Portugal is an incredibly attractive country to expatriates, particularly due to is rich history, great cuisine and idyllic scenery. The country enjoys a high quality of life with a stable political system and a resilient economy, fresh off a financial crisis and expanding nicely. Medieval castles, cobblestone villages, beguiling cities and golden beaches give the country its unique twist.
Benefits
FACT BOX: BENEFITS
- A 4-month processing time for the Golden Visa Programme application
- The right to study, reside and carry out business in Portugal
- After 5 years of temporary residence, permanent residency is granted
- After 6 years, a resident has the right to apply for Portuguese citizenship
- A minimal stay of merely 7 days is required
- Access to the Schengen area is provided
- Access to various incentives for businesses
- An advantageous tax scheme
- The applicant’s family will also be able to apply
Costs
FACT BOX: COSTS
- A property investment ranging from €280,000 to €500,000
- An investment in job-creating initiatives
- An investment in a capital transfer varying from €250,000 – €1,000,000
Taxation
FACT BOX: TAXATION
- No municipal tax
- No tax on any capital gains
- No estate duty
- No retirement gratuity, wealth gift or inheritance tax
Eligibility
FACT BOX: ELIGIBILITY
The applicant must:
- Be at least 18 years of age
- Be a non-EU national, coming from a third country
- Be deemed of good standing
- Enter Portugal, for the first time, through a Schengen Visa
- Satisfy the minimum stay requirement of 7 days for the first year, and 14 days for the subsequent years
- Fulfil any monetary obligations set out by the programme
History & Geography
The Iberian nation has seen the influence of the Celts, Romans, Visigoths, Moors as well as the Christians. Located west of Europe and Iberia and neighbouring Spain, the country enjoys a mild climate and a diverse topography. From Mediterranean-esque beaches and south mountainous ranges in the north and east, Portugal has something for everyone.
Portugal, once a world power, has withstood many trifling events. The country has withstood a destructive earthquake, the Napoleonic occupation and the independence of one of its strongest colonies, Brazil. The Portuguese monarchy was eventually overthrown in 1910 and, its democratic climate subsequently went on to experience a period of repressive governments. Through a coup in 1974, however, a new democracy was formed, one in which independence and freedom was given priority – in fact, even the country’s African colonies were granted independence soon after.
Economics
The tourism sector is one of the main economic drivers of the country. Other sectors, however, are just as vital and have, in recent years, registered significant and fruitful growth, especially in areas like aeronautics, mechanical manufacturing and software development. Meanwhile, the Portuguese Government has increased its efforts to decrease its deficits, once measures were implemented after the financial crisis, which brought the country’s economy back on its feet. Additionally, sectors such as industrial production and the labour market are rapidly growing and developing.
Lifestyle
Portugal’s rich history is intricately reflected in its architecture, culture and values. Many have highlighted the friendly and hospitable nature of the Portuguese, where the family unit is still a focal point for many citizens. With English as Portugal’s second language, many foreigners find it easy to communicate and set up a business within the country. Moreover, many also speak French and Spanish.
Its location between the Mediterranean and Atlantic seas makes the weather moderate and daily life could be considered relatively less hectic than that in other European countries.
Coupled with European mobility and excellent connections to the rest of the world, these factors make relocating to Portugal very enticing.
Portugal’s Real Estate Market
The country’s economic development, as well as the increased demand for foreign buyers, has promogulated growth in the real estate market. Indeed, property prices rose 5.39% over the previous year (2018). Despite this, real estate in Portugal is still relatively cheap and gives very good value for money to the buyer. Algarve registers the most expensive property, followed by Lisbon and Cascais.
In Portugal, there are no restrictions on the ownership of property by foreigners and transaction costs are relatively on the low side.
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