GOLDEN RESIDENCE PERMIT
New laws approved by the Portuguese Government open up the possibility of applying for a residence permit to third state Citizens.
This new residence permit seeks to attract new investment into Portugal through the purchase of real estate for a minimum period of five years.
The holders of the residence permit for investors will have the right to family regrouping and may gain access to a permanent residence permit, as well as to Portuguese citizenship in accordance with the current legal provisions.
The investor must purchase one or more properties with a value of or above € 500,000.00 (five hundred thousand Euros). They may also choose to purchase a property in co-ownership as long as each co-owner invests more than € 500,000.00 (five hundred thousand Euros).
The requirement to purchase a property can also be demonstrated with a promissory contract with a deposit of or above € 500,000.00 and registered in the Real Estate Conservatory. This means that a residence permit for investment can be applied for with a promissory contract signed by both parties and registered in the Real Estate Conservatory, in order to give more insurance to the buyer that he is getting the Golden Residence Permit.
The promissory contract must be registered at the Land Registry Office and before renewing the residence permit for investment, the title deeds of purchase and sale must be presented.
A declaration issued by a financial institution is also necessary to prove the transfer of the capital for payment of the deposit in the promissory contract in the amount of or above € 500,000.00 (five hundred thousand Euros).
The properties purchased can be rented out or leased for commercial, agricultural or tourist exploration.
Golden Residence Permit renewals
To renew the residence permit applicants may stay a minimum of:
a) 7 days during the first year;
b) 14 days during the following two years
The residence is valid for five years but it is necessary to renew it during this period:
a) The first renewal is done after one year and it is renewed for two years;
b) When the first renewal ends it is possible to do another renewal for another two years.
1. To apply for the residence permit the following documents must be presented to the Portuguese authorities (SEF):
• Evidence of ownership of real estate free from any liabilities, with an up‐to‐date certificate issued by the Land Registry Office or the certificate from the Real Estate Conservatory with the registered Promissory Contract;
• To prove compliance with tax obligations, the applicant must present a declaration proving the absence of debts issued by the Inland Revenue and Customs Authority and by the Social Security;
• The investor must stay in Portugal for 7 days in the first year and 14 days in each following two years;
• Applicants must not have been convicted of a crime punishable with imprisonment of over one year;
• Applicants must not be subject of an entry ban into national territory following a removal order from the country;
• Applicants must not be the subject of alerts in the Schengen Information System;
• Applicants must not be the subject of alerts in SEF’s Integrated Information System issued for purposes of non-admission.
Other requirements under General Law:
• Passport or another valid travelling document;
• Proof of legal entry and permanency in national territory;
• Proof of health insurance;
• Signed application enabling verification of the Portuguese Criminal Records by the Foreigners Office (SEF);
• Criminal Record Certificate from the relevant authority of the applicant’s home country or from any other country where he / she resided for over a year;
• Investment activity for a minimum period of five years attested by a bona fide declaration signed by the applicant.
2. Family Regrouping
The holders of this residence permit for investment may apply for family regrouping under the provisions of the General Law.
Family regrouping is authorized for the following members:
• Underage children (-18)
• Adult children that are single and studying in a Portuguese School.
Other situations are also possible but must be verified beforehand with the Portuguese Authorities and the Portuguese Law.
It is also necessary for the applicant to prove to the Portuguese Authorities that they have:
• A place for the family to live
• Proof of income above € 6,000 a year for each adult (above 18 years)
• Proof of income above € 3,000 a year for each child under 18 years.