- Foreigners who invest at least half a million euros can get visa-exemptions to enter Portugal and therefore the EU
- This ultimately leads to a passport and citizenship
- Portugal's scheme is arguably more generous that many other nations
With rising interest rates across Australia, home buyers have been snapping up property in Portugal.
Investors are taking advantage of the country’s Golden Visa Program, which allows foreigners who invest a minimum of €500,000 (AUD$745,330) in real estate to have a visa exemption for visiting Portugal and therefore the EU. Ultimately the program can lead to a passport and citizenship.
“We have seen a surge in Australian investors taking advantage of this and purchasing the quality homes on offer,” explained Chris White, CEO, Ideal Homes Portugal.
“Through the program, investors and their dependents can obtain a Portuguese passport after five years without relocating to Portugal.”
Under the scheme, applicants need to only spend a minimum of seven days during the first year, and 14 in subsequent years.
After five years there is the possibility of obtaining permanent residency or citizenship and a Portuguese passport.
“This means people can be granted citizenship without actually living in the country, which is different to many other countries worldwide,” noted Mr White.
“With its warm climate, stunning beaches, fine cuisine and laid-back lifestyle, Portugal is one of the most attractive countries for overseas investors looking to live, work or retire in the EU. Savvy investors realize that the market is likely to get hotter and are jumping in now.”
Many countries have similar schemes in place whereby those who invest significant funds can get a visa.
In Australia, there is the Golden Investor Visa, which gives residency to those who have a designated investment of $5 million or more. There is no age limit, and even the English requirement applicable to most visas can be bypassed, which has attracted some controversy.
Schemes such as Portugal’s are arguably more popular with those in Australia who are British citizens, or citizens by descent, both applicable to millions of Australians. In the post-Brexit world, British citizens don’t have the same right of abode in the Schengen Area as they did while they were in the European Union.
Portugal offers several pathways to getting a golden visa. These include making a capital transfer of at least one million euros (AUD $1.5 million), creating at least 10 jobs, and a capital transfer of at least 350,000 euros (AUD$522,220) to research activities conducted by a private or public institute.
