Despite recent changes, the Portugal golden visa is still one of the most popular residency by investment programmes. While the application process is smoother and shorter than for other prominent golden visas, it requires careful planning. It pays to be well-informed about the various steps involved and what you can expect along the way. This article covers what you need to know.
The Initial Stages
The process begins with an onboarding phase, where discussions with legal teams cover the overall procedure, addressing any questions you may have. This stage involves collecting the necessary documents and ensuring the correct paperwork is in order.
Next, you'll need to obtain a tax identification number (NIF) in Portugal. To facilitate this, a fiscal representative will be appointed on your behalf. Once you have your NIF, the process of opening a bank account in Portugal can commence, which can often be done remotely with assistance.
Making the Investment
With the prerequisites in place, the focus shifts to securing your investment. You'll be guided through the necessary paperwork required to ensure a successful investment, which is a crucial step in the Golden Visa application. The least investment option is €500,000, which can be directed to scientific research, investment fund units, or a job-creating business development.
Online Application and Pre-Approval
After completing the investment, you can lodge your application online. If you fulfil the necessary requirements, your application will receive pre-approval from the relevant authorities.
Biometrics and Visa Issuance
Approximately two months after booking your interview, you'll attend a biometrics collection session in person. Following this, your Golden Visa application will be reviewed and approved by AIMA (the Portuguese Immigration and Border Service).
Upon approval, you'll need to pay the government permit issue fee, after which your residence cards will be collected on your behalf and sent to you.
The Timeline
Within the first year: Your visa application and supporting documents are submitted online to AIMA. Upon approval, you and your dependents can book an in-person interview simultaneously. This is followed by a wait of approximately 9-12 months before your residence permit is issued, which is valid for two years.
Year 2: After the initial two-year period, your residence permit must be renewed for another two years.
Year 4: At the end of year four, the residence permit will need to be renewed again, valid for an additional two years.
Year 5: Upon reaching the five-year mark, you may apply for permanent residency and/or Portuguese citizenship if you meet the requirements. Once citizenship is granted, you can obtain a Portuguese passport.
Wrapping Up
The Portugal Golden Visa application process involves several crucial steps, from securing investments and obtaining necessary documentation to attending biometrics appointments and renewing permits at regular intervals. Experts at International Wealth Ventures can help you every step of the way.