High-net-worth people from the Middle East and other regions of the world are choosing to get second citizenship at an increasing rate. A chance like this gives them access to incentives and new opportunities that their native country may not provide. Getting a second passport of Portugal residency by investment is most frequently done so you can travel internationally.
Portugal passport is one of the top options available when deciding which second passport offers the most advantages.
What Is a Golden Visa for Portugal?
The residence permit for investment activity (ARI), which is also known as the Portugal Golden Visa program, is a way for people from outside the EU to get residency in Portugal by making an investment.
The initiative was introduced in Portugal in October 2012. The primary goal was to draw in foreign investment because the economy desperately needed it in the wake of the 2008 financial crisis. With more than €6 billion raised since then, the program has proven remarkable success.
Portugal has beautiful landscapes, a long coastline, a warm climate, friendly people, and delicious food. Even better, it offers this high standard of living with a relatively low cost of living. Because of these things, Portugal is a great place for foreign investors to put their money and get the right to live, work, and study there.
Also, the Portugal Golden Visa program gives people the chance to become citizens of Portugal or live there permanently in just five years.
What Are the Advantages of the Portuguese Golden Visa?
Investing €280,000, one of the lowest investment thresholds in Europe, entitles you to residency
You are not required to relocate to Portugal to maintain your residence permit. It will be sufficient to remain in the nation for seven days yearly.
In five years, you might be qualified to apply for Portuguese citizenship. One of the quickest in all of Europe, Being a Portuguese citizen grants you visa-free travel to 188 nations.
Why Should You Get A Passport From Portugal?
Aside from being ranked as the third-safest country in the world by the 2020 Global Peace Index and being named one of the best places to retire and move by reliable surveys and lists like the Live and Invest Overseas annual index, Portugal’s passport may be its most appealing feature.
People think that the Portuguese passport is the sixth best in the world because it can be used to visit 191 countries and territories with or without a visa.
The United States, the United Arab Emirates, Japan, Australia, and other nations allow Portuguese passport holders to enter without a visa. Of course, this also includes the nations of the Schengen Area, to which Portuguese residents have unrestricted entrance due to Portugal’s membership in the European Union (EU).
Which nations may you travel to?
As citizens of an EU member state, Portuguese people can go to more than 191 countries and territories around the world without a visa or with a visa when they arrive. This includes the Schengen Area, the United States, Singapore, and Hong Kong.
What Can You Do With A Passport From Portugal?
Being a Portuguese citizen offers non-Europeans a variety of advantages and opportunities in addition to global mobility, such as:
You can live, work, study, and retire in any EU country if you become a citizen.
Consular Protection: You have the right to consular protection from any EU member state consulate situated anywhere on the world because you are a Portuguese citizen and a member of the EU.
Citizenship for Life: If you are granted citizenship, you will always be considered a citizen of Portugal and be able to pass this status on to future generations.
Healthcare and Education: You and your family will enjoy free access to first-rate healthcare and educational systems throughout Portugal and the European Union.
Portugal is a safe, stable country with a thriving culture, beautiful scenery, clean beaches, a reasonable cost of living, and great weather all year round.
There will be entrepreneurship and business opportunities available across Europe, the continent with the largest single economy in the world.
Living, Working, and Studying
You can live, work, and study in Portugal with a Portuguese Golden Visa.
If you use your Portuguese Golden Visa to move to Portugal and stay there for good, you will need health insurance. Most public services will be available to you, particularly healthcare and education.
Even though there are many private British and American foreign schools, state schools in Portugal still use the Portuguese curriculum.
The work permit enables you to operate your business in Portugal and work anywhere.
Family Reunification
You can grant your family a Portuguese Golden Visa if you are the primary applicant. Both the primary applicant and the dependents go through the application process simultaneously.
Along with the primary applicant, the following family members may also apply:
- Wife,
- Children who are younger than 18
- Dependent children under the age of 26, as long as they are enrolled in school full-time and are not yet married,
- The main applicant’s parents, if they are older than 65.
Getting Portuguese Citizenship through Investment Residency
Portugal does not have a Citizenship by Investment scheme that enables foreigners to acquire citizenship in exchange for making investments in the country, in contrast to Turkey and Montenegro in Europe. The nation’s Residency by Investment program, also known as the Golden Visa program, is another route to Portuguese citizenship. A resident visa will be issued to people who make a suitable investment in Portugal, allowing them to live, work, and study there. After five years of residency, you may qualify for Portuguese citizenship if you meet the minimum requirements.
Conclusion
After five years of residency, during which time they must spend at least seven days in Portugal residency by investment each year, anyone can seek citizenship. They must pass an A2 Portuguese language test, not owe any back taxes to Portugal, and not have any prior convictions from their home country to be eligible. Individuals will receive full Portuguese citizenship and a passport if all requirements are satisfied and costs are paid.
The COVID-19 lockdown was removed in March, and since then, Portugal’s economy has grown quickly and vigorously, possibly exceeding the government’s target of 4% growth this year.
