With the changes in the legal provisions of Portuguese Immigration Act as at January 2013, there is now a legal resident status, called “Golden Residence Permit”, which is granted to the Foreign Nationals for the purpose of conducting investment activities in Portugal.
Under the Golden Visa programme, non-EU citizens simply must carry out one of the investments criteria laid out in the Act to qualify and obtain a residency permit in Portugal. This residency permit will allow the investor to enter and/or live in Portugal and to travel freely within the vast majority of European countries (Schengen space).
Investment Route – The Golden Visa
The government approved investment routes are:
1. Acquisition of real estate with a value of at least €500.000
2. Capital investment of at least €1.000.000
3. Creation of at least 10 new jobs
Residence permit can be granted to non EU citizen or citizens from States that are not part of the Schengen Convention.
The Golden Residence Permit is valid for a period of one year as from issuance date (being renewable for successive periods of two years) and enables the individual to travel around the Schengen area.
Investments that meet these criteria allow an applicant residency in Portugal for 5 years. Investments must be held for the duration of this period.
Validity Periods: The temporary residence permit is valid for the period of one year from the date of issue and may be renewed for successive periods of two years as long as the conditions necessary for it to be granted remain in place
Conditions: must regularize their stay in Portugal within 90 days of their first entry into the country (obtaining, in cases in which it is necessary, a short term visa – Schengen visa – issued by the Portuguese Consulate in the country of origin) and prove they have met the minimum quantitative requirements for the chosen investment activity.
For the purposes of renewal, applicants must demonstrate that they have stayed in Portugal for at least (i) 7 days in the first year and (ii) 14 days in each subsequent period of two years.
Residence permit shall be renewed for a period of two years pursuant, provided the requirements remain valid.
At the end of this period applicants are eligible to apply for Portuguese citizenship.