Golden Visa Process: The Necessary Requirements and Documents
The Portuguese Golden Visa Program was designed to attract investors and investment to Portugal through financial investment in companies or property investment, allowing those who apply free circulation through the Schengen Area and ultimately, after six years, to apply for Portuguese citizenship.
Any non-EU citizens may apply, giving that they meet at least one of these requirements:
- Transfer at least €1 million into Portugal
- Create at least 10 job positions in Portugal
- Purchase of real estate property in Portugal worth at least €500,000
- Purchase of real estate property in Portuguese urban regeneration areas or with more than 30 years for at least 350,000€
- Investment of at least €350,000 in scientific research in Portugal
- Investment of at least €250,000 in Portuguese arts, culture and heritage
- Investment of at least €500,000 in small and medium businesses in Portugal.
The first step would be to choose the best way for you to make the investment, have in mind the duration of the process, but also the return on your investment, which some of the options may offer. The process to obtain a Portuguese Golden Visa can take time, so keep in mind to do everything with time and patience. The length of the process will also depend on the location of the property or if you want a mortgage or not,and how long the due diligence and various checks may take.
So, first things first. The process begins with the selection of the property investment and completing the necessary formalities. After the purchase of the property – for which you must have in consideration the time it may take, the purchase process and the charges applied – you must also have a bank account and obtain a Portuguese NIF (Tax Number), without which you will not have the possibility to apply for the Golden Visa.
The Documents Needed for this Process
When you first apply for the Portuguese Golden Visa, you should have in consideration that you must have on you the following documents:
– A valid Passport and Schengen Visa
– A return flight ticket to your home country
– A Bank Statement or other proof of address
– A valid payment method (credit or debit card) for various Fees: See our blog Post about the “Costs you Need to Know Before applying to the Golden Visa”.
– The passport or passports of the family members to be included in the application
There are other documents you will need to gather to complete your application to the Portuguese Golden Visa and they include a police clearance record, a marriage certificate as well as the proof of relationship for other family members.
After you purchase the property, with a signed deed and all formalities associated with that process complete, you and other family members can come to Portugal to provide the Biometric records to the Portuguese Immigration authority, the SEF.
After Submitting your Application for the Golden Visa
Once the residency application is submitted, the Immigration Services will analyze and give their approval, for which the average time of response is currently between 6 to 9 months – depending on the location of the property. After approval, you will be issued a temporary residence permit, valid for one year, during which you will have to spend a minimum of 7 days in the country.
When your first year approaches the end – 90 days prior to end date – you can apply for a renewal, which, if accepted, will extend your Golden Visa permit for 2 more years. During this time, you will be obligated to spend a minimum of 14 days in Portugal for your permit to stay valid.
After this time – 3 years in total – you can apply for a second renewal, which, if approved, will give the same benefits as the previous one: extend the permit for two more years with a 2-week period minimum stay in Portugal. After these five years – giving that no issues or events that put in question your permit have occurred – you may ask for a third renewal as well as apply for Portuguese citizenship, which will allow you to have the same rights and benefits as a Portuguese born and apply for and carry a Portuguese passport.