade, and now works with seven- and eight-figure entrepreneurs and investors who want to "go where they're treated best". ... Golden Visa Portugal Program Vitaly Sokolov 2019-11-09T17:31:34-05:00. A Tier A passport does not come without a hefty price tag. In all, Portugal issued 1,245 golden visas to investors and more than 2,000 visas to their dependent family members. If the property falls into the … Joel Nagel is arguably one of the most famous and well-respected lawyers in this space on the planet and has helped hundreds of clients from all over the globe to get a second residency and second passport abroad. If you already found your property, purchase it and submit your application as soon as possible. Who Should Consider the Portugal Golden Visa? Fortunately, when you renew your visa, the fees are slashed to 50% of those original rates. There are specific funds set up for Golden Visa investors, but you can also invest in traditional private equity funds or venture capital funds. Lastly, what do you mean with “It should be noted that, because of FATCA, not all funds are availabe to US persons who apply for the program.”? Caribbean citizenship-by-investment programs are some of the best established and most trusted investment schemes. Save my name, email, and website in this browser for the next time I comment. For example, I recently had a client from the United States who wants to continue living in the US. Finally, there are other ways to become a resident of Portugal, including demonstrating certain assets, getting a job in the country, or having a Portuguese spouse or domestic partner. The Nomad Capitalist team has helped hundreds of people create and execute holistic offshore plans to help them legally reduce their taxes, become dual citizens, and live the Nomad Capitalist lifestyle of success. If you schedule your interview in a less populated district, you might be able to reduce your waiting time. Hello Ibrahim, thank you for your comment! If you are interested you can send us your application and we’ll see how we can help you. Other European countries offer more affordable and less cumbersome programs that would allow you to reside in Portugal. I need to know if after the 5 years of Golden Visa Residence, I should apply for Permanent Residence first and wait for Citizenship. There is virtually no return on investment in Portugal; however, the investment is based on where you buy your property. Here are the details for the three different investment types: The Portuguese government offers three different real estate investment categories for investors. The benefit of the Golden Visa in comparison to these other residence pathways is that it allows you to bypass all of the normal requirements. Golden Visa Portugal Citizenship By Investment. Joel lives in Austria, so he will explain this in more detail. For example, the second option incentivizes rehabilitation of older properties by lowering the investment cost to 350.000€ ($398,000). Mikkel and Joel Nagel talk about the cost of obtaining both residency by investments and citizenship by investment in different countries. If all goes well, you will eventually receive a Portuguese passport, one of the more powerful passports in the world. But how can one do that? To qualify for residency and citizenship in Cyprus through a real estate investment … Golden Visa Portugal is becoming popular for citizenship by investment. So if Portugal is where you want to live, this is for you. 2. Contact our advisors for further details. They have what’s called the Sugar Fund and a contribution program. © 2017 - 2021 The Expat Money Show | Terms & Conditions | Privacy Policy | Disclaimer | Cookies Policy, Asset Protection Strategies for the Ultra Wealth: Applying the Flag theory. So, yes, many families started to become Portuguese citizens by investment. The SEF requires that documents be translated by a Portuguese notary or by a Portuguese consulate in the country of origin. Each of these three paths entitles you to a Portuguese residence permit, renewable twice over the course of five years before you can apply for Portuguese citizenship. There is also no requirement to visit the country for receiving citizenship or passport initially. Here is probably the most extensive ebook on Everything You Ever Wanted To Know About Eliminating Your Taxes, Protecting Your Assets And Regaining Privacy Over Your Life And Investments. If you’re not willing to make the real estate investments, pay the capital contributions, or pursue the entrepreneur route and pay the fees involved, you should consider a different program. In this regard, US citizens have become more interested in Portugal. There is no requirement to live in the country after making the investment. The government is infused with money either with a donation in some cases, other cases a bond with no interest. Investment can take many forms (such as creating a business that … is that most of these programs do not waive their taxation requirements for Golden Visa residents. Thank you for a very well written and informed article. When it comes to paperwork, Portugal’s process is more straightforward than many citizenship by investment programs in the Caribbean. Having a residence permit in most any Schengen country will give you more legitimacy when applying for visas in countries that still require you to obtain one. Under this investment option, the investor/main applicant can gain Portugal residency by investing under any of the following option: Acquire a property of minimum €500,000 or more worth. The US has the US EB5 Immigrant Investor Program and the EB2 Visa (Green Card). While your initial investment will not automatically get you a passport, it will set you on the path toward citizenship. OR is there an investment and you get the passport as a by-product. On top of those documents, you have to prove that you are committed to maintaining your investment for at least five years, as well as proof of your investment. To be eligible for the Golden Visa, you must meet several requirements. In some countries, you can get a residence permit by hiring a few employees. But we are split equally between all generations right up to 70. Ireland Investment Visa. Here is a quick summary on changes that happened: Montenegro will be officially opening for applications only in late 2019 or early 2020, until then … Quality of life looking to reside in Portugal in 5 years ' 2019. Applying for either second residency in a place becomes successful, they won ’ t have to submit copy! 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