Rasheed Alkhanji QICMS
Published 11:45 AM 31 August 2021
Updated 11:35 AM 10 November 2021
Lovely weather, tax benefits, strong and steady economy, a safe environment, access to world-class education and healthcare, affordability; these are just a few reasons why investors and families are turning their attention to Portugal.
INTERNATIONS, an international community for expatriates and immigrants, conducted a research study around the best countries in the world for immigrants, and Portugal jumped from 28th place to ranking 5th. It is evident that this country is growing in popularity, with the numbers exceeding 500,000 foreigners who are residing within Portugal, according to Eduardo Cabrita, Portugal’s Minister of Internal Administration.
The life you’re after
Located in the South of Europe, Portugal embraces its deep-rooted history and celebrates its diverse cultures. The world is looking at this country as they lead in sustainable green movements, provide spacious property options and enjoy a Mediterranean climate, with average temperatures reaching 24-degrees Celsius. Many Arabs, Chinese, Russians and South Africans have opted to immigrate to this country for its benefits including the diverse business landscape and safe, family-friendly cities.
“What Portugal offers in bucket loads, and always has and always will, is quality of life. Your cost of living is relatively low, and your standard of living is high. People often emphasize the sunshine and the great beaches, which of course we do have, but in reality, you are dealing with a country that is rated as one of the top 15 healthcare systems, ranked 11th in the world for infrastructure, and has phenomenal education – all of which is very accessible. There is no pollution or traffic, and we are the 4th safest country in the world. This lifestyle, along with the Golden Visa benefits and non-habitual residence, is what makes Portugal so attractive,”
What about other EU countries?
As an investor, you may be wondering why the Golden Visa program is the best option. In comparison to other European Residency & Citizenship by investment programs in countries like Spain and Ireland, Portugal stands out as the best option. The advantages lie in the following comparisons:
• You are allowed to travel, work and study freely within the country.
• Portugal requires the investor to be in the country only 7 days per year in comparison to other European countries that require 183 days per year.
• Portugal holds a strong tax incentive program with a myriad of benefits like 0% on international passive income, and a non-Habitual Residents Tax which allows for a 10-years tax ‘holiday’.
Portugal residency by investment
Launched by the Portuguese Government in 2012, the Portugal Golden Visa program is aimed at encouraging investment into the country. By investing between EUR 280,000 - EUR 500,000 into Portugal, you can qualify to apply for this sought-after visa.
As a Golden Visa holder in Portugal, you will become a member of the European Union and will therefore have access to the all-inclusive Portugal way of life and can travel visa-free into Schengen countries. You will also have the ability to work and study throughout the EU and EEA.
“We have been monitoring the interest that the Portugal Golden Visa has had. What makes Portugal so attractive is that it is an alternative residency that leads to citizenship. We are seeing a massive surge of Arabs, Chinese, Russians and South Africans looking for a possible ‘Plan B’, where the requirements are not so onerous. With regard to the Golden Visa in Portugal, you only have to prove that you have been in the country for 7 days in the first year or 14 days in the first two years. After 5 years, you are eligible to transition from residency to citizenship.”
Golden Visa updates
Portugal’s Council of Ministers announced changes to Portugal’s Golden Visa program towards the end of 2021. The council has now introduced a new decree-law that states that this program will focus on property inland, shifting away from the densely populated, metropolitan cities of Lisbon and Porto to name a few.
The objective of this decree is to expand investment across the country to redistribute the country’s wealth and increase property development in high growth parts of Portugal. These areas include the island municipalities of Azores and Madeira that provide beautiful Mediterranean ambiance and views. This will assist in creating equality and opportunity across the country.
This decree will be enforced by January 2022, leaving investors less than 100 days window period to start the application process and move to the bustling, more established cities within Portugal.
In July 2021; 41 main applicants were granted Golden Visa status by SEF. 64 family members accompanied the main applicants as dependents.
In terms of nationalities, the breakdown for the month of July 2021 is: 10 Chinese, 5 Russians, 5 United Arab Emirates, 4 Brazilians and 3 Turkish.
In terms of investment type, the breakdown for the month of July 2021 is: 35 applicants purchased real estate (24 for €500,000+ properties / 11 for €350,000 renovated properties), 6 applicants pursued capital transfer and 6 for Portuguese investment funds.
The Portuguese Golden Visa is a residency by investment program that allows non-EU nationals to make an investment in Portugal and get a residence permit. The permit allows applicants to live, work, and study in Portugal, travel freely across Europe, and eventually become a Portuguese citizen at the end of five years.
If you are looking to invest in a property or vacation home, Portugal’s Golden Visa Permit Program is the perfect choice for European residency investment solutions.
Quebec Investment Consultation & Management Services (QICMS) LLC is a multidisciplinary team of experienced and highly qualified professionals that assist worldwide clients with investments and residency or citizenship in Portugal. Contact our office today to discuss Residency by Investment opportunities with one of Europe’s most desirable Golden Visa Programs.
For more information on Portugal’s Golden Residence Permit Program, please click here.
To view our Citizenship and Residency Programs by Investment in Real Estate comparison table, please click here.
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