Buying A Property to Get Citizenship
Portugal’s Golden Visa program offers residence permits to foreigners who make real estate investments. The scheme leads to Portuguese citizenship in only five years.
Investors can apply to the Golden Visa program by making one of the qualifying investments. The most popular investment method is buying real estate in Portugal. A minimum of € 500.000 real estate investment can get you the Golden Visa. You initially get a two-year residence permit for yourself and your family. As long as you maintain your investment as the main applicant, you can renew their residence permit for three-year periods.
You will need to spend time in Portugal, averaging seven days every year until you choose to apply for a permanent residence permit or citizenshipPortugal.
Coast, City or Countryside
The sunny Algarve coast offers a warm climate and a comfortable lifestyle to a good number of expats in Portugal. The Central and Western Algarve coast with their numerous excursion areas and hotels attract many foreigners. Although there are popular towns in Olhão and Tavira, Eastern Algarve is generally less developed and, therefore, receives 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. The city is a key 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 behind its economy. A good number of foreign tourists are British. The number of foreign tourists visiting Portugal increased by 12% in 2019. 2020 and 2021 were affected by the pandemic, nevertheless, European tourists kept visiting the country. The increasing amount of tourists means an increase in the need for accommodation. Lisbon short term apartments and hotels reach high occupancy levels in both the summer months and the winter months.
Portugal does not only offer good living standards and beautiful scenery. There are serious tax benefits as well. In 2009, foreigners who started to live in the country within the framework of the Non-Habitual Residence (NHR) application started to be exempt from many taxes. They get a significant tax break for the first ten years of participating in this program.
Although Portugal is one of the most popular summer destinations worldwide, it is also one of the most affordable countries in Western Europe. According to the World Holiday Expenses Barometer in 2018, Portugal is the second cheapest holiday destination in Europe. This still continues to be true in 2021.
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.