While your initial investment will not automatically get you a passport, it will set you on the path toward citizenship. The prices in Portugal have gone up and the yields have gone down. The new law limits the qualifying areas for real estate investment within Portugal by excluding high-density areas like Lisbon, Porto, and the Algarve, as well as coastal regions like Setubal and the Silver Coast. Dear Nomad Capitalist. After 5 years, investors can obtain permanent Portuguese residency. "Nomad Capitalist" and "Go Where You're Treated Best" are registered trademarks, Offshore Banking: How to Open an Offshore Bank Account Legally, The best offshore banks (even for Americans), The easiest place in the world to open a bank account, The 5 countries with the safest offshore banks, Offshore Company: How a Foreign Corporation can Reduce Taxes, Labuan: Asia’s secret haven for an offshore corporation, Second Passport: How to Get Dual Citizenship, The Fastest Countries in The World to Become a Citizen, Get second residency and pay no tax in these 20 countries, government seizure of private property has become more common. This “golden” residence then allows the holder to obtain citizenship several years down the road if they meet the qualifications. Portugal is one of several European countries that offers a fully-valid residency permit to those who invest in Portugal. As mentioned earlier in this article, we were lucky enough to have Joel on our podcast last year. Once you are pre-approved, you can then make your appointment. While it was later approved, the proposed changes were postponed due to COVID-19. In his case, he could hire ten Portuguese employees and automatically qualify for second residency without having to live in Portugal. We will shorten it to CBI if that’s okay with you. Acquire a minimum 30-year-old or refurbishing requiring urban property hotel project of minimum €350,000 worth. Usually, the developer will sell shares of the property. While it was later approved. As a non-habitual tax resident, you can legally eliminate your taxes on most foreign-sourced income, even when you spend more than 183 days a year in Portugal. They needed it when they were down on their luck, and that’s when you should have jumped in. Thanks for all the free information you provide. Investment can take many forms (such as creating a business that provides local jobs, investing in research, or investing in culture) but it can be as simple as purchasing a property in Portugal.Properties should be valued at €500,000 or more, unless the property is more than 30 years old or in an area of urban renovation. However, this first group may be better off building a passport portfolio of various Tier B passports rather than giving up US citizenship just to take on the bureaucracy of another big government. Joel Nagel is arguably one of the most famous and well-respected lawyers in this space on the planet and has helped hundreds of clients from all over the globe to get a second residency and second passport abroad. Portugal’s bureaucracy makes this process very tedious, and you do not want to deal with that on your own. A deal might occur in the form of a developer wanting to renovate an old building and searching for investors. Invest 350.000€ ($398,700) in scientific research conducted by a public or private institution that is part of Portugal’s scientific or technological systems. Programs are constantly changing, and usually not in your favor. Currently, there are 150 countries that can apply for this visa. All in all, Portugal’s Golden Visa program offers many benefits despite the significant investment required. There are specific funds set up for Golden Visa investors, but you can also invest in traditional private equity funds or venture capital funds. Or, if you don’t want the risk of missing the cutoff date, just go directly to the interior to find property deals. And if you already started the program, the changes should not affect you. Caribbean Citizenship. However, I saw a deal for a developer not long ago who was turning a rural property into a boutique hotel. Once the pre-registration is completed through this website, you can then pay the application fee of 514,80€ ($590.00) and 80,29€ ($92.00) for each family member. Robert Kiyosaki Quotes on How the Rich Choose Friends, What to Do When “America First” Outlives Trump, Opportunities to Hire, Invest, and Bank in Armenia. While it’s not the most expensive labor around, as of 2018 the minimum wage was 700€ ($797) a month and the average monthly wage was in the area of 1.166€ ($1,328). Contact our advisors for further details. In 2019, a total of 65 US citizens obtained … So this podcast will for everyone. In some countries, you can get a residence permit by hiring a few employees. Thanks to the non-habitual residence scheme, you could spend more time in the country if you wanted to without compromising your tax status, but long-term physical residence in Portugal is not required for you to maintain your Golden Visa residence permit. Re the entrepreneurs GV where they invest €350k and create five permanent jobs, do those jobs need to be full time or just subject to Portuguese and immigration laws? Portugal may be famous to the rest of the world for its Port wine and soccer superstar, Cristian Ronaldo, but here at Nomad Capitalist, Portugal is much more famous for offering one of the best Golden Visa programs in the world. But if you are prepared to make an effort and do a significant amount of planning, you can drastically reduce your tax burden by becoming a. is good for ten years and exempts non-habitual residents from income tax on almost any foreign-sourced income, including: Capital gains (although capital gains from the sale of securities will be taxed), You can learn more about the non-habitual residence scheme, These individuals may be getting a second passport now that is not as powerful and they want to work towards EU access so they can increase their travel options. The program itself is also considered quite stable as it has support from almost all of the political parties in Portugal. Other European countries offer more affordable and less cumbersome programs that would allow you to reside in Portugal. The third option is aimed at increasing investment in the Portuguese countryside. While these deals are much less common, they do exist. For example, the second option incentivizes rehabilitation of older properties by lowering the investment cost to 350.000€ ($398,000). Eliminating the distance factor greatly improves the documentation process. From €350k + costs While the real estate option is the most popular, the other two options are available to folks interested in starting a company and hiring Portuguese workers or making financial contributions to institutions or businesses in Portugal. The ones set up for Golden Visa investors will have a shorter fund term (typically 6-7 years), less risk, and lower yields while the traditional funds have longer minimum required fund term and