Portugal Citizenship by Investment: What steps to take in 2024?

Due to the favourable business environment, high standard of living and strategic geographical location within Europe, Portugal is one the top countries for citizenship by investment.

So as we move into 2024, many investors are looking at the Portuguese Golden Visa program as a second passport for them.

This step-by-step guide will show you how the process works, why it is a good investment for the Indian counterpart and what FRR Immigration can do to ease the whole process.

Why choose Portugal Citizenship by Investment?

The Portuguese Citizenship By Investment, also widely known as the Golden Visa is one of the most popular Investment Based Immigration globally. Introduced in 2012, this program permits non-EU citizens through investment to acquire residency in Portugal.

If the investment is maintained, and residency conditions are fulfilled, applicants can then pursue Portuguese citizenship and enjoy its numerous benefits like its health insurance.

Key benefits of obtaining Portuguese Citizenship by Investment:

• Visa-Free Travel: You can visit and reside in more than 190 countries without having to obtain a visa or obtaining a Visa on Arrival; this includes all EU countries, the Schengen Zone, as well as the UK and Canada.
• Quality of Life: You will enjoy a high quality of life, access to great medical services, and have plenty of educational opportunities plus the benefits of a lively cultural legacy.
• Tax Incentives: One of the best tax systems in the world can be found in Portugal, including a Non-Habitual Resident (NHR) regime that can greatly reduce your tax liability.

Steps to Portugal Citizenship by Investment 2024

Step 1 – Choose the right investment option

In order to apply for a Golden Visa, the applicant shall first and foremost make a considerable financial investment in Portugal. The Investment options in 2024 are:

1. Real estate: In real estate, the requirement is to acquire property within an urban center for a minimum of €500,000, or for €400,000 in the countryside, plus a house that is more than a 30-year old property. Or invest in areas for urban refurbishment for at least €350,000 or €280,000 in low-density regions.
2. Capital transfer: Transfer to a Portuguese bank account 1.5 million euros or more.  Invest in an investment fund.
3. Creation of jobs: Invest in the local business, or create ten jobs or more in Portugal.
4. Investment in research or artistic work: Pour more than €500000 into research of a scientific or technologic nature, or contribute, through donations, to the maintenance of the national heritage or artistic output of more than €250000.
5. Investment in the amount of venture capital funds: At least €500,000 in a qualifying Portuguese venture capital or private equity fund.

The investment vehicle that is most suitable will essentially be determined according to the financial objectives and nature of returns a person intends to earn. Property, due to all the appreciation possibilities or rental income, yet remains the most common option to invest in.

Step 2: Submit Your Application

Once done with your investment, you’ll then proceed to apply for your Golden Visa. It includes the following steps:

1. Gather Required Documents: a valid passport, proof of investment, health insurance, clean criminal record, and residence proof in Portugal. All documents have to be translated into Portuguese and notarized.
2. Submission of Application: The application will be submitted to SEF, namely to the Serviço de Estrangeiros e Fronteiras, an immigration and border services authority of Portugal, online or through submitting at authorized agents.
3. Biometric Enrollment: The biometric collection appointment will be scheduled at a collection center in Portugal after you have submitted your application.

Step 3: Receive and Renew the Golden Visa

Upon approval, you or the beneficiary of the investment is in possession of a Residence Permit, a Golden Visa in force for an initial period of two years. To renew your authorized stay, you just need to:

1. Maintain 7-day Stay in the Country Each Year — This way, you show a deep relation with the country.
2. Renew Your Visa Every Two Years: Every renewal mandates that you must have spent at least 14 days in the country over the last two years.

 Step 4: Permanent Residency or Citizenship

Having a Golden Visa permit for five years allows you to apply for a permanent residence permit or Portuguese citizenship. You become eligible for citizenship in the situation where you:

1. Fulfill the Residency Requirement: Maintain the investment, and meet the minimum stay conditions, which is an average of 7 days per year.
2. Pass a Basic Portuguese Language Test: Pass an A2 level test proving basic knowledge of the Portuguese language.
3. Maintain a Clean Criminal Record: There shouldn’t be any mentions against you in either Portugal or your country of origin.

Once these requirements are met, you can further apply for Portuguese citizenship; this generally takes 6 to 12 months to be approved.

Key Considerations for 2024 Applicants

Investment Thresholds: From time to time, the Portuguese government revises and updates the minimum amount of investment that is required in different activities to grant a Golden Visa. It is, hence, a prudent thing to keep oneself updated with any changes that might affect your qualification based on investment.

Real Estate Market Trends: The real estate market in Portugal is very dynamic. There are huge differences in property values between urban centers like Lisbon and Porto and rural areas. Consulting local experts will help to identify the best investment opportunities.

Tax Implications: While Portugal does provide quite impressive tax breaks, it remains very important to have regard for the tax duty that one has both in Portugal and one’s home country. A tax advisor will help you optimize your tax strategy.

How can FRR Immigration help Indian Investors?

It is really complicated passing through the Portugal Citizenship by Investment Program. Even more, this could be cumbersome for those investors not having a knowledge base about the laws and acts of the country. That is where the role and significance of FRR Immigration come into existence.

Based in India, FRR Immigration is here to help secure citizenship of Portugal for Indian nationals through the investment route. With in-depth understandings of legal frameworks between the two countries, it offers a wide range of services:

• Personalized Consultation: Customized advice on the most appropriate investment alternatives in view of your financial goals
• Document Preparation and Submission: Ensuring all the paperwork is complete, accurate, and submitted in a timely manner
• Legal and Tax Advisory: Be advised about compliance with Portuguese immigration laws and the optimization of your tax position
• Assistance Following Approval: Renew your Golden Visa, relocation assistance in Portugal, and applications for citizenship

In association with FRR Immigration, our skillful immigration consultants will make sure that obtaining citizenship of Portugal by investment will be hassle-free and smooth for your transition into the new life in Europe.