As a UK National, Brexit has caused somewhat of a headache in terms of being able to live and work in Europe. Laws and legislation changed overnight and have people with little choice but to find alternatives to continue life as they know it. Find out how a Portuguese passport will help.
PORTUGAL RESIDENCY BY INVESTMENT PROGRAMME
UNLOCK THE DOOR TO GLOBAL CITIZENSHIP
Portugal is the westernmost European country. Its colonies extended across Africa, Brazil, Persia, Indochina, and the Malay Peninsula, creating one of the world’s most globalised and peaceful nations. Portugal is considered very safe and has a low crime rate. Although Portuguese is the official language, English is widely spoken in tourist regions.
The country is a member of the Schengen area and began using the euro as its currency in 2002. While Portugal is shifting towards offering business-oriented services, a third of its economy remains in manufacturing. It is the world’s largest supplier of cork and enjoys the benefits of strong tourism industry.
Portugal has produced streamlined legislation to create an efficient process by which non-EU citizens may obtain a residence permit based on the investment. The legislation offers three qualifying routes of committing funds to obtain residence status under the Golden Residence Permit program, which must be maintained for a minimum of five years. After five years as a resident, the applicant is eligible to apply for Portuguese citizenship.
HOW TO OBTAIN PORTUGUESE RESIDENCY
BY INVESTING IN PROPERTY
Invest in property valued at €500,000 or more.
Invest in property valued at €350,000 or more for properties built before 1990, or located in urban regeneration areas designated for refurbishing.
Purchase of property fitting any of the above requirements with a 20% reduction on the minimum amount of investment, if purchased in a low-density population area (€400,000 or €280,000).
BY CAPITAL TRANSFER
Capital transfer of at least €350,000 in research activities or capital transfer of at least €250,000 in support of artistic production.
Capital transfer of at least €350,000 for the acquisition of units of investment funds or venture capital funds for the capitalisation of companies whose maturity at the time of the investment is at least 5 years and at least 60% of the value of investments will be realised in commercial companies based in Portugal.
€350,000 constitution of a commercial society with head office in Portugal and creation of 5 permanent working jobs.
€1,000,000 capital transfer to a Portuguese bank.
BY CREATING JOBS
Create a minimum of 10 new job places.
BENEFITS OF SECOND CITIZENSHIP IN PORTUGAL
INVESTMENT OPPORTUNITIES
With attractive yields of up to 7% and 5% average capital appreciation, Portuguese property is a good
opportunity for investors looking for high
quality assets.
MIN STAY REQUIREMENTS
Portugal offers a low physical presence requirement; a total of 35 days in the 5 year period.
EU CITIZENSHIP
After 5 years you can apply for Permanent Residency or Citizenship. Once citizenship is obtained, you can live work, and study in any of the 27 EU countries.
VISA FREE TRAVEL
The Golden Residence Programme in Portugal grants visa-free access within the 26 members of the Schengen zone.
TAXATION IN PORTUGAL
Non habitual residents in Portugal enjoy various tax benefits:
• Special personal income tax treatment over a 10-year period.
• 20% flat rate for certain Portuguese source incomes (from specific professions as well as income
from self-employment).
• Tax exemption for gifts or inheritance to direct family members.
Under the NHR tax regime, Portugal doesn’t tax most foreign source income earned by NHR
individuals because the income may have been taxed abroad as a result of a Double Taxation Agreement (DTA).
Non-residents are liable to income tax only on Portuguese-source income, which includes not only that portion of remuneration that can be allocated to the activity carried out in Portugal but also remuneration that is borne by a Portuguese company or permanent establishment (PE).
Non residents are taxed at a flat rate of 25% on their taxable remuneration in 2020.
THE APPLICATION PROCESS
The initial Golden Visa grants temporary residence for two years. The visa can be
renewed for successive periods of two years at a time, providing that the
requirements are met.
The process of gaining citizenship in Portugal takes approximately five years. Here is an overview of the process:
1-6 MONTHS
Your investment is secured, and your application is submitted.
MONTH 6
Application is approved and Golden Visa cards are issued for a 2 year period.
YEAR 2
Your Golden Visa is renewed for two years, providing that all the requirements have been met.
YEAR 4
Your Golden Visa is renewed for another two years, providing that all the requirements have been met.
YEAR 5
Application for citizenship is submitted and EU passports are obtained.
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