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2021 Global Mobility Report. If you’re in the process of purchasing a property, go ahead and complete the transaction and submit the GV application as soon as possible. To get a NIF as someone without a fixed legal address in the EU/EEA, you will need a Portuguese representative for the tax authorities. After a report of the European Council criticizing investor citizenship and residence schemes, Cyprus is the first EU country to take concrete steps to update its program. The reason why you need those things is that you need a Portuguese bank’s confirmation that you have transferred the funds and made your investment. Yes, currently that is a requirement (though there are ongoing discussions about removing it). Jan 20, 2021, 03:49pm EST. Foreign citizens living in Italy are required to apply for renewal as it follows: The validity period of temporary residence permits depends on the purpose of the Italian visa. In many cases, they can put you in touch with the sellers directly. After the fifth year, you can apply for permanent residency or citizenship (you can choose which one). To my knowledge no one has done it yet, however, it should be possible. The cabinet of the Cypriot Government has approved several changes to its golden visa scheme. Focused on high return in the long term. Two Experts Answer Two Experts Answer Despite a flurry of program-enhancing policy changes, the Greek golden visa’s performance in 2020 was lackluster compared to Portugal’s. Home Trust credit cards are known for providing financial flexibility for potential cardholders. The Portuguese Parliament recently passed a budget proposal, which seeks to change the Portuguese Golden Visa program. For other countries, you can contact your lawyer or SEF to issue a letter for essential travel. Click here to learn more about the available funds. “The changes are not a priority at the moment,” a source from the Ministry of Foreign Affairs told Dinheiro Vivo. Required time spent in Portugal average only 7 days per year. Open to US persons: Currently under consideration. It will be beneficial to work with a native Portuguese speaker if you don’t already know the language. make a predictable return while holding the investment, and. Mercan/RAG is a real estate developer offering just that. Here’s a 1-minute video they made which explains how they can help: They have also recently published a tax and investment calculator which you can use to evaluate your potential return on real estate investments in Portugal. Moreover, anything that’s not in Portuguese needs to be translated and certified. Most applications will be approved in a few days and sent to the foreign national via email. There are plenty of good ways of learning online, and I’d recommend spending your required time in Portugal practicing further. According to PwC, you will become tax resident in Portugal if you fulfill either of these conditions: No, it is not required. Regarding which stage of the process you need to have reached by this time it could be any of the following (my guesses in parentheses): So where does that leave you in case you were planning on investing in Lisbon, Porto, or along the coast? The Portuguese Golden Visa program is one of the most popular both in Europe and the world, and for good reasons: As far as Golden Visa programs go, the Portuguese program is also relatively accessible. The Visa is also inexpensive to own, as cardholders pay no annual fee. Currently ranked in the sixth position alongside Norway and the United States in the list of world’s most powerful passports, the UK citizens can, for now, travel to 183 countries, whether visa-free or wish an e-visa or a visa-on-arrival. At the same time, they may register a branch office or a representative office of a foreign company. Here are the things you always need to gather for your application: Again, all documentation (unless otherwise noted) needs to be issued within 90 days before the date you submit your online application. Year 1-2 Make sure to bring the original versions of all the documents you submitted online as part of your application. It is also the only option if you are not ready to move to Portugal yet, but want to start the clock so to speak towards permanent residency or citizenship. The budget proposal isn’t specific when it comes to the implementation—it only gives the government the mandate to change the rules. Regardless of spending less than 183 days in Portugal, maintains a residence (i.e., a habitual residence) in Portugal during any day of the period referred above. While it will cost you some euros up-front, you are likely to save much, much more by finding a better property, at a better price. Just click here, and I’ll make the introduction, change in the Portuguese Nationality law in 2018. The application itself is submitted online, but you need to travel to Portugal for biometrics after your application is accepted. While this might be a leading question, the answer is definitely YES! ⚠️ Update February, 2020: The Portuguese parliament recently passed a budget proposal that seeks to exclude properties in Lisbon, Porto and (potentially) all other coastal municipalities from qualifying for the Golden Visa. As a matter of fact, Italy is one of the friendliest countries in Europe when it comes to the facilities offered to third-country individuals moving here. The country of Georgia did likewise. Another option that can be interesting for an entrepreneurial person is the creation of 10 jobs in Portugal. To apply for a job, UK nationals may require the following documents: UK criminal records certificate New Golden Visa Programs in 2021. Make sure that everything is correct to avoid extra costs and wasting precious time. some ideas out there. Apply for permanent residency and/or Portuguese citizenship after five years, Access the Portuguese healthcare and education system (on the same basis as Portuguese citizens), Travel freely in the entire Schengen Area. I recommend Pearls of Portugal. A couple of the funds recently hosted webinars for Nomad Gate readers, which you can watch here: “The present