|Portugal Introduced Golden Visa Program|
The regulations necessary for Portugal's golden visa program to enter into effect were published on 28 January 2013.
The golden visa program is a simple and fast-track residence permit program designed to attract foreign investment, and is available only to non-EU citizens who make qualifying investments in Portugal for at least five years. The investment may be made directly or through a company, but it must meet one of the following requirements:
• Involve a capital investment of EUR 1 million or more; or
• Involve the acquisition of real estate with a value equal to or exceeding EUR 500,000; or
• Create at least 10 jobs.
A golden visa residence permit is valid for one year from the date of issue and may be renewed for successive periods of two years provided the requirements necessary for granting the visa are met. To renew the visa, the applicant must demonstrate that he/she has been physically present in Portugal for at least seven days in the first year and 14 days in total during the following two years.
Like other Portuguese residence permits, a golden residence visa enables a holder to travel freely in the Schengen Area.
The opinions expressed do not constitute investment advice and specialist advice should be sought about your specific circumstances.
Published on our website on March 29, 2013