There are some specific requirements you need to fulfill in order to get the Golden Visa to Portugal. One of that criteria is the bank balance to qualify. You need to have a bank balance of at least $30,000 in order to qualify. If you can’t afford this, you can apply for a discounted Golden Visa, but you’ll still have to meet certain investment requirements.
Investment requirements
If you’re a non-EU national and you have invested a significant amount in Portugal, you may be eligible for a Portugal Golden Visa. This visa will allow you to live, work, and travel in the Schengen area without a passport. You can also apply for Portuguese citizenship after five years of residency.
In order to qualify for a Portugal Golden Visa, you’ll need to meet the requirements in three areas: investment, family, and citizenship. First, you’ll need to make a qualifying investment. The most common type of investment is real estate. However, this option isn’t as popular as investing in an investment fund.
You can also make a qualifying investment in Portugal through a company. But you must have at least one non-EU citizen as the main applicant.
Before making a major investment in Portugal, you should consult a professional. A lawyer can explain the ins and outs of an investment and can advise you on the best route to take. At Fire Horse we make this whole process easy and hassle-free.
You can apply for a Portugal Golden Visa through a private limited company or a simple company with one owner. The latter can be a good choice for investors with a limited budget.
While a real estate investment is the most common route for a Portuguese Golden Visa, you don’t have to make a major investment in Portugal to benefit from the benefits of a visa. Instead, you can open a bank account in the country without actually living there.
Another good idea is to invest in a venture capital fund. These funds focus on capital gains and are often less risky than real estate.
The Portuguese Golden Visa program was first introduced in October 2012. Since then, the program has raised over EUR6 billion. As a result, there are now several different investment funds available to Golden Visa investors. Some of these funds focus on equities and commodities, while others specialize in startups and real estate.
There are many other types of investment you can choose from, including art, tech, and sports. But the most significant type of investment isn’t necessarily the most lucrative.
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Low-density areas qualify for a discounted Golden Visa
Low-density areas are a group of places in Portugal where the population density is low. The areas have fewer than 100 inhabitants per square kilometer. They have lower capital requirements and provide a great investment opportunity.
Several Portuguese regions are considered low-density and qualify for a Golden Visa. Some examples of these areas include Algarve, Geres, Douro Valley, and Sagres. There are also autonomous islands, such as Madeira and Azores. Investing in real estate in these areas can benefit your finances and increase the local economy.
When purchasing real estate, you should be aware of the location restrictions. If you want to invest in low-density areas, you will have to ask the local authorities to give you a declaration. In addition, the total amount of your investment must be at least EUR350,000. However, you can find an affordable property in the area for less than EUR200,000.
Buying property in low-density areas is an excellent option for investing in Portugal. You can choose from a variety of properties, such as villas, apartment complexes, or commercial properties. These investments come with a 20% discount on the Golden Visa.
Low-density areas are defined by law. They are places where the population density is low and the GDP is less than 75 percent of the national average. Purchasing property in these areas will qualify you for a 20% discount on your Golden Visa.
To qualify for a Golden Visa, you must invest a minimum of EUR500k in a qualified property. In addition to investing in a property, you must also invest in a rehabilitation project. It is best to contact a professional to help you with the investment process.
The Portuguese Golden Visa has been a popular option for many years. The program has encouraged foreign investors to invest in Portugal, and helped the economy. Aside from the lifestyle benefits, those with Portuguese citizenship enjoy a variety of taxation advantages throughout the world.
As of 2022, the eligibility for the Golden Visa will change. This change will encourage the development of low-density areas. Currently, low-density areas are not included in the list of high-density areas.
Requirements for obtaining a property in Portugal
If you are a foreigner and want to buy a property in Portugal, there are some requirements you need to fulfill. These requirements vary from person to person, but in general, you should ensure you have the correct documents and a good understanding of the local legal system.
For example, you need to have a tax card. You also need to have a Personal Fiscal Number, which you can obtain from your local tax office.
Having a Personal Fiscal Number is crucial if you are a foreigner. To purchase a property in Portugal, you need to provide proof of this number. This can be done with a sworn statement, which is translated into Portuguese.
A notary is appointed to ensure the legality of the transaction. The notary will check the details of the transaction with the Land Registry and Inland Revenue. Once the details have been verified, the contract will be signed and the purchase will be made.
When buying a property in Portugal, you may have to pay stamp duty and property transfer tax. The cost of these taxes depends on the value of the home you are purchasing.
You should also consider whether you will need a mortgage. Mortgages in Portugal are available on a variable rate basis. However, you will need to make a deposit of at least 20%.
There are several banks in Portugal. Most offer loan terms of up to 50 years. They will ask you to provide information on your employment history, pre-existing debts, and your net income.
You will need to take out insurance before you can apply for a mortgage. You will also need to have a snagging report drawn up.
Before you move in, you should hire an architect and builder. Check that the professionals you use are insured and have previous examples of work.
It is also advisable to check the location of the property you intend to buy. Consider the availability of amenities and the proximity of the airport. Also, make sure you visit the property during different times of the day.
Consider reading our article on How to obtain a Portuguese Golden Visa – HERE
