Portugal Golden Visa
The Portugal Golden Visa is an immigrant investor program by the government of Portugal that granted residency in Portugal to people who invested in properties worth at least €500,000 or created 10 jobs in Portugal.[1]
Golden Visa processing backlogs
[edit]Despite being advertised as a fast route to a residence card, processing of Golden Visas is extremely slow with many investors left without a residency card despite waiting multiple years after applying. As of 2023, the backlog would take an estimated 7 years, or until 2030 to be processed.[2]
This has led investors to file lawsuits to hold the Portuguese Foreigners and Borders Service to the legally mandated 90 day processing time. However such lawsuits only move the winner to the front of the line and do not change the overall backlog. As of beginning of May 2024 around 50 lawsuits were filed per day.[3] As of 10 May 2024 there were 7,500 lawsuits pending in total, which Porto's mayor Rui Moreira described as "a scandal".[4]
Golden Visa lawsuit backlogs
[edit]Despite lawsuits being advertised as a way to get the residence card within a reasonable time, there are now so many lawsuits that the courts themselves are paralyzed by a lawsuit backlog, and wait time for a lawsuit to be heard is steadily growing. As of end of May 2024 the courts were receiving around 100 new lawsuits per day.[5]
History
[edit]The scheme began in 2012.[6][7] By 2024, the country has received 7.3 billion euros of funds through the program.[8]
In August 2019, according to SEF, Chinese investment in Portugal under the scheme was down during the first eight months of 2019 a decrease of 15.7 percent from the same period of 2018. Investment by Brazilian nationals under the same scheme was up by almost 42 percent in 2019.[9] Spain and Greece have programs comparable to Portugal's Gold Visa program.[10]
The terms and criteria for the Golden visa program has changed over time and the country has tightened the rules to obtain the visa by simply buying a property in the country.[11][12]
Eligibility
[edit]The eligibility criteria to obtain a Portugal Golden Visa included:
- A Capital Transfer with a value equal to or above €1,5 million
- The creation of at least 10 jobs
- The purchase of real estate property of at least €500,000 or above
- The purchase of real estate property, with construction dating back more than 30 years or located in urban regeneration areas, for refurbishing, for a total value equal to or above €350,000
- Capital transfer with a value equal to or above €500,000 for investing in research activities conducted by public or private scientific research institutions involved in the national scientific or technologic system
- Capital transfer with a value equal to or above €250,000 for investing in artistic output or supporting the arts[13]
- Capital transfer of the amount of €500,000, or higher, for the acquisition of units of investment funds or venture capital fund of funds dedicated to the capitalization of companies, capital injected under the Portuguese legislation, whose maturity, at the moment of the investment, is, at least, of five years and, at least, 60% of the investments is realized in commercial companies with head office in national territory
- Capital transfer of the amount of €500,000, or higher, for constitution of a commercial society with head office in the national territory, combined with the creation of five permanent working jobs, or for the reinforcement of the share capital of a commercial society with head office in national territory, already existing, with the creation or keeping of working jobs, with a minimum of five permanent jobs, and for a minimum period of three years.
Portuguese, European Union and European Economic Area nationals are not eligible for the ARI / Golden Visa scheme.[1]
See also
[edit]References
[edit]- ^ a b "ARI - Residence permit for investment activity". SEF.pt.
- ^ "Portugal's €4bn Golden Visa Backlog Would Take Until 2030 to Finish Processing, Insider Reveals". Investment Migration Insider Daily. 11 July 2023. Archived from the original on 17 Sep 2023.
- ^ "Migrants file 52 judicial complaints against AIMA per day". Portugal Resident. 3 May 2024. Archived from the original on 5 June 2024.
- ^ "Rui Moreira says that AIMA's operation "reaches the level of scandal"". Noticias Ao Minuto. 10 May 2024. Archived from the original on 5 June 2024.
- ^ "Residency requests "paralysing" courts". The Portugal News. 24 May 2024. Archived from the original on 5 June 2024.
- ^ Lima,Bloomberg, Henrique Almeida,Joao. "What's a golden visa and where can you still get one?". Fortune. Retrieved 11 December 2024.
Portugal, for example, started offering golden visas in 2012 to non-EU nationals willing to spend at least €500,000 ($557,000) on a property, invest in a fund, or start a company and create jobs. Later, the requirement for property investment was lowered to €350,000.
{{cite news}}: CS1 maint: multiple names: authors list (link) - ^ Mendonca, Susana (19 March 2014). "The winners and losers of Portugal's golden visa scheme". BBC News.
- ^ Demony, Catarina; Vicente Rua, Patricia. "Portugal's revamped golden visa scheme to boost investment funds". Retrieved 11 December 2024.
The scheme, which offers wealthy non-EU nationals who invest in Portugal the right to live in the country, has attracted 7.3 billion euros ($8 billion) of funds since its 2012 launch.
- ^ "More Brazilians and less Chinese taking up golden visa". The Portugal News. 27 September 2019. Retrieved 25 October 2019.
- ^ "SEF - Serviço de Estrangeiros e Fronteiras". Portal Serviço de Estrangeiros e Fronteiras.
- ^ Rappaport, Sarah (2 November 2024). "Looking to Move Abroad From the US? Here's How". Bloomberg. Retrieved 11 December 2024.
Portugal, for instance, has changed the terms of its golden visa program, making it harder to get approval by simply buying property in the country.
- ^ Demony, Catarina; Vicente Rua, Patricia. "Portugal's revamped golden visa scheme to boost investment funds". Reuters. Retrieved 11 December 2024.
The Portuguese government has tightened the rules
- ^ Pierce, Harrison. "You Can Legally 'Buy' a Second Passport From These Countries — What to Know". Travel + Leisure. Retrieved 11 December 2024.
Other countries, like Portugal, offer residence by investment. In Portugal's case, you can invest a minimum contribution of 250,000 euros to gain a five-year residency permit; after that, you're eligible to apply for citizenship.
Cost Of Living Portugal Golden Visa
External links
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