Portugal may be the most popular golden visa program in the world. The application steps and process is quite delicate and requires lot of patience and handling. The entire process can take anywhere from 4-8 months.
The first step to start the application process is to obtain tax number for opening bank account in Portugal. We will give you insights on what goes on with the application process for portuguese golden visa program.
The Golden Visa application consists of the 3 initial steps are the following:
- Obtaining a Portuguese Tax Number (NIF) ;
- Opening a Portuguese Bank Account;
- Transfer into the Portuguese Bank Account the funds addressed to property investment.
Tax Number
The NIF Tax Number obtainment online filing a TIN application, the below are the required documents:
- Passport copy;
- Proof of address;
Bank Account
Portugal has close 70 retail banks operating. The most popular banks for expats are below, many banks offer english language services and majority of bank staff speak good english
- Caixa Geral de Depósitos
- Banco Santander
- Banco Comercial Portugues (Millennium BCP)
- Novo Banco.
- Banco Português de Investimento (BPI)
- Crédito Agrícola
- Banco Millennium Atlântico
- Montepio
- Banco CTT
- Banco Best
- Banco Invest
- Bankinter
- Deutsche Bank
- Banco Bilbao Vizcaya Argentaria (BBVA)
- Citibank International
- Abanca
Regarding the Bank account opening, you have to provide the following documentation:
- Passport copy;
- Proof of address;
- Proof of employment;
- Tax Number (ID card) from origin and residency country;
- Portuguese Tax Number.
- Bank statement
- Tax Return
Once these steps are completed, you will be in a position of legally purchase a property in Portugal and as soon as you provide the aforementioned documents, we are able to draft the necessary documents to be signed.
Property purchase
Regarding the procedure of purchasing a property, please note the following short comments:
- Usually, the sellers require a small payment (5-10%) to reserve a property and take it out of the market for a brief period (usually around 30 days).
- Within the next 30 days, it shall be:
- Granted a deed of purchase and sale (which transfers property ownership to the buyer);
- In case the granting of the public deed is not possible/convenient within the 30 days, parties usually enter a promissory contract of purchase (which legally block the property to the buyer until the deed is granted).
Once the Golden Visa investment threshold is achieved you will be entitled to apply for the Golden Visa.
Filing Golden Visa Application
The Golden Visa application itself is comprised of 3 main steps:
- Application (through the Immigration Office’s website, where scanned copies of the required documentation are uploaded);
- Pre-Approval: The Immigration Office will analyze and rule on the application submitted online. The pre-approval means that the Immigration Offices confirms the documentation is complete and valid, allowing you to move forward to the actual submission of the original documentation and biometrics collections (fingerprint scanning, digital photo and digital signature);
- Schedule of Appointment for Documentation Submission and Biometrics Collection (in person).
The required documentation is the following:
- For the Main Investor:
- Police certificate of no Criminal Record;
- Tax Number from the country of origin or residence.
All the above documentation shall be translated into Portuguese (you can send us in English and we will translate it), issued no longer than 90 days when submitted to the Immigration Office and duly legalized (certified by Local Authorities and either at Portuguese Consulate or Apostilled).
All the Portuguese documentation (relating to the property and the investment) can be directly obtained by the law firm.
The entire process takes between 4-9 months.
Please contact us for more information if you have any questions.
