The Golden Visa programme operated by Portugal has shown itself to be the most popular investment program of its kind in Europe as a whole.
What it amounts to is that for an investment of €500,000 in Portuguese property, investors and their families (including their children) will be given a residency permit which is renewable every 24 months.
Investors do not even have to be residents. The only proviso is that investors must spend at least 2-weeks in Portugal every 2 years.
Portugal is the No1 destination in Europe for expats looking to relocate. Its superb weather, stunning beaches (especially in the Algarve area) welcoming people and vibrant property market, make relocating to Portugal a very attractive proposition.
The expansion of the Golden Visa program
As an investment program, Golden Visa expended by 132% in the first half of this year (2016). According to the SEF (Serviço de Estrangeiros e Fronteiras), since the program was introduced 4-years ago, 3,715 Golden Visas have been issued.
Only last month 106 Visas were issued, with 104 being property purchases. Of the other two, one was capital transfer related and one was for providing at least 10 new jobs.
New rules came into being just under 1-year ago regarding properties purchased that needed renovating. The rules state that properties in this category should be at least 30-years old and that the value of the renovation project should be no less than €350,000 per project.
Access into Portugal’s Golden Visa program has now also been extended to anyone investing a minimum of €250,000 in an artistic project, or supporting the nation’s cultural heritage, or purchasing at least €500,000 worth of investment funding, or venture capital programs designed to fund SMEs (small to medium enterprises).
A superb investment opportunity in Portugal and the EU.
Portugal is still a superb investment opportunity for British expats, with properties still 25% to 30% below true market value, although signs are that prices are moving upwards, making now, a great time to buy.
For Brits in particular, in the aftermath of the Brexit vote, a Golden Visa permit in Portugal will grant full residency in 5-years, and citizenship in 6-years with the rights to reside, study or work anywhere within the EU, with the 2 weeks per 2-year residency rule still applying.
It makes Portugal an even more attractive proposition to pro-EU Brits.