Portugal has introduced a scheme whereby non EU nationals can obtain residency rights and eventually citizenship. The aim of the scheme is to attract high net worth individuals who are willing to invest in Portugal either by purchasing property or creating employment.
In order for the Non EU National to qualify for the Golden Permit Scheme they must do at least one of the following:
Purchase properties of a total value of at least € 500,000;
Transfer into Portugal at least € 1,000,000
Create an enterprise that employees at least 10 people
Once the invidual has been granted residency rights it is only necessary for them to spend 7 days in the first calendar year they become resident and 14 days in each of the next two years.
The sucessful individual initially receives an authorisation to stay in Portugal for one year. This can then be renewed for periods of 2 years.
The residency rights also apply to members of the applicant's family.
As an individual under the scheme has no obligation to spend more than 7 or 14 days per calendar year in Portugal this means that it is possible to have residency rights in Portugal but without being tax resident in Portugal. The scheme also does not confer any taxation benefits to the successful applicants.
The scheme has recently been updated to include as qualifying actions the investment of at least € 350,000 in cultural or scientific investments and more than € 500,000 in investments in urban renewal.
Do you have questions regarding Golden Permit Programme or would you like to book a meeting?