ALMEIDA DIAS & ASSOCIADOS, following the introduction of Law N.29/2012 of August the 9th, which established special legal terms for issue and renewal of residence permits based on investment, created a legal department dedicated to providing aid to investors that live or aim to live in Portugal, by way of obtaining a Residence Permit for Investment Activity, usually called GOLDEN VISA.
The Golden Visa program allows citizens from outside the European Union to invest in Portuguese Territory and consequently obtaining a temporary residence permit.
This program grants the Visa holder and close relatives, in equal terms, the right to live and work in Portugal, benefit from free circulation within the Schengen Area (of 26 European countries) and, later on, if the applicant wishes, apply for a permanent residence permit or even Portuguese citizenship.
The initial requirements to apply for a Golden Visa are the following as per the Portuguese Law:
- Transfer of funds in the amount of 1.000.000,00 (One Million Euros) or over;
- Creation of at least 10 jobs;
- Acquisition of real estate in the amount of € 500.000,00 (Five hundred thousand Euros or over;
- Acquisition of real estate, whose construction has been concluded for over 30 years or located in specific areas for urban rehabilitation and making rehabilitation work for the property in an investment that equals or exceeds € 350.000,00 (three hundred and fifty thousand Euros).
- Transfer of funds in the amount of € 350.000,00 (three hundred and fifty thousand Euros) or over, to fund research activities developed by public or private institutions for scientific research, integrated in the national science and technology program.
- Transfer of funds in the amount of €250.000,00 (two hundred and fifty thousand euros) or over, to invest or support the artistic production, recovery or maintenance of Portuguese cultural assets, through the central administration, public institutes, state run companies, public foundations, private foundations deemed of public utility, inter-municipal entities, municipal associations and public cultural associations, that have their objectives in the area of artistic production, recovery or maintenance of Portuguese cultural assets.
- Transfer of funds in the amount of € 350.000,00 (three hundred and fifty thousand Euros) or over, destined to acquire participation in investment funds or venture capital aimed at the capitalization of companies, incorporated under Portuguese law, aged, at the time of investment, over five years and, at least, 60% of the investment being made in companies with headquarters in Portuguese territory.
- Transfer of funds in the amount of € 350.000,00 (three hundred and fifty thousand Euros) or over, destined to the incorporation of a company with headquarters in Portuguese territory with creation of, at least, five permanent job positions; or the reinforcement of the share capital of a company with headquarters in Portuguese territory and creation or maintenance of, at least, five permanent job positions, for a minimum of three years..
In any of the cases above, the investment effort must be maintained for the minimum period of 5 (five) years.
The services provided by our department handling GOLDEN VISA include legal support throughout the whole process of acquisition of temporary residency (including Real Estate acquisition or Company incorporation according to Portuguese Law), as well as 2 (two) renewal processes during the relevant period of 5 (five) years.
Said department is comprised of responsible professionals targeted at customer support, should it be required, in other legal areas such as fiscal representation (mandatory by law), utilities service (e.g. Electricity and Water supply contracts) and any question regarding the rental of properties.
In case you need any further information regarding the Portuguese Golden Visa Program, do not hesitate to contact us using any of the available methods.