Non-EU citizens may obtain residence in Portugal for five years under the Golden Visa Program (also known as the Residence Permit Program). This is part of Portugal’s plan to attract foreign investment.
Suppose you’re an investor who meets specific requirements. In that case, you and your family may get a “golden visa” to easily travel across the Schengen Zone of Europe and work, study, and settle wherever you choose in Portugal. Affluent investors highly seek this visa since it gives them and their families several advantages.
1. Family Benefits
The ability to add immediate family members to the golden visa application is a significant plus. This means that your loved ones may take advantage of the same prospects and peace of mind this strong country offers.
The following connections may be included in the application:
- Spouse or partner
- Dependent children under the age of 18.
- Parents who are 66 or older (or 55 and dependent)
- Youths under 18 whose legal caregivers are any of the spouses or partner
- Education and Health Benefits
After establishing residency or citizenship in the country, you and your family will be eligible for all of Portugal’s national services, including healthcare and public schools.
The Serviço Nacional de Saúde, Portugal’s National Health Service, is supported by general taxation (SNS). Public education in Portugal, from kindergarten through college, is likewise considered to be of a high standard. Portugal has a literacy rate of 96.14 percent. Its own higher education system was rated 35th best in the world in the inaugural edition of the QS Higher Education System Strength Rankings.
2. Low-living Costs
Although Portugal’s cost of living is much lower than that of the rest of Western Europe, the country’s general level of life has remained relatively high. Everything, from groceries to higher learning, medical care to recreational opportunities, is affordable.
Although the amount needed to maintain a comfortable lifestyle in Portugal is heavily influenced by personal preferences, the minimum monthly budget required is approximately 1,500 US dollars.
Portugal is often regarded as one of the top countries in the world for immigrants. It ranked number four in the top 10 expat destinations in the Expat Insider Survey 2024.
3. Tax Benefits
Earnings made outside of Portugal are tax-free for visa holders. If you don’t plan to stay in Portugal for more than 183 days a year, the Portugal Golden Visa Program won’t subject you to taxation. If you remain more extended, you will be regarded as a tax resident of Portugal.
You can also establish yourself as a financial resident in Portugal. This is an excellent choice since it will put you in a position to take advantage of Portugal’s Non-Habitual Tax (NHR) Regime immediately. You can also transfer your fortune to a spouse or dependant without having to pay inheritance or gift taxes, and the first 10 years of your income from Portugal would be taxed at a flat rate of 20%.
4. Visa-free Travel
If you have a Golden Visa for Portugal, you can travel to any nation within the European Union without getting a separate travel visa for each country. In addition, if you have a valid visa or residency card, you may be exempt from the requirement to get a visa to enter several countries that are not members of the Schengen Area. These countries include the United States, Canada, and the United Kingdom.
5. Portuguese Passport
After receiving a Golden Visa, you need five years to get a Portuguese passport. Although this doesn’t happen immediately, it is particularly easy when considering how simple it is to fulfill the residence criteria.
Conclusion
Portugal is known for its beautiful scenery, long stretches of coastline, warm temperature, kind and welcoming people, and fantastic food. The cost of living is surprisingly inexpensive despite the excellent quality of life that residents experience.
For these reasons, Portugal is a popular option among international investors who are interested in establishing a company in the country or planning to settle there.