WHY PORTO IN PORTUGAL?
5 reasons to make up your mind
1
ONE OF THE MOST EXCITING EUROPEAN CITIES
"Stunning 18th- and 19th-century buildings, new indie bars and restaurants and a laid-back vibe, facilitated by the excellent wine — it’s hard to find anything to dislike about Porto"
2
SAFE HAVEN FOR RETIREES
Not only Portugal is one of the safest countries in the world, it only taxes pensions at a very low 10% rate.
The warm weather and cheap cost of living, also help explain why it is currently a top destination worldwide for retirees.
3
TOP QUALITY OF LIFE FOR DIGITAL NOMADS
In recent years Portugal has introduced 1-year residency visa (D7) that makes it easier for digital nomads to settle in the country.
Over the same period, it has also seen tech companies and start-ups alike moving their operations here, as it will continue to be the home to the world's largest tech conference - Web Summit - all the way up to 2028.
4
ACCESS TO SCHENGEN SPACE
AND A POWERFUL PASSPORT
One of the benefits of obtaining a Portuguese residency visa is the immediate access to the Schengen space - a borderless zone comprised of 26 European countries.
The Portuguese passport, that can be requested after 5 years, is one of the most useful in the world, allowing to visit 186 countries visa-free.
5
LOWER INVESTMENT NEEDED
While the most popular real-estate visa consists of a half a million euros investment, there are also opportunities at a lower amount.
By investing in Porto's city center, in a building that is more than 30 years old and needing structural rehabilitation, the amount required lowers to just 350K euros. And that includes both real-estate and renovation costs.
REQUIREMENTS & TIMELINES
From investment to holding a passport
REQUIREMENTS
Duration - investment must be kept for 5 years
Changes - the replaced investment can only be disposed of once the new investment has been made.
Days in Portugal - must spend at least 7 days in the country during the first year. From then onwards, must spend minimum 14 days for every 2-year period.
Family reunion - at any point during or after the application you may apply for the following family members: i) spouse or partner ii) children (under 18 years old) iii) dependent parents or siblings of spouse or partner.
DIFFERENT INVESTMENT POSSIBILITIES
There is a clear incentive to channel investment, both to rehabilitation and low density areas, via a reduced investment amount:
€ 500K purchase of any property.
€ 400K purchase of any property in low density areas. This excludes almost all coastal areas as well as Lisbon and Porto.
€ 350K investment for a property that needs rehabilitation in ARU zones - typically old quarters and city centers. Note that this can include both the purchase and the rehabilitation costs.
€ 280K investment for a property that not only needs rehabilitation in an ARU zone but is also in a low density area.
TIMELINES
Start - Once the application is filled 4-5 months until residence card 1 is issued (valid for 2 years)
Year 2 - residence card 2 is issued (valid for 2 years). Renewal request must be filled between 90-30 days before expiry date.
Year 4 - residence card 3 is issues (valid for 2 years). Renewal request must be filled between 90-30 days before expiry date.
Year 6 - option to apply for permanent residence or keep renewing residence card every 2 years.
As of year 5 that is also the possibility to apply for Portuguese citizenship. This process will requiring an A2 language test and will take about 12months until passport is issued.
2022 CHANGES
How legislation is changing already as of Jan 1st 2022
EXCLUSION OF LISBON, PORTO AND THE COASTLINE BY NEXT YEAR
The government is moving ahead with ending the golden visa program through real estate investment in Lisbon, Porto and the coastline as of 2022, it has decided not to alter the minimum investment amounts until that time.
By the end of 2021, investors keen on a Portuguese golden visa will need to look beyond Lisbon and Porto metropolitan areas for qualifying opportunities. The intent of the measure is to shift investment to low density areas and also curb the rise in rental prices in the top two Portuguese cities.
In case you are considering the option of make use of the remaining months tp make a qualifying 350k euros golden visa investment in Porto, please check our investment section or contact us here.
Note: Through this legislation, the government has also clarified what constitutes non-coastline or interior. Here is the full list.
