Portugal has reduced the minimum investment required for its Golden Residence Permit Program, slashing the minimum investment amount from €500,000 to €350,000.
The changes make the Portuguese investment residency program one of the cheapest in Europe. At present, the cheapest residency program is offered by Greece, a country fast losing its popularity among wealthy investors due to its economic instability.
Under the Portuguese Golden Visa Program, a candidate is required to make a minimum investment of €350,000 in the real estate market. Alternatively, the candidate can also transfer an amount one million Euros into a local Portuguese bank, or create at least 10 local jobs in the country.
Along with slashing the Portuguese Golden visa minimum investment requirement, other changes have also been introduced in the Golden Visa Program. The required investment of €350,000 can now be channelled into research activities as well. Other options include making an investment of €500,000 in the capitalisation of small or medium enterprises, or a lower amount of €250,000 into a national heritage project or an artistic production.
A recent report has described Portugal’s residency program as one of the ‘best’ in the world. Portugal’s location in Europe’s Schengen zone makes it especially attractive, as it allows its residents visa-free access to 25 countries in Europe. In addition, investors are not taxed unless they sell a business property or real estate. Other attractive features include better processing time and easy rules for bringing in spouses or dependents.
Portugal’s Golden Visa initially provides residency for two years, which is then renewed twice for two year increments each. To qualify for renewals, the investors must prove that they have resided in the country for at least seven days during their first year and at least fourteen days in each of the subsequent years.
Upon completion of six years of Portuguese residency, a person becomes eligible for citizenship, though it requires fulfilment of additional criteria including acquiring knowledge of the Portuguese language.
Source: emirates247.com