What will the next world crisis look like?
One thing we should know by now: having a plan B is getting more and more important as time goes by.
We’ve been noticing social, political and economical uncertainty spreading all over the world.
From South Africa to Iran, from USA riots to British citizens following Brexit. From the financial and economic woes in Turkey to the political turmoil in Hong Kong as well as the rising fears of military confrontation in the South China Sea.
Not to mention the current Black Swan, Covid-19 pandemic, with still so many uncertainties attached…
Some current economic trends look really scary: trillions of USD increase in debt and monetary printing, higher taxes, higher inflationary expectations and monetary debasement with subsequent currency depreciation.
Not to mention other worrying signs all over the world like terrorism, nacionalism, protectionism, racism, riots and civil unrest.
Do I need a Plan B?
Raising nacionalism and protectionism will restrict further the immigration flows and will tend close, over time, some Plan B options.
The list of threats goes on and on, and as we’ve seen, a lot of the above come much faster than we ever thought before.
Getting a second passport is a sensible step for smart people. It opens all sort of doors in our professional, personal, academic and financial life. Allows additional travel with much less visa requirements in one more countries (like all the 27 Schengen countries) where we can live, work and do business.
Portuguese Golden Visa – the ideal route for Plan B
The Portuguese Golden Visa through investment Program comes as a blessing for many, more than 26,000 people have acquired Golden Visa through investment in Portugal, since it’s inception in 2012.
That’s the highest number of all 19 countries that offer opportunities to have an EU passport without having any family or heritage ties to a country.
There are excellent reasons for this:
- Minimum stay – Required time spent in Portugal average only 7 days per year;
- Travel freely in the Schengen area – The Schengen Area is an area comprising 27 European countries that have officially abolished all passport and all other types of border control at their mutual borders;
- Family reunification – Available for Spouses, first-degree relatives and adopted children;
- Portuguese passport / Citizenship or Permanent residency – Once you become a Portuguese citizen, you can live and work anywhere in the EU/EEA;
- Attractive tax regime for foreign tax residents (NHR), no wealth tax and no inheritance tax for spouses, descendants or ascendants (1st degree).
A range of relatively affordable investment options
- Investment in Portuguese funds: €350,000;
- Real Estate: €280,000 – €500,000;
- Transfer of capital: €1 million;
- Investment in science research: €350,000;
- Job creation category: €350,000.
The “Why Portugal” topic is long, here is a short list:
- Safety – Portugal is the 3rd Safest country in the world according to the “Global Peace Index rankings 2020”, also Portuguese are known for being extremely friendly and easy going to foreigners;
- Passport power – Portuguese passport ranks 4th in Global Passport Power Rank 2020 according to the “Passport Index 2020”;
- Top world tourism destination – Winner of the Europe’s leading destination prize in 2020 among many other “World Travel Awards 2020” prizes. Portugal is well known for the great food and wine, fantastic weather, historical heritage and wonderful landscapes and beaches;
- Standard of living – Portugal is a safe and stable country with an excellent and affordable quality of life, great healthcare and education options and the best climate in continental Europe. Portugal is ranked 1st for quality of life and 3rd out of 64 countries for overall best places for expat living in the 2019 Internations Expat Insider Survey.
- Top notch infrastructures – One of the best 15th countries in the world with better infrastructures and 4th best roads & highway system in the world (OCDE). Portugal has also well connected airports and the national grid of Logistics Platforms underpins Portugal’s natural strengths as the gateway into Europe.
An in-depth look of 20 Reasons Why Portugal is Your Best Choice for a Second Passport.
The Alternative Route to Plan B – Portugal D7 Visa
Every case should go through the eyes of experts as there are other less visible options such as the D7 option.
The D7 visa is a residence visa for retirees or holders of income who wish to live in Portugal. It allows the holder to obtain a residence permit in Portugal and after 5 years, the applicant may acquire the permanent residence permit or nationality. The minimum stay in Portugal is 6 consecutive months or 8 interim months.
NHR Non Habitual Resident Program
D7 visa is very efficient when combined with the NHR program. The NHR regime establishes for persons that want to become tax residents in Portugal, a personal income tax rate from 0% to 10% on foreign source income (varying on the type of income), as well as a limited 20% tax on income from employment and independent personal services in Portugal.
Note: Golden Visa applicants (or anyone who has come or return back to Portugal) can also apply for NHR, given that they met the following 2 criteria:
- Who has just become tax residents and
- Were not tax resident of Portugal for the past 5 years.
Note the you need to apply for the NHR as it is not an automatic process when you met the above criteria. Applicants would need to have a resident proof in Portugal.
And finally, have you heard about the ancestry options?
Did you know citizens born in the former Portuguese state of Índia territories of Goa, Daman, Diu, Dadra and Nagar Haveli are Portuguese citizens, including their descendants? Anyone can apply for registration of Portuguese citizenship on the basis of their birth during the period of Portuguese sovereignty, even after his death (their descendants up to their third generation). In life, the applicant may submit the application in person. Otherwise, their descendants are entitled to submit the application on their behalf.
The Law is also open to Jewish and non-Jewish people of Sephardic origin, provided that they can prove their Sephardic origin. The religion of the applicant does not matter, what matters is proving the Sephardic ancestry. Eligible applicants can get the citizenship. There is also an opportunity to apply for minor children born before or after the parent gets the citizenship and also to apply for the spouse that may be non-sephardic jew.
The Golden Portugal specializes in tailoring the right solution for each profile.
Let’s do it together!
Read more on What is a Portugal Golden Visa?
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- A Tale of Twin Citizenships
- Now What With the New Portugal Golden Visa 2022 Investment Options?
- The Future of Portugal’s Golden Visa – 2022 and after
- In 2021, 89% of Our Clients Went for the Fund Route
- The Hidden Gems in Portugal – Alcacer do Sal