higher returns. Portugal is a full member of the EU. If you are looking to hire in Europe, Portugal could be a prime location to hire content creators, back-office workers, salespeople, web developers, etc. So, don’t count on the program being around forever. The US is one of only two countries that you must file taxes no matter where you live or work. While you wait for your investment to go through, you can start gathering documents for your application as it can take a few months to obtain them all. This is not the kind of residence where you go in, flash some papers around, pay a $200 fee and come back and get your card. For many investors, the biggest plus is the path to a Tier A passport. We talk about this all the time. What are the advantages to the country? It is not for everyone, but if you fit the bill, it could save you €500,000 in real estate investments and still get you an EU residence permit. These fees are just a part of the price you pay to get the best of the best. Hello Ibrahim, thank you for your comment! You will also have to submit a copy of all of the required documents at this time. You’ll need to ensure that the translation is certified by a Portuguese notary or a Portuguese consulate in the country of origin to meet SEF’s requirements. Mikkel and Joel Nagel talk about the cost of obtaining both residency by investments and citizenship by investment in different countries. I really hope you can answer these questions and update the article for all other readers. If you are simply looking to live in Portugal, this may not be the program for you. ... which can also count towards … Antigua and Barbuda requires USD 100,000(contribution) or USD 400,000 (real estate investment) to become a Citizen. , you can then pay the application fee of 514,80€ ($590.00) and 80,29€ ($92.00) for each family member. To be eligible for the Golden Visa, you must meet several requirements. Potentially, you could jump in now and still make it. Portugal definitely isn’t cheap compared to all of the Eastern European countries that. If you have the money, consider it. or another country might make more sense for you. The first option is to invest in any property worth 500.000€ ($570,000) or more. And if you already started the program, the changes should not affect you. Some passports are exceptional like Singapore and others are crap, like Iraq. Until 2019, the answer was a big question mark. Also, while I have my Golden Visa Residence, can I live in Italy or other EU country? the proposed changes were postponed due to COVID-19. In this regard, US citizens have become more interested in Portugal. https://nomadcapitalist.com/second-passport/ In this video, we're giving you the overview of all 12 citizenship by investment (CBI) programs for 2019. Citizenship by investment programs legally confer citizenship status faster than traditional immigration processes and do so without requiring investors to put their lives on hold. In EP 63 of the Expat Money Show, Joel talked in depth about Asset Protection. Likewise for the US and obtaining their Green Card. In bigger Portuguese cities like Lisbon and Faro, it can take up to three months to get an interview. Please be very careful if someone promises you a second passport quickly, or for an unreasonable amount of money. An investment of €500,000 (or €350,000 reduced option) in real estate in Portugal will gain a residency permit for a family including dependent children. Fortunately, when you renew your visa, the fees are slashed to 50% of those original rates. As is common with investments of this kind, all applicants will need to provide proof of investment to the government. What Should UK Citizens Do Next? Industry experts are speculating that changes to these programmes in 2019 are highly probable. Nevertheless, it is a very good option for someone with a bit more money and a bigger staff who’s willing to spend more hiring Western Europeans instead of going and living somewhere else. If you are unfamiliar with Golden Visa’s in general, you can go here for an explanation of how they work, who they benefit, and the programs available in Europe. If it is outside the main cities, the investment goes down. Cyrpus has an amazing program for those that want to invest in property to become citizens of Cyprus. – My behind the scene daily correspondence where I give you all the intel as I travel the world and build my business, develop key relationships and invest in non-traditional investments overseas (very profitably I might add!). Ireland Investment Visa. Your email address will not be published. On October 8, 2012, Portugal introduced the first Golden Visa program in Europe in an effort to attract foreign investors who could both fill the government’s quickly emptying coffers and reignite the Portuguese real estate market. Latest Updates. Entrepreneurs who are considering hiring in Portugal should know that it doesn’t offer the cheapest labor in Europe. The main requirement of the program is that you create at least 10 jobs in Portugal and register each employee in the Portuguese Social Security system. If you would like to stay up to date with all new content that comes out at The Expat Money Show make sure you sign up below for our newsletter; EMS Pulse. For others, the draw is Portugal’s quality of life. For instance, while I like to hire people from all over Europe, if I were to just hire Portuguese workers I could qualify for the program. You would not have to live full-time in Portugal, either. Our audience is of all ages. Family Cases. Transfer the funds needed to complete your investment to your Portuguese bank account. For foreign investors looking for access to the EU and a powerful passport, the fees and cost may just be worth the trouble. Fortunately, as of 2019, there have been many precedent cases that received their Portuguese citizenship through the Golden Visa program in Portugal. As always, understand that I am not a lawyer or accountant and any information provided here should not be considered financial or legal advice. If you already found your property, purchase it and submit your application as soon as possible. The deal was to make a hotel with 20 rooms with the help of 200 investors who would each pay 280.000€ ($319,000). Portugal’s real estate market was never prone to wild speculation either (unlike in the US where unqualified buyers were looking to become “no money down millionaires” before the bubble burst). The Portuguese Golden Visa program speeds up the process for foreign investors from non-EU/EFTA countries to obtain a Portuguese residence permit and claim Portuguese citizenship by investment. Portugal Golden Visa Program grants a 1-year temporary … But don’t wait too long. There is also no requirement to visit the country for receiving citizenship or passport initially. Lawyer’s fees for the Portugal Golden Visa process can cost anywhere between 4.000€ to 5.000€ ($4,500 – $5,700). This is a true investment. 2. 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