The President announced his verdict and formally vetoed the new GV proposal on housing, sent it back to parliament for further legislative amendments. As a result, foreign investors have until October to take advantage of the reduced Golden Visa investment at €280,000 (instead of 350K) to buy into in portugal real estate market and secure a residency in Portugal.
The Parliament will reconvene in September after summer vacation and will vote with the amended Mais habitacio bill. After the bill is voted in parliament, it will be sent again for president’s signature by October, after which bill will become officially a law (will be implemented after five days of publishing in Gazeete Diário da República (DR), to end all real estate investments for golden visa program. Note the GV program will continue to run with other investment options, after law changes with the exception of real estate investments.
A Golden Investment Opportunity
Know about the low cost affordable projects we offer in the portuguese property market. Note these are fully refundable investments.
- Reduced Golden Visa investment of €280,000
- Residential or commercial properties in low density regions
- Yield of 4-6% and exit five years after
- Fast track GV application in two weeks
- Fully recoverable investment (100%)
- All Taxes paid by Developer (IMT and VAT)
- Family members also covered (no additional investment needed)
So the prospective investors will have two months more time to put together the documentation. Below is the application timeline, which takes on average 10 months due to large backlog of last minute rush applications filed to take advantage of GV scheme
- KYC (Know your customer) – 1 day
- Obtain NIF Tax number – 1 week
- Open Bank account – 1 week
- Reservation (10% deposit)
- Sign contract and agreements – 1 week
- Make full payment – 1 week
- Arrange documentation – 1 month
- Application submission (SEF) – 3 months
- Biometrics – 3 months
- Approval – 3 months
- Residence cards – 2 weeks
It is possible to make direct payment to developers bank account to save time (if the delay with portugal bank account opening process)
Moneyback
We provide a money-back guarantee that protects you against legislative changes. If you are unable to submit your Golden Visa application before the new law takes effect, all the payments you have made will be reimbursed within 30 days.
Taxes Covered
Besides the Є280k minimum investment amount to be eligible for the Golden Visa, you only need to pay around Є2.5k for the stamp duty and notary and registration fees. The property transfer tax (IMT) is paid by the developer and the VAT is included in the investment, making it even cheaper for you.
EU Citizenship Opportunity
Portugal is the only golden visa program in Europe that guarantees the acquisition of EU citizenship for foreigners with the minimal set of conditions. It is important to note that, in order to keep your portugal residency from expiring and also to apply for citizenship after legally living five years, you must visit or spend time Portugal for
– 7 days (first year)
– 14 days (second year onwards)
If you do not meet the above condition, you won’t be able to renew your residence cards issued under GV scheme.
Because Portugal forms part of the European Union, Portuguese citizens are also citizens of the European Union under European Union law and thus enjoy rights of free movement and have the right to vote in elections for the European Parliament.
EU Citizenship Benefits
The extensive benefits of EU citizenship can be summarised as follows.
– Live, work, study in EU member states
– Access to World class healthcare and medical facilities.
– Full Retirement in Europe.
– Unrestricted access to property market in Member states.
– Save 100K euros in education fees for studies as EU citizen
– Equal right to vote, employment and other areas.
– Highly respected and powerful travel document issued by Portugal which has visa free access to 180 countries worldwide (eg. US,Canada, UK).
– Banking access to open personal and corporate account
– Avail Corporate tax benefits with EU citizen status.
– EU Citizen protection from consulates worldwide.
Path to Portuguese nationality
The SEF immigration authority clearly state in their website golden visa holders applying for Portuguese citizenship, by naturalization for investment activity, provided all other requirements set out by the Nationality Act are fulfilled Act number 37/81 of 3 October, as amended.
– Simplified naturalization procedure (after 5 years of legally living)
– No continuous stay in Portugal required
– No military service
– No citizenship or civic tests.
– No requirement for permanent resident status.
– Dual citizen status
Foreigners over the age of 18 may become Portuguese citizens by naturalisation after residing in the country for more than five years and demonstrating proficiency in the Portuguese language and connection to Portugal. Children who had a parent who resided legally in Portugal for at least five years or who completed the first cycle of basic education.
The citizenship request must be filed by a lawyer or solicitor with the national authority.
