A Portugal Golden Visa can give you wide access to Europe. Should you apply?
The Portugal Golden Visa programme is popular among people looking to secure a residency in a European country—by investing a minimum €500,000 ( ₹4.65 crore) in specific funds that back local businesses.
Even if that appears appealing, the programme has undergone quite a few changes recently.Mint gives a lowdown on the pros and cons of the Portugal Golden Visa programme.
Until recently, real estate investment was a popular route for individuals seeking a Portugal Golden Visa. However, from October 2023, real estate investments are no longer eligible for the programme. As a result, the fund route, which was available even earlier, is gaining a lot more traction.
For residency eligibility in Portugal via this programme, individuals need to invest in funds that specifically target local Portuguese businesses needing operating capital. At least 60% of the corpus of such funds needs to be invested in Portuguese companies.
“The Golden Visa-eligible funds often focus on high-impact sectors such as artificial intelligence, life sciences, technology, and sustainable projects," said Sandeep Jain, co-founder and chief operations officer of Multipolitan, a global migration platform.
A Golden Visa or temporary residency typically takes 1.5-2 years following the investment. While awaiting your temporary residency, you will need to visit the Portuguese immigration agency (Agency for Immigration, Migration and Asylum) to register your biometrics.
Following a temporary residency, it takes another 5 years for the permanent residency to come through. In January, the Portugal government passed a law for the 5-year timeframe to be considered from the date of application and not from when a temporary residency or Golden Visa is awarded.
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