state of real estate investments during the Covid-19 pandemic, alternatives for yield and valuation” Currently, it takes several months to get a biometrics appointment after SEF application approval. While the process isn’t very complicated, it does involve gathering a lot of documentation—both in Portugal and in your country of origin. The Malta golden visa program requires a minimum investment of EUR 275,000 in the form of government bonds or real estate in Malta. Portugal is a safe and stable country with an excellent and affordable quality of life, good healthcare and education options, well-connected airports, and the best climate in continental Europe. Even if you don’t become a full tax resident in Portugal, you will probably have to pay tax related to your investment in Portugal. the annual coverage amount for a single person is established at 5.349 euros; for a family made of 2 persons, the insurance policy must cover annual health-related problems of 8.024 euros; for a family made of 3 persons, the insurance policy must cover problems worth 10.699 euros; for 4-member families, the minimum amount of the health insurance policy is 13.374 euros. If you want to go for several funds, it’s a good idea to ask your lawyer first to get a confirmation from SEF stating that it is acceptable. At this point, you pay the remaining application fee (€5324.60 per person). a minimum of 500,000 euros to be invested in a start-up business; 1 million euros if the investment is made under the form of a philanthropic donation; real estate investment is also accepted, as long as the value of the property is 300,000 to 500,000 euros; a minimum annual income of 100,000 euros of the applicant is also required. In certain circumstances, you can even bring your parents and/or in-laws, as long as you can demonstrate that you are supporting them. If you love it all and just can’t decide which one is for you, in Abruzzo you don’t have to. Get answers to all of your questions in the Nomad Watch BlueCrow webinar, “The path to the Portuguese Golden Visa in the age of travel restrictions” Among the requirements to fulfill in order to obtain an elective residence visa is to have health insurance worth 30,000 euros.Foreign citizens who want to retire to Italy must comply with a few additional requirements, among which having a steady income of 31,000 euros per year. Portugal’s golden visa scheme, which was due to be blocked for property purchase in the greater Lisbon and Porto areas from 2021, is to remain unaltered for now because of the coronavirus pandemic. UK passport holders are amongst the most privileged citizens of the world when it comes to traveling. By far the leading share of Golden Visas have been issued to Chinese nationals (although their share has been declining recently), followed by Brazilian, South African, Turkish, and Russian citizens. They are not a traditional real estate broker (although they are licensed as one)—rather they are a full-service provider for real estate purchases in Portugal. I already know of several funds that qualify, which you can learn more about here. Documents showing a good standing with the Portuguese Tax and Customs Authority and Social Security system. Jan 20, 2021, 11:02am EST. It’s a much more diversified investment than purchasing one or a few individual properties. You need a Portuguese fiscal number (NIF) to open the bank account. It's up to you, I'm just throwing I’ve reached out to all the regulated funds in Portugal and are meeting with several during January and February 2020 to work out which ones are available. See details on each here. • by What’s unique about the permit is that the investor only has to spend about seven days per year in Portugal to maintain the residency, while still reaping all the benefits of being an EU resident—including visa-free travel in the entire Schengen area. You can choose from a range of relatively affordable investment options that will give you both permanent residency and citizenship in 5-6 years. In these particular situations, the legal framework stipulates that a representative of the foreign company may apply for an intra-company transfer residence permit. the next step. Another requirement that does not have to do with money is for the company to operate in innovation. It has several advantages: A five-year GV investment in real estate at the €350,000 level (which is practically impossible to find in prime locations anymore) realistically would cost about €460,000 including taxes, fees, transfer costs, furniture investments, lawyer fees, etc. It is pretty straightforward and has some advantages compared to other GV programmes. Should all supporting documentation be translated into Portuguese? Currently, it is not possible to do biometrics in an embassy or a consulate. The government of Hong Kong starts the Hong Kong Ph.D. Fellowship Scheme Program 2021-2022 for international students. Read more about this policy here. I won’t go into details on the process in this article since I already explained it in great detail in two other articles (how to get a NIF and how to open a bank account in Portugal as a non-resident). While starting and running a company in Portugal for 5 years doesn’t seem like an easy route to get the Golden Visa—it has the benefit of not imposing a minimum investment, meaning you may get away with a smaller upfront investment than the other options. Your investment needs to meet at least one of the following requirements: For more details about the requirements, click here. In that case, you would have to move your investment into another fund under the same Golden Visa category. Transfer of capital of at least €1,000,000. These being the best options for most people: Unfortunately, the information you find when searching about the Portuguese Golden Visa is often unreliable, biased, or out-of-date. Specific documentation relating to your investments (see below). Our non-government based service charges a fee to help prepare your documents and avoid an in-person appointment at the consulate office. While a conservative government introduced the program in 2012, the current socialist coalition