Buying A Property to Get Citizenship
Portugal’s Golden Visa program offers residence permits to foreigners who make real estate investments in Portugal and gradually a route to get Portuguese citizenship. Investors can apply to Golden Visa program after making a minimum of € 500.000 real estate investment and get a 1 year of residence permit for themselves and their close family. As long as the applicants maintain their investment, they can renew their residence permit for 2 year periods. This means that if you are in Portugal for an average of 7 days each year for a total of 5 consecutive years, you can apply to permanent residence permit or second citizenship.
Coast, City or Countryside
The sunny Algarve coast offers a warm climate and a comfortable lifestyle to a significant portion of Portugal’s expat community. The Central and Western Algarve coast with many excursion areas and hotels attract many foreigners. Although there are popular towns in Olhão and Tavira, Eastern Algarve is generally less developed and is therefore receiving less demand.
For those who prefer the city, Lisbon offers a vibrant city life. The capital has undergone a transformation in recent years and attracted many tourists. Now the city has become an important destination for investors from all over the world.
Castelo Branco, Santarém and Leiria offer very nice farm houses in the country for those who want to pursue a rural lifestyle.
A Strong Market Based on Tourism
Portugal’s tourism sector is the driving engine for its economy. The majority of the foreign tourists are British. The number of foreign tourists visiting Portugal saw a 12% increase last year. The increasing amount of tourists means an increase in the need for accommodation. Both in summer and winter foreign tenants are available in Portugal.
Portugal does not only offer good living opportunities and a beautiful nature, but many tax benefits as well. In 2009, foreigners who started to live in the country within the framework of the Irregular Residence application are exempted from almost all the taxes to be applied to their non-Portuguese income during their first 10 years of residence in Portugal.
Although Portugal is one of the most popular summer destinations worldwide, it is also one of the most affordable countries in Western Europe, with the exception of the exclusive residential areas in the Algarve. According to the World Holiday Expenses Barometer in 2018, Portugal is the second cheapest holiday destination in Europe.
Will Portugal’s Golden Visa continue to be one of the most preferred European residency-by-investment programs? Since the introduction of the program in 2012, Portugal attracted many foreign investors and generated an impressive amount of investment into the country. It seems that in 2020, Portuguese residency will be high in demand, especially for those who consider real estate investment overseas.