The Portuguese government established the Golden Visa program in 2012 intending to offer non-EU citizens a chance to live and work in the country. The unique program is globally renowned and has so far benefited at least 10,000 main applicants.
For anyone interested in real estate investing in Portugal or any other investment in the European nation, understanding how to get the Golden Visa might be a good starting point.
Investment in Real Estate in Portugal
The real estate in Portugal is buoyant as the property prices here have been increasing for the last half-decade. Records show that the increase is in the range of 60%. For your long-term investment, you need to consider Portugal.
Not even the pandemic could halt the growth of this sector, as prices of residential accommodations such as apartments and villas continued to rise. Though the global inflation challenge has affected the situation, it is not in a big way warding off investors.
Not many countries have property rights legislation as excellent as that of Portugal. The property investors are adequately protected by the law, and rights transfer is smooth. Apart from having a wide range of property and financing choices, foreign investors are not subjected to unnecessary restrictions.
Some of the areas worth considering for real estate investment in Portugal are Madeira, Lisbon, Porto, and Cascais.
About the Golden Visa for Foreign investors
The Portugal Golden Visa is a popular five-year residency-by-investment arrangement designed for non-EU people and is part of Portugal’s efforts to welcome investors into the country. It is also referred to as the Residence Permit Program. One of the benefits associated with this scheme is the freedom to live and work in the country. The program has paid dividends, with thousands of foreign investors already enrolled.
There has been a twist in the Golden Visa that is worth noting. January 1, 2022, saw the introduction of new rules for the Golden Visa to encourage investors to cast their eyes on other areas apart from the popular towns. That’s why one of the new rules is that Azores and Madeira are some of the areas designated for the scheme. Other changes include increases in private equity investment, capital transfer amount, and scientific research investment.
Are you interested in the Golden Visa?
One of the requirements of getting a Golden Visa is to qualify through investment and maintain it for five years. This investment is typically in funs or real estate. Submission for consideration for this program can be started through a visa consultant or lawyer. There are other requirements such as:
· Clean criminal record
· Non-EEA, non-EU, or Non-Swiss membership
· Minimum investment of €250,000
Start Your Real Estate Investment Journey in Portugal
Would-be real estate investors in Portugal usually start their journey via a real estate agent from reputable firms in the country. There are numerous websites where one can find all the info they need before engaging with a real estate company. It is advisable to confirm proper certification for the firm. Some investors will engage directly with property owners using social media.
The investment process is simpler than most people think, but only if one follows the guidelines. Once you have identified a real estate of interest, make an offer, keeping in mind that some properties can be overpriced. Follow all the other procedures, including setting up financing and paying fees, and you will soon be an investor in Portugal.
The Portuguese Golden Visa is undoubtedly one of the triggers of the success the country’s real estate sector is enjoying today. It is a benchmark for the rest of Europe on how to implement a residency investment program. Now that the government has introduced a raft of changes to the scheme, it will be interesting to see how the market responds. Experts in foreign investments predict an avalanche of investors and skilled workers applying for the program to take the chance to live and work at the Seleção das Quinas.