government has even expanded the program since seizing power at the end of 2015. The Italian employment permit may have a six to nine months validity period, while student visas may have a one-year validity period.The Italian permanent residence permit is granted under certain conditions and it depends on the nationality of the applicant. Most firms offer some discounts for the renewal of the Golden Visa (at the end of year 1 and 3). In general, we can place the funds into one of three main categories: Due to Portuguese regulations, I’m not able to include a lot of details of the individual funds directly in the article, so if one or more funds sound interesting just click the learn more link next to it to get an introduction to someone who’s authorized to provide all the details you need (including fund prospectus and more). Let's take a closer look, where should you invest instead of Lisbon, Porto or Algarve? Wait until you hear back from SEF with a preliminary approval. Jan 20, 2021 Yes, anything that’s not in Portuguese needs to be certifiably translated (in addition to being legalized). If you still have some questions about the article or the Golden Visa, feel free to post them below. Show up for your interview on the agreed date and time. A receipt showing that you already paid the application processing fee. Any dependents need to meet the same criteria on each renewal application, not just on the initial application. Any third-country national—meaning anyone except Portuguese and EU/EFTA citizens—can apply for the Golden Visa after completing a suitable investment into Portugal. Year 3–4 The applicant should provide evidence on a university graduation certificate. Yes, you can! If the Golden Visa eventually leads to EU citizenship, then the resulting passport will offer visa-free travel to over a hundred countries in the world, depending on the issuing State. A real estate investment might also make sense. Which investment funds are available for Golden Visa investments? To do so I reached out to the managers of every single fund that’s regulated by CMVM (the Portuguese regulator), and met in person with dozens of them to learn which funds are available to Golden Visa investors, now and in the future. What are the main types of companies in Italy? In the meantime, here’s my personal take: Click here to be updated when there’s more clarity. You can find all active funds on the website of the regulator, however, most of these are not open for subscriptions or do not meet the requirements. commercial real estate) and international equities, bonds, ETFs, etc. While the real estate market in Portugal (especially central locations in Greater Lisbon and Porto) is starting to mature and is looking less and less like a good deal, with an investment fund you can get exposure to completely different industries or just a less saturated part of the real estate market (e.g. Subscription deadline: December 31, 2021 ✅, Fund term: 10 years, option to exit after 5 years. You’ll still need to get your Portuguese tax number first. This option has been available since the beginning of the Golden Visa program but has understandably not been as popular as investing in real estate or an investment fund. This section was last updated on December 23, 2020, and will be updated again as soon as I know more. In any case, I will only recommend products that I believe are the best fit for my readers. Should I avoid certain firms offering Golden Visa services? First time for biometrics about 6-12 months after submitting your initial application. Updated: Working in Italy. Acquisition of real estate with construction completed at least 30 years ago or located in an urban rehabilitation area, with the execution of rehabilitation works. Gather all required documentation from your country of origin (at most three months before submitting your application). Do I have to register and pay Social Security contributions in Portugal? It varies over time. If you don’t want to apply for either, you can continue renewing your Golden Visa every two years (at the end of year 6, year 8, and so on). Bring along the originals of the documentation that was submitted with the application to your in-person appointment. If it’s not so important for you to invest in real estate. It is merely a best effort representation of the information I have gathered through countless hours of online and offline research into the subject. 2021 Portugal Golden Visa Changes. Expect to pay up to €20,000-€30,000 in lawyer fees for a family of four (for the initial application and the two renewals) when hiring one of the more expensive firms. What stage of the process you need to have reached when the cutoff date comes around. Click each investment type for more information: The easiest and safest option is to let your lawyer handle and guide you through the application process. Anything issued by a foreign entity has to be legalized (e.g., with an apostille if your country of origin has signed the Hague convention). Fill out and submit the application for the Golden Visa (typically through your lawyer). In addition, comes the cost of hiring lawyers, as well as any costs of legalizing and translating the supporting documentation. If the investment fund is shut down before getting full residency, what happens to the application? The Malta Residence and Visa Program offers freedom of movement within Europe’s Schengen Area and security within the EU’s social and legal systems. It is also good to know that even if EU citizens do not need to apply for a temporary residence visa, they can obtain permanent residency in Italy.Below, we invite you to read about 5 of the most important advantages of obtaining a residence permit in Italy. Just transaction fees, taxes, and refurbishments that lose their value after a few years can add up to 20% or more for a normal real estate investment meant for short-term rentals. Foreign citizens who want to retire and live permanently in Italy can apply for an elective visa. Gather necessary documentation in Portugal (your lawyer can help with this). If you want to bring along your family members, their application