Golden Visa Update

How to apply for a Golden Visa: the two real estate options

At the moment there are two ways that investors can apply for a Golden Visa in Portugal by investing in real estate. Firstly, you can apply for a Golden Visa by investing €350,000 in properties over 30 years old which require renovation work and are located in urban regeneration areas. Alternatively, you may apply for a Golden Visa by investing €500,000 or more in any Portuguese property anywhere in the country.

How long does it take to apply for a Portuguese Golden Visa?

Thanks to a recent change in the law, family applications may be submitted online too which helps speed things along. Previously, the investor would apply alone and three months later, once their application had been submitted, they would be able to apply for visas for their family members which could then take another three months. This change has effectively halved the waiting time. 

After all of the documents have been submitted and the initial fee has been paid, the family will need to come to Portugal to submit physical documents and biometric data. Contrary to popular belief, there is not an interview at this stage. Instead, accompanied by your lawyer, you will need to submit a digital signature, a photograph and fingerprints. “When submitting biometric data, we recommend that clients book their appointment at an immigration office outside of Lisbon as it is often quicker,” advises Joao.

Which family members are eligible for the Golden Visa programme?

Spouse or partner

This is someone who you have been living together for more than two years. You will need proof of this such as a shared insurance policy. “Many investors ask us if same-sex couples can apply for the Golden Visa together and the answer is yes,” comments Joao.

Dependent children of the investor or spouse

All children under 21 who are economically dependent, including adopted children, are eligible. To be classed as economically dependent they must be unmarried and they cannot have a job – they must be financially dependent on their parents. Joao advises against applying for children who are already in their late teens as they will surpass the 21 year age bracket before the completion of the five-year process.

Dependent parents or parents-in-law

Generally speaking, Joao says that parents over 65 years old may be considered as dependent or they can apply for parents that are younger if they are economically dependent on the main investor or the spouse of the investor.

Why invest in Lisbon real estate?

“For investors, there are five key factors that make Lisbon an attractive destination,” says David Moura-George:

• EU residency through the Golden Visa programme
• Tax incentives like the Non-Habitual Resident programme
• Rental income generation
• Entrepreneurship
• Quality of life

However, there are several other important reasons why Lisbon remains a property investment hotspot…

Investment Spotlight: Prima Collection at Lisbon Square

Booming and well-connected, Alcântara is close to the historic centre, the CBD and the Tagus river. A very creative neighbourhood, this area is most famous for the trendy LX factory. 

“Created by an acclaimed international architect, Frederico Valsassina, Prima Collection – Lisbon Square is right next to the CUF hospital in Alcântara and is a huge project comprising 86 serviced apartments with high-end hotel amenities and a rooftop restaurant. There is nothing like it in the area, it is truly one of a kind” explains Şafak.

However, what makes these properties so exciting is that these apartments allow investors to apply for the Portuguese Golden Visa programme at the lower rate of €350,00 and there are legal packages in place to ensure that the application proceeds swiftly. Investors will also benefit from a guaranteed 3% rental yield with rental management provided by Prima Collection. 

Splendid Beloura – Greater Lisbon

Located in Greater Lisbon, between Cascais and Sintra, these apartments offer more competitive prices than Lisbon and are perfect for families who want to relocate to Portugal as there is a brand-new international school, TASIS, steps away from the properties. All of the properties have exterior space and there is a communal pool, gardens and more. Nearby you will also find a golf course and neighbouring Cascais is superb for shopping.

Privato – Intendente, Lisbon

“A bit like Alcântara, Indendente is an up-and-coming neighbourhood, which means that properties like this are set for capital appreciation over the coming years,” explains David Moura-George. Apartments on the upper floors boast amazing views over the city and São Jorge Castle. Future owners will benefit from access to a communal swimming pool and garden too. 

Forest Homes – The Azores

As it is a low-density area, investors can apply for the Portuguese Golden Visa at a lower rate, making this an attractive option for investors as well as those looking for a fantastic lifestyle investment. Sold fully furnished and decorated, these unique properties have breathtaking views over the forest and ocean. There are two pools on-site and the development is located right next to Lava Homes, featured in the Wall Street Journal, which can manage the rental of your property when not in use

Property costs

When buying a property in Portugal you can typically expect to pay around 8% in purchasing costs. This is broken down below:

IMT*

6% sale value

Stamp duty

0.8% sale value

Closing costs

~1% sale value

*Subject to exemption and 7.5% on properties at €1 million and above