Golden visa to Portugal – a rare vanishing opportunity (updated as of April 2023)
What is a golden visa to Portugal? A golden visa is a special type of visa which allows entrepreneurs, retirees and independent business owners to immigrate with their family members to Portugal based on an investment in the country, and to receive a residence visa for an extended period. Sometimes, it is possible to convert the visa into permanent residency, and then apply for Portuguese citizenship and a Portuguese passport.
In light of legislative initiatives to cancel the possibility of issuing a golden visa, attorney Michael Decker, a partner and expert in immigration law from our office, explains in this article the option of applying for this visa via an expedited procedure, in order to have time to benefit from the visa while the possibility to obtain it still exists.
In recent years, Portugal has become a particularly attractive destination for immigration from all over the world. The country offers – in addition to a pleasant Mediterranean climate most of the year and spectacular views – significant business opportunities. Being a member of the European Union, Portugal is a major destination for businesspeople in a variety of industries, such as high-tech, real estate and tourism.
Until recently, Portugal was considered one of the most convenient countries in the European Union for the immigration of foreign citizens from outside the EU, including Israelis. The Portuguese citizenship law offered the possibility of obtaining Portuguese citizenship and a Portuguese passport for hundreds of thousands of Israelis. In addition, Portugal offered a unique type of visa known as a golden visa, for entrepreneurs and investors. However, it seems that Portugal is gradually closing its doors to the immigration of foreign citizens.
In 2022, the Portuguese citizenship law was amended, rendering the possibility of a Portuguese passport for irrelevant most Israelis, even for those who were formerly entitled. This is because the conditions for obtaining a passport have been tightened, and proof of an actual connection to Portugal is now required, apart from having Spanish expellees among your family ancestors. In addition, these days there are discussions about canceling the option of a golden visa. This visa allowed long-term immigration to Portugal, including with family members. For those who wish to stay in Portugal, this visa opened up the possibility to apply via a process granting first a permanent visa and then eventually Portuguese citizenship, which then entitles its holder to a Portuguese passport. Data shows that in the 11 years that this track has existed, over 31,000 foreign citizens from all over the world have obtained a golden visa to Portugal. As we explain below, it seems that this option will disappear soon, and those who are interested in obtaining such a visa face a narrow window of opportunity which may close at any moment.
What is a golden visa to Portugal?
A golden visa, also known as a D7 visa or a passive income visa, is a visa that allows entrepreneurs, retirees and anyone who can support themselves independently in Portugal, to immigrate to the country for an extended period of time. Visa holders enjoy significant tax benefits, including low taxation on real estate income, capital gains tax for certain professions, dividends, etc. As part of this visa, a permit is first granted that allows you to live in any Portuguese city for one year, after which it can be extended for two additional periods. It is also possible to request a visa for family members (spouses and minor children), subject to meeting certain conditions. For detailed information about the process and conditions for obtaining the visa, see another article published by our office on the subject of a passive income visa to Portugal.
What is expected to change in Portuguese law on the subject?
As of writing these lines, Portugal is facing an acute housing crisis, in which real estate prices have skyrocketed. The Portuguese government is actively working to find solutions to this crisis, and within this framework, a decision is being made to cancel the golden visa program for Portugal, or at least to amend it so as to create stricter conditions for obtaining the visa. It should be noted that the European Union institutions have also been working behind the scenes for a long time to encourage the Portuguese government to cancel the visa, due to fears that it could make it easier for criminals to launder money. However, at this stage it is not known when the new legislation on the subject will enter into force, and what exactly it will look like.
Want a golden visa to Portugal? Don’t miss the window of opportunity for applying
Since legislation that will cancel the golden visa to Portugal may enter into force at any time, you should know that it is possible to apply for a golden visa via an expedited track. As part of this track, the application is submitted in a fast process, so that the entire process required for submitting the application, which includes registration in the Portuguese tax system, opening a bank account in Portugal and initial capital investment in the country – is all done within up to a month at most.
The documents and details that must be presented for the purpose of the process include, among others, the applicant’s passport, current address, current profession/occupation and a certificate that proves the absence of a criminal record (certificate of good conduct). If the application is for family members, it is required to submit their passports and certificates of good conduct as well as a marriage certificate (for spouses) and a birth certificate (for children). Some documents are required to undergo notarized translation and apostille verification.
Golden visa to Portugal – contact an attorney specializing in immigration law
In conclusion, a golden visa is a gateway to long-term immigration to the European Union, and even to obtaining permanent residency and Portuguese citizenship, for entrepreneurs, investors, retirees and their family members. This option is still in effect, as of writing this article, but it is unknown how long it will remain so. Accordingly, those who are interested are advised to check their eligibility for the process as soon as possible.
For any additional questions or if you need advice and assistance on this issue, you can contact our office and we will be glad to help. Our office, in Jerusalem and Tel Aviv, specializes in immigration law and obtaining legal status in Portugal. Our firm collaborates with a leading office in the field in Portugal, in order to provide our clients with comprehensive support and handling of all legal aspects of immigration applications in Israel and Portugal.
:
:מאמרים מומלצים