If you are looking for a way to obtain a second passport in the EU, the list of options is really limited. Portuguese Golden Visa seems to be the only viable program that sets quite affordable financial requirements. It is quite popular, which resulted in some restrictions imposed in 2022. And while other programs (for instance, Cyprus) are being suspended, the Portuguese passport is still there to enjoy.
The program provides 8 ways to make an investment in its economy, and this article will focus on the two options connected with real estate. If you want to know more, read our updated guide on Portugal’s Golden Visa program on our portal.
We will not hide that we love the Portuguese citizenship by investment opportunity and confidently recommend it to our clients. It is the best way to invest in your future, freedom and flexibility, and here are the reasons why:
- The amount you will need to invest is quite affordable.
- As more applicants are drawn to the country, the real estate market is experiencing a real boom. People who invested 5 years ago managed to sell their properties at double the price, so the program cost them nothing. And while this may be a little harder to do now, there are still profitable deals out there for you.
- If you’ve always dreamed of giving your kids an education at European schools and universities, here is a chance to take: you can easily include your family in the application.
- Live anywhere you want and spend just 7 days a year in Portugal to keep your visa valid.
- A Golden Visa is a step towards Portuguese citizenship that will allow you to permanently live and work in any EU state.
As you see, you really get a lot of opportunities by investing in the program. And though the rules were tightened in 2022, the option still retains all the valuable benefits.
One of the ways to join the program is to buy real estate in Portugal at a price of 500,000 euros and more.
In 2022, restrictions took effect and you can no longer choose to invest in the most popular areas (Lisbon, Porto, and some maritime areas) to obtain your Golden Visa as it was possible in 2021. However, many promising areas are still available.
You have an opportunity to reduce this amount by 20% (to 400,000 euros) if you decide to invest in sparsely populated and underdeveloped areas.
There are two ways to provide proof of the purchase made:
- Submit the title of ownership (see a full list of documents in our guide by following the above link)
- Submit a promissory note to demonstrate that the down payment has been made to the developer (and it exceeds the minimum set for regular or underdeveloped areas)
Here are the options available for the main investor:
- Single or joint property ownership
- Buying real estate through a limited company solely owned by the investor
- Property acquisition using a mortgage (the contribution should exceed the minimum set)
- Property lease for business, agriculture, or tourism
The other way to acquire a Golden Visa is to buy a property located in an urban regeneration area that is at least 30 years old.
If you choose this option, you will be required to invest 350,000 euros in buying real estate that is officially subject to renovation. The cost of such renovation can be included in the total amount, which means that you can buy a facility for 250,000 euros and invest 100,000 euros in its refurbishment, which will yield the total amount of 350,000 euros that you need to comply with the Portuguese Golden Visa program requirements.
In this case, you can also take advantage of the 20% discount for investing in sparsely populated and underdeveloped areas, and thus the total amount you will need to invest will come to 280,000 euros – quite a reasonable amount for those who are on a tight budget but still want to contribute to their future and new opportunities.
If you purchase real estate of this category at a price of less than 350,000 euros, you will have to deposit an amount with a Portuguese bank to make up for the difference. These funds will later be used for renovation, and the bank account should be opened in the investor’s name and have no encumbrances attached. You will be required to submit a bank statement to prove the sufficiency of funds for Portugal’s Golden Visa program.
Sounds interesting? Discover six more opportunities to become a Portuguese Golden Visa holder by clicking on the link above – and do not hesitate to engage an experienced expert who will help you find a good real estate deal and guide you through the procedure.
Portugal is out there, waiting for you to take the golden opportunity it offers!
