words Al Woods
In Henley & Partners’ Global Residence and Citizenship Programs 2017-2018 report, it was demonstrated that Portugal has the world’s top residence-by-investment program. But what makes it so attractive?
The Investment Migration Insider announced that Portugal’s Golden Residence Permit Program was the best residence-by-investment program in the world for the third year in a row.
The program achieved a score of 79 out of 100 after being assessed on ten indicators: citizenship requirements, compliance, financial requirements, processing time and quality of processing, quality of life, reputation, taxation, time to citizenship, total costs, and visa-free access.
Dr. Christian H. Kälin, an international immigration and citizen law expert at Henley & Partners pointed out: “The Global Residence and Citizenship Programs report is an indispensable tool, not only for all those interested in alternative residence or citizenship but also for professionals such as private client advisors, private bankers, and lawyers, as well as for governments operating investment migration programs.”
So why Portugal? How has Portugal become an attractive investment opportunity? This brief guide will shine the spotlight on the country’s Golden Residence Permit Program and also look into other investment opportunities available within the nation.
What is the Golden Residence Permit Program in Portugal?
It’s only non-EU nationals that can gain access to the program through investment. It’s not available to Portuguese nationals or nationals of the EU and European Economic Area. This provides non-EU nationals with the opportunity to obtain residence status and contributes towards their eligibility for a citizenship application following six years as a legal resident.
What are permit holders entitled to?
- Benefit from family reunification. They — may also gain access to a permanent residence permit and Portuguese citizenship in accordance with the current legal provisions.
- Enter Portugal without the need for a residential visa.
- Live and work in Portugal — bearing in mind that the minimum residencee requirement to qualify for the renewal of a Golden Residence Permit is seven days in the first year of residence for entitlement to the first renewal and then 14 days over the two subsequent two-year periods required for the next renewals.
- Apply for Portuguese nationality, via naturalization, in compliance with Nationality Law requirements.
- Travel visa-free within the Schengen Area.
The program proved popular soon after it was implemented in the country. Between the scheme beginning in 2012 and BBC News spotlighting the program on March 19th 2014, the Portuguese government stated that 734 permits had been issued — generating over EUR 440 million in the process through property sales, investment in capital, and the creation of new jobs across Portugal.
Why Portugal?
Even if you’re not eligible for a Golden Residence Permit, there are still reasons why Portugal is a great opportunity for investment.
The first reason is that the country regulates tax policies with other EU nations. Also, Portugal still boasts one of the lowest costs of living in the EU today. Portugal travel is fast and easy too. Its business-related costs and labor costs are both considerably lower when compared to many other Western European nations too, while the country also has one of the lowest crime rates throughout all of Europe.
When it comes to geopolitical relations, Portugal is in a great place too. This is with Africa and the Americas on top of those with Europe. Not only is the nation an EU member, but it also still has close ties with Angola, Brazil, Macau, and Mozambique and can be a gateway to other Portuguese-speaking markets.
Has your interest been sparked to invest in Portugal? Are you planning a trip to Portugal? You’ll be pleased to know that the country has well-developed IT and physical infrastructure, too. Meanwhile, property investors will have many appealing locations to choose from; Portugal plays host to many sites of natural beauty, owing to its various rivers, mountains, and clean sandy beaches.
If you’re into property investment, take note that their clientele will cover many walks of life. For instance, Portugal proves very appealing to tourists — surely helped by the fact that the nation enjoys over 300 days of sunshine each year — and has a quality of life that is favorable to those looking for a peaceful destination to retire to. This is not forgetting the sports fans, who are likely to find Portugal attractive for being the largest area covered by golf courses in the whole of southern Europe.
There are a range of ventures to explore and invest in when it comes to Portugal. The capital city, Lisbon, is a cultural melting pot, helped along by the fact that the annual Web Summit conference attracts tens of thousands of business people to the district every year. Meanwhile, the island of Madeira was shown in a recent INE report to have the second highest rate of recent property value growth and the Algarve is an area of Portugal that is regularly in demand.
Taking the above into consideration, it is little wonder that Portugal is a nation that catches the eye and attention of so many investors. Will you be next to invest in the country?
