Why is Portugal Golden Visa So Attractive for Investors?
Portugal’s Golden Visa Program has been a great success story since its start. Initiated in 2012, the program continues to attract investors all across the globe. Bringing more than 3,500 new investors every year, the huge presence of the program in the sector does not go unnoticed. But what is so attractive about the Portugal Golden Visa Program?
To start with, the program offers the possibility to obtain EU citizenship. It also allows for family reunification, extending the program to the spouse and children of the main applicant. It enables investors to have a base in a global hub while traveling freely within Europe. Moreover, it incentivizes investors to access the resign real estate market of Portugal. In addition to its Golden Visa program, there are many aspects that make Portugal an irresistible destination. High standards and low costs of living always make a good combination. With its stable political and economic atmosphere, Portugal is a haven for investors. A perfect climate, a peaceful environment, and top-tier safety are only some of the extra perks.
1. Possibility of Portuguese Citizenship
The Portugal Golden Visa Program is a residency by investment program. So, it does not offer citizenship immediately with the investment. However, the program suggests that after five years of successful residency, investors may apply for naturalization. The program started in late 2012. As of mid-2018, the first Golden Visa applicants started getting their citizenship status confirmed. This helped get rid of the doubts in regards to if the program actually leads to citizenship or not. After spending an average of seven days in Portugal annually for five years, the Golden Visa investors may apply for citizenship. They will need to comply with the requirements in order to get naturalized.
2. High Mobility Within Europe
Visa-free travel is a crucial index for the strength of a passport. Investors across the globe also value mobility highly due to their business and leisure activities. Lower rated passports do not offer great mobility. So, investors from these non-EU countries opt for European passports like Portugal’s. Portugal Golden Visa grants investors the right to visa-free travel to 186 countries. Currently, Portugal passport ranks as the 6th strongest passport, together with that of Sweden, France, Netherlands, and Ireland. To conduct business and leisure activities conveniently, a strong passport is crucial. Portuguese passport equips its holders with the highest mobility.
3. Family Reunification
Investors interested in obtaining Portugal Golden Visa may include their family members to their application. Spouses, dependent children, dependent parents, and minor siblings under tutelage may be included. If approved, all members included in the application receive Portugal residence permits. The government requires all individuals with its Golden Visa to spend a minimum of seven days within the country in the first year of residence. After that, 14 days of residence are required over two consecutive periods of two years. The permit must be renewed after the 1st and 3rd years.
4. Strong Economy and Real Estate Market Performance
Portugal is among the top countries to bounce back strongly after the 2008 global economic crisis. Portugal’s real estate market has been an integral part of this recovery. Together with its impressive tourism performance, Portugal’s Golden Visa Program also contributed to the country’s economy. Growing tourist and investor numbers in Portugal naturally boosted the demand in Portuguese real estate. Combined with the strong economy of the country, Portuguese real estate is one of the best investment options out there. As experienced by many investors, Portuguese properties offer high return-over-investment values. So far, the program generated 4.7 billion euros through real estate investments.
5. Low Cost of Living
EU member states are usually infamous for their high cost of living. Portugal is considerably more affordable when compared to other EU countries. From education to transportation, food expenses to healthcare, Portuguese residents enjoy rather low costs of living. Although the capital Lisbon is more expensive than the rest of the country, it is still very affordable compared to other European capitals. Luckily, in Portugal, the low cost of living does not mean low standards of living.
6. High Standard of Living
Global Peace Index of 2020 ranks Portugal as the 3rd most peaceful country in the world. For people who visited Portugal, this result should not come as a surprise. The country has one of the lowest records of violence across the globe. With very high standards of safety and security, Portugal remains at the top of the charts repeatedly. The country also enjoys continuing political stability. World-class education and healthcare quality only adds to Portugal’s fame. Furthermore, the perfect climate and immeasurably rich cultural heritage of the country make it a gem for both tourists and residents.
The Get Golden Visa is Ready to Help with Applications
The Get Golden Visa team is one of the oldest and most experienced advisory companies in residence and citizenship through investment. Their team helps investors with their investments and application process. Founded in 2014, the Get Golden Visa offers consultancy and guidance for interested parties around the world. The highly capable staff of the Get Golden Visa is at your service for Portugal Golden Visa applications.