Golden Visa in Portugal
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The Golden Visa in Portugal now enables non-EU property investors to obtain a five year residence permit (the ‘Golden Visa’) enabling them to enjoy all the benefits that a Portuguese way of life can bring them and their families.
Effective since August 2012, as well as providing a way of obtaining Portuguese residency, the Golden Visa in Portugal provides non-EU citizens with many additional benefits. Once the residence permit is granted there is the flexibility to reside outside of Portugal providing that the property investor spends a minimum of 7 days in the first year of residence in Portugal, and 14 in each of the following 2-year periods. The Golden Visa in Portugal also provides free travel in the European Union and Schengen countries so there is no need to apply for a visa to travel to Europe anymore. In addition a family reunion visa enables family members to be granted a residence permit as well allowing families to live, study, travel and work freely in the entire European Union. The Golden Visa in Portugal also brings Portuguese citizenship; after 6 years of official residence, you can apply for a Portuguese passport. And finally, a Portuguese passport means that it will be much easier to go and live in another European country.
The main requirement to be eligible for the Golden Visa in Portugal is to buy property that has a value of at least 500,000 Euros; this can be done either individually or in co-ownership with other property investors as long as each individual co-owner invests at least 500,000 Euros. Once purchased the property can be rented out, which is a very attractive option as rental yields in Portugal on average still remain one of the highest in Europe; renting your property out over the summer will easily cover all or the majority of the property’s annual running costs.
Soak up the sun on the Silver Coast’s unspoilt golden beaches before wandering to one of the local seafood restaurants for a delicious dinner of barbecued sardines and shellfish and excellent local white wine; visit the sleepy landscape of Alentejo – the real Portugal that has remained practically unchanged for centuries, exploring empty roads, pretty white villages and sprawling fields of vines and olive groves; enjoy the rich medieval history of Lisbon by taking a trip on wooden tram No. 28 which rumbles through the city’s prettiest and most historic streets past ancient churches and ornate houses before enjoying an apéritif of chilled white port; with golden beaches, sparkling blue seas, gentle rolling hills and medieval towns and villages, Portugal provides a wonderful opportunity to enjoy a superb climate, a slow and easy pace of life and a stable economy.
From the glittering waters and beautiful fishing villages of the Silver Coast to the Algarve’s lush green world class golf courses and the chic bustle of Lisbon, Portugal is a country with something for everyone. Whether you're looking for a villa in the Algarve, a converted farmhouse in the country or an apartment in Lisbon, there is a great range of property in Portugal.
The Silver Coast is just one hour away from Lisbon and is a beautiful region of golden beaches, gentle rolling hills, ancient forests and vineyards. Property in the area is becoming increasingly sought-after with buyers attracted by the prospect of an excellent return on investment. There is a good range of property to choose from with modern luxury villas with fabulous sea views starting from 500,000 Euros with some being right by the beach!
For golfing enthusiasts, the Algarve beckons offering quintessential white-washed villas surrounded by vivid blue skies, turquoise waters and lush green grass. Investing in a property in the Algarve means you can enjoy luxury golf courses, great restaurants and a lively night life at the end of a long day spent on what are considered to be some of the world's most beautiful beaches. One new development, The Keys at Quinta do Lago provides contemporary luxury and glamour with a starting price tag of million Euros and offers stunning villas with waterfront views, multiple swimming pools, tiered-seating cinemas and championship golf courses on the doorstep.
For those wishing to discover the ‘real’ Portugal then looking in the wildly beautiful and unspoilt region of Alentejo could be a good choice. Property in Alentejo tends to be 18th or 19th century renovated country houses surrounded by olive groves and gardens although there are also modern villas built in the traditional style to keep cool rather than soak up the sun.
In Lisbon itself, property mainly tends to be apartments - some in converted 18th century town houses and others in a more modern style. For the best of both worlds try Cascais or Estoril – chic seaside resorts just a twenty minutes drive away from Lisbon which both offer an excellent long term property investment. The range of Cascais & Estoril property is diverse ranging from charming central traditional townhouses and modern apartments to beach front apartments and penthouses and stylish designer villas overlooking the beautiful bay.
The Golden Visa in Portugal provides a fast and relatively easy way for non-EU citizens to enjoy the benefits of living and working in a country which boasts a superb climate, friendly and charming people, a beautiful and diverse landscape and culture, wonderful food and wine and a transparent and open property market. Whether you choose a seaside penthouse, a luxury villa or a converted farmhouse, you can be sure that the Golden Visa in Portugal is your gateway to enjoying a wonderful way of life!
Buying a Property in Portugal
1. Signing a Letter of Intent
On finding a property you wish to purchase, your agent will draw up a 'Letter of Intent, this will be signed by both parties, vendor and buyer. Copies of this will be given to the legal representatives of both parties and will be used in preparing the Promissory Contract. Included in this letter will be the price, what is included in the sale, furnishings etc. and any conditions of the sale plus the dates for both exchange and completion.
2. Exchange of Promissary Contract (Contrato Promessa de Compra e Venda)
The buyers lawyers are responsible for drawing up the promissory contract (Contrato Promessa de Compra e Venda) and as part of the process they will have carried out the legal searches and made sure that there are no charges, e.g. utilities, property tax etc. against the property. The contract will contain details of both parties and include clear title of ownership, when payments are due to be made, the completion date and an inventory, if required. The Promissory Contract is legally binding and will generally be signed by both parties and witnessed by a notary/lawyer. The contract will include penalty clauses in case either party does not fulfill the terms of the contract. A 10%, non-refundable deposit is required at this point, this will be paid to the vendor, through the lawyer's client account. Once the contract has been signed, if the vendor pulls out of the contract, they will be obliged to pay back double the deposit to the purchaser. If the purchaser pulls out, they will lose their deposit.
3. On Completion
The amount of time between signing the Promissary Contract and Completion will vary and will have been agreed in the contract. Before Completion your lawyer will need to arrange with a fiscal representative for you to obtain a Portuguese Fiscal Number. The official Deed of Transfer of ownership (the Escritura) will be signed by you (or someone representing you with your Power of Attorney), this is signed at the Notary and they will retain the document. The Deed will be read aloud by the Notary before all participants sign it. Your lawyer will need to check to ensure that you understand what is being said if you do not understand Portugese. The Escritura, once it has been signed, will officially give you ownership of the property, but will still need to be registered in your name on the Land Registry (Registo Predial) by your lawyer. Your lawyer should obtain a copy of this for your records. Once you have completed, the new utility contracts can be transferred into your name by your lawyer.