In 2009 the Portuguese government passed a law, whose aim was to attract investors without a European citizenship or foreign funds to the country. Regulations in the matter were issued in 2012, and ever since many investors acted on the program, most of them from China and Russia. The idea behind the law is to offer an easier path towards Portuguese residency to the investor and her or his nuclear family.
The three possible paths of investment are:
- Purchasing of real-estate property at the sum of 500,000 EURO or more and holding it for the entire duration of the residency. By holding is meant that the property remains in the ownership of the investor. There is nothing preventing the renting of the purchased property for any period of time.
- Investment of 1,000,000 EURO or more in an investment account in a Portuguese bank, and not reclaiming it for the entire duration of the residency.
- Creating at least 10 workplaces in Portugal
- The investments listed above are subjected to reduced taxation, which is expressed in several ways, in Portugal. In this fashion the Portuguese government is trying to create further incentives towards the program.
The investor and his or her nuclear family will receive a temporary residency permit. Upon receiving the permit, its validity will be for one year, during which the investor and their family must stay at least 7 days in Portuguese territory. After that, two additional permits will be given, each of which will be valid for two years, and during each of them the investor and their family must remain in Portuguese territory for a period of no less than 14 days. During renewal of each permit the investor will be required to declare that their investments are still standing. Sometimes this will require demonstration through documents. Additionally, a review will be conducted as to whether the investor had remained in Portuguese territory for the minimal required number of days.
After five years - the minimal period required by the Portuguese law - the investor can continue to receive bi-annual residency permits or receive a permanent residency permit while at the same time beginning the processes involved in obtaining a citizenship, which is given after six year of residency (the process takes about a year).
With the help of a large and well-known law firm in Lisbon, the Portuguese capital, our office aids and walks its clients through the process, and through the location of suitable real-estate properties in Portugal and, if necessary, the renting thereof, with the aid of a local real-estate agent.
Please contact us through the contact form or at telephone no. 072-3212072 and we will be happy to assist.