Since its launch in 2012, Golden Visa Portugal has been the most preferred residency by investment program in Europe. The program provides foreign investors residency in return for a qualifying investment. Furthermore, the families of these investors have benefited.
Since 2012, the program has attracted more than €5 billion and 10,000 investors.
The top countries that show the most interest in the program have been China, Brazil, and Turkey. These days, Australian citizens are also showing interest in Golden Visa in Portugal. The main reason for this is the lockdowns due to COVID-19. The program allows an easy and fast process to get a European residency.
Australian Citizens Can Obtain Portuguese Citizenship With Their Portugal Golden Visa
The program can lead to Portuguese citizenship after five years. Also, Australia allows dual citizenship.
At the first step, you’ll get a temporary residency that is valid for two years. You need to stay in Portugal for a minimum of 14 days within these two years. Then, you can renew your residence permit for another three years. Again, you need to stay in Portugal for a minimum of 21 days within these three years.
Golden Visa in Portugal allows you free travel within the Schengen Zone as well. So, before you get citizenship, you’ll have the right to travel among Schengen countries without any visa.
At the end of this five-year period, you can be eligible to apply for citizenship. You also need to enter a basic Portuguese language exam to get citizenship. A Portuguese passport allows you to work, study and stay anywhere in the EU.
About the Program of Golden Visa for Portugal
Citizens who are not from the EU, EEA, or Switzerland can apply for this program. Applicants need to be over the age of 18 and have a clean criminal record.
As a first step, you make a qualifying investment in Portugal. You have many investment options including real estate acquisition, fund investment, capital transfer, and many others.
Investment Options To Get Portugal Golden Visa
- Buy a real estate property at a minimum value of €500,000. If the property is in a low-density area, the required amount drops to €400,000
- Buy a real estate property with a minimum value of €350,000. It must be older than 30 years and needs to be renovated. If it’s in a low-density area, the minimum investment amount drops to €280,000
- Subscribe to a qualifying Portugal investment fund. The minimum required amount for this is €350,000
- Complete a capital transfer of €1 million
- Launch a company that creates a minimum of 10 jobs for Portuguese citizens
- Invest €250,000 in the arts or in the refurbishment of national heritage projects in Portugal
These are the current investment requirements of the program. However, there’ll be some changes that will come into effect as of Jan. 1, 2022. According to this, the investment amount for fund subscription will increase to €500,000. Also, residential properties bought in Lisbon, Porto, and along the coast will not be qualifying investments for Golden Visa.
Benefits of Portugal Golden Visa for Australian Citizens
Applicants can enjoy many benefits of this program. Let’s look at some of them.
Family Members Can Benefit As Well
Family inclusion is one of the attractive parts of this program. The family members include your spouse and children under the age of 18. If they are above 18 and full-time students and financially dependent on you, they can benefit as well. Your parents over 65 can also be included.
Live, Work, and Study in Portugal
Golden Visa in Portugal provides you with the right to live, work, and study in Portugal. Your family members can benefit from these rights as well.
So, your children can also benefit from the education system in Portugal. Portugal has many international schools offering different curricula like British and American. The British School of Lisbon, International School Cascais, and St. James Primary School are only some of them.
You Can Travel Within Europe More Easily
Because Lisbon is close to the rest of Europe, you can travel more easily if you live in Portugal.
Lower Cost of Living
In general, the cost of living in Portugal is less than it’s in Australia. According to Numbeo, grocery prices in Australia are 91.55 percent higher than in Portugal. The consumer, rent, and restaurant prices are also on average 70 percent higher in Australia than in Portugal.