A growing number of individuals with high international mobility are looking for a way to obtain European residency. Some of them are charmed by high-quality of life, some by business opportunities, and others by the visa-free travel opportunity. There is no doubt that there are many alluring privileges to having a residence permit in Europe, however, the question is how to get it.
Residency through investment programs is the most preferred way to become a part of Europe without any permanent residence requirements. There are different program alternatives in 2020, depending on your expectations and the resources you can allocate.
You should ask yourself the below-listed questions before considering the alternatives:
– What are your main goals when considering a European residency?
– Are you planning to apply for the program with your family? Do you have children you want to include in the program?
– Are you looking for a visa-free travel opportunity in Europe or an extended set of priorities for your family?
– What type of investment do you prefer?
– What is your budget?
– How soon do you need the residence permit or the citizenship?
You might have multiple reasons to apply. The vast majority of Indian investors consider European residency as an opportunity to expand their businesses to Europe, an investment for the future and education of their children, or as an investment for their retirement. You should first determine your main priorities related to residency programs, and then you can choose the right option based on your expectations.
As The Get Golden Visa Team, we are experienced in a multitude of programs and can offer different options depending on the expectations of our investors. We would like to provide a thorough understanding of why Portugal Golden Visa Program is one of the best residency by investment programs.
Why is the Portugal Golden Visa one of the best programs to get EU residency through?
There are many reasons to choose Portugal Golden Visa as a route to European residency;
A Clear Route to European Citizenship for Your Family
You are eligible to apply for Portuguese citizenship if you fulfill all the requirements of the program throughout the five year period. If you are considering European residency, you may be asking “Why is citizenship important?”. Once you obtain Portuguese citizenship, you have access to all the privileges of EU citizens. Moreover, through ‘family reunification’, you can include your children in the program, as long as they are not adults and they are still enrolled in school. If they are over the age of 18 and not enrolled in a school, unfortunately, they do not qualify to be part of the family application, so they have to make another Golden Visa investment on their own. The only solution to avoid this situation is to get citizenship when they are still dependent on you.
Portugal Golden Visa Program is the only residency by investment program in Europe that offers you a clear path for citizenship. After 5 years of maintaining the investment and physically residing in the country for 7 days on average each year, one can apply for citizenship. As for the competing program, Greece Golden Visa; it may lead to citizenship after 7 years of actual residency in the country, with no guarantee, even if all the conditions are met. The Spain Golden Visa also requires 10 years of permanent residence before granting citizenship. Both Spain and Greece have the requirement for a minimum of 183 days to stay in the country to be eligible for citizenship.
A Confirmed Road Leading to Citizenship
Portugal Golden Visa has a proven track record. When the program was introduced in 2012 by the Portuguese government, there were many speculations about whether this program was actually going to lead to citizenship or not. Becoming a citizen without being a full time resident appeared too good to be true. However, the first applicants of Portugal Golden Visa already became citizens, making it very clear that Golden Visa applicants can become a citizen without being a full time resident of Portugal.
Minimum Stay Requirement
One of the aspects of Portugal Golden Visa that differs from the similar programs is the minimum residence requirement. Portugal Golden Visa requires 7 days of residence each year to maintain the visa. In total, staying in Portugal for 35 days in 5 years, a Golden Visa holder can apply for citizenship. Once you become a citizen, you no longer have any requirements, which includes the minimum stay requirement of 7 days each year, as well as maintaining your investment in the country. Portugal Golden Visa is the only residency by investment program that can lead to citizenship without permanent residence in the country.
Affordable Option to Getting Not Only Residency, But Also Citizenship
Portugal Golden Visa seems to be an affordable option among other investment programs. The minimum investment amount starts from EUR 280.000, and the most popular investment option for Portugal Golden Visa is EUR 500.000 investment in real estate. The EUR 350.000 real estate option has been added to the program later on and is currently getting more and more popular among investors. The EUR 350.000 option is valid for the properties older than 30 years old and in need of renovation. It can be lowered to EUR 280.000 if the property is in low-density areas and again renovated by the investor.
When it comes to other EU residency programs, Spain Golden Visa program requires at least EUR 500.000 real estate investment. Greece Golden Visa requires the minimum investment amount of EUR 250.000. However, we should note that both Greece and Spain Golden Visa Programs don’t provide a clear route for citizenship as Portugal.
As the Portuguese Golden Visa Program leads to citizenship, it’s fair to compare it with other citizenship by investment programs instead of residency programs. Cyprus citizenship by investment program is the fastest route to get an EU citizenship which is as short as 6 months. It is rather costly, with its EUR 2.000.000 real estate investment, as well as 150.000 donation requirements. Another citizenship program in the EU belongs to Malta, it requires EUR 650.000 of donation, 350.000 real estate investment – which has to be kept for 5 years or paying 16.000 annual rent for 5 years – and EUR 150,000 of government bond investment for 5 years. It costs more than a million euros overall for being granted a Maltese passport in 12 months. Accordingly, the Portuguese program is a relatively affordable option to obtain EU citizenship.