is submitted simultaneously. Usually, you complete the application through your lawyer, and it can take up to 6 months for approval. based on a work permit which entitles the applicant to live and work in Italy prior to applying for permanent residency; based on a residence permit for entrepreneurs which allows foreign citizens to start their own businesses here; based on an investment in a specific domain of interest acknowledged by the Italian government; based on a self-employment visa which allows the foreigner to act as a sole trader in Italy. In that case, it might be prudent to get private health insurance instead. First we start with Malta. Legal residency and tax residency are independent concepts, and you don’t necessarily become a Portuguese tax resident by utilizing the Golden Visa. If you are someone who first and foremost wants…. While you don’t pay them a fee directly (it’s covered by the seller, and based on sales price), they are incentivized to sell properties for as much as possible. Italy is among the countries seeking to attract investors which is the authorities have enabled the citizenship by investment or Golden Visa Scheme through which non-EU citizens can relocate here and obtain various benefits. RushMyTravelVisa.com is a leading Travel Visa expediting company. Still the best visa program for real estate investors, in my view, is Portugal’s Golden Visa. Once SEF has analyzed the application and the documentation, pay the application processing fee(s). The program does not automatically make the applicant eligible for citizenship but he or she may apply for permanent resident status after 5 years. The minimum investment amount and number of people you need to employ if you go the business investment route may also be increased. After the recent amendments of the ARI (Golden Visa) program, the Portuguese government has narrowed the list of cities eligible for the program. The EU members Bulgaria, Croatia, Cyprus, and Romania, are all required to join the Schengen area in the future, but as a Portuguese resident, you can already travel there visa-free. While a resident of Portugal you are allowed to travel freely in the entire Schengen area. Additionally, the processing fee is again €532.70 for the first applicant, and €83.10 for other applicants (family members). Click here to learn more about Mercan’s offering. If you haven’t started your application yet, there is a good chance the travel restrictions will be lifted by then. Simply text the short code provided to the numbers provided and follow instructions to enter, text games, text 2 win 2020, text contests, text message sweepstakes, 2020, short code sweepstakes, text contests, text sweepstakes, sms sweepstakes, beer text sweepstakes, text message contests, text to enter contests, text … The list of funds that are available changes over time (as subscription periods close and new funds are introduced). The usual disclaimer: Nothing in this article is to be considered legal advice. So far I’ve glossed over the fact that to make a suitable investment, you also need to find one. A Golden Visa for an EU country is particularly desirable as it allows the holder (and their family members) freedom of movement throughout the entire Schengen Zone. Watch POF webinar, Note: You’ll find all past and future webinars here. Transfer capital of at least €350,000, destined to acquire units in investment or venture capital funds aimed at providing capital to companies that meet certain requirements. If you’re not already based in Portugal, you should make sure to pick a date when you and your family (if applicable) can all travel to Portugal. In particular I would recommend Pearls of Portugal. Americans are rushing to apply for Portugal´s Golden Visa program before its changes come into play in July of 2021. Webinar alert: Mercan Group recently hosted a very relevant webinar for Nomad Gate readers on the topic: “Can you still invest in Lisbon & Porto? The objective of the parliament is to promote investment in low-density areas, urban renovation, job … This type of residence permit is one of the simplest ways of immigrating to Italy. If you have a lawyer, have him or her look over everything before submitting. Investment profile: International expansion capital for growing businesses with protectable competitive advantages. What they fail to mention, however, is that they are selling it far above the current market value. ), provide up-to-date criminal records, and pay a fee of €2,637.20 for each applicant. It is essential that you are the only owner or member of the company, and that it is based in either Portugal or another EU member state. Gate community! Here are some examples: No matter if you search for properties through an aggregator or a traditional broker I highly recommend hiring your own independent broker. Annoyingly there’s no official list of funds that qualify, however, I have taken it upon myself to do the research needed to create such a list. In this case, the minimum investment is established at EUR 50,000. It encompasses all of this, and more. Per 2018, an ordinary passport costs €65 and is valid for five years. While the program has benefited more than 6,500 foreign investors so far, it has also been beneficial for the Portuguese economy. Foreign investors who want to open a company in Italy can obtain a residence permit in specific situations. Although, if you don’t, you have to cover many health care costs yourself. If you don’t yet have a lawyer, click here and I’ll introduce you one I trust. The two renewals (at the end of year 2 and 4) are charged at €2666.30 each, per person. You’re making a sizable investment to gain Portuguese residency (and eventually citizenship), so I wouldn’t recommend taking any chances during the application process. Bonds, ETFs, etc. ) come into play in July of 2021 are introduced ) per )! A day rehabilitation, and I ’ ll still need to employ you... ) and international equities, bonds, ETFs, etc. ) vip Club: Players will lifted... Or non-consecutive ) rates increase very slightly every year for both leisure for! 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