Portugal is a small European country in the Iberian Peninsula, on the western edge of the Eurasian landmass. It is known for many things, not least beautiful landscapes, excellent food, and good wine. With a high standard of living and a culture that emphasizes quality of life above all else, it has become a significant destination for people of all walks of life to move to and set up a new life. This article will cover why you might want to consider moving here and what is involved.
What Is The Golden Visa Program?
This program is a program initiated by the Portuguese government to allow people interested in moving and setting up a business in Portugal, a seamless way to gain residency and, ultimately, citizenship.
The process of obtaining this visa is relatively simple. To qualify for your golden visa, you must:
- Be at least 18 years old (no upper age limit).
- Be free of any criminal record.
- Already have a valid passport of your country of origin.
- Be prepared to make a capital transfer to a Portuguese bank of at least 1 Million Euros.
- You must purchase at least 500,000 Euros in real estate.
- Create at least ten jobs in the country.
There are several other steps, but it is best to use a professional service who will be better able to advise you on the ins and outs of this program.
Benefits of This Program
There are some highly beneficial reasons to decide to partake in this scheme, including:
Fast Residency
Obtain residency in just 3-6 months once the application has been received and all conditions are met. You will get many of the benefits of citizenship very quickly. With the Portugal Golden Visa, you will gain access to social security (conditions apply) and recognize any existing qualifications. In other words, you have the same rights as any other EU citizen would have.
Path to Citizenship
Obtaining a Portuguese passport, one of the most powerful globally, allows visa-free travel to 186 countries worldwide. This includes frictionless journeys around countries that are members of the Schengen agreement inside the European Union. You will obtain citizenship in only five years, of which you only need to spend a minimum of 7 days per year in the country.
Work and Study Advantages
You will be able to live, work and study, and even set up your own business within the periods mentioned above.
Friendly Tax Scheme
On receipt of your golden visa, you will find beneficial tax arrangements and can even be exempt from income tax for up to 10 years (conditions apply). You will also be exempt from taxation for any business done outside of Portugal. This means that if your business is global in reach, you can settle down without having to pay a penny in tax unless you conducted the business inside Portugal or her territories.
Family Friendly
You can apply for one golden visa and include your entire immediate family in the application. This means that you won't have to apply for permits for each member, which can be time-consuming and burdensome.
Free Movement Around the EU
Essentially you will gain access to the European Union and reside and work anywhere within the union.
Access to a Growing Economy
While it is true that Portugal suffered severely during the 2008 financial crash, however, it has since recovered and is one of the most prosperous and fastest-growing economies in Europe. You will gain access to this market and work on the same terms as ordinary Portuguese citizens while conducting business.
Reasons To Move To Portugal
There's no doubt that Portugal is a fantastic place to live, and it's certainly worth considering if you haven't already.
Climate
The climate in Portugal is a Meditarian one, meaning that it is hot in the summer and cools down slightly during the winter months. However, regional variations in the north and south of the country where the northern areas have an average temperature of 15 Degrees Celcius and the south slightly warmer at 18 Degrees Celsius. This is beneficial to those looking to move as they can decide which type of climate is right.
High Quality of Life
Portugal ranked 1st for quality of life in The Expat Insider Survey 2019. Many expats expressed praise for Portugal's excellent climate and environment, while safety and security were also rated very highly, with some saying that Portugal feels exceptionally safe.
Affordable Property
Simply put, you can buy more for less when compared to other locations in Western Europe. This is very beneficial if you are planning to move for business reasons.
Beautiful Coastline
With soft golden sands and gorgeous clear blue waters, the coast is arguably one of the best in the world. It is also home to some of the best surfing spots worldwide, if that's your thing.
Low Cost of Living
An abundance of cheap, fresh food means that you will be spending less than in places such as Germany, France, or the UK.
Great For Digital Nomads
If you work online and are looking for a place to settle down, Portugal offers cheap living costs and excellent internet connectivity.
Easy to Learn the Language
Portuguese is relatively straightforward to learn for other English speakers and is a fantastic one to have in your arsenal. If you can speak Portuguese, you will open up the enormous market of Brazil. In addition, you will be able to grasp Spanish reasonably well and be in a better position to learn it as well.
Delicious Food
We need it to stay alive, but we want it to enjoy being alive. Food is held in high regard in Portugal, and there is plenty of variety that will remain happy and healthy for your entire stay here.
Summary
Portugal offers significant benefits to those who are in a position to apply for their golden visa program. Many reasons exist to contemplate using this visa program, including tax benefits and the opportunity to live in one of the most desirable countries in the world.
