The final wording of the Government proposal on Portugal Golden Visa was released last Friday.
Highlights on Government’s proposal on Portugal Golden Visa
In summary, according to the proposal presented, we highlight the following points:
- There is no retroactive effect;
- New applications filed until the new law is published will be admitted;
- Pending applications and future renewals will be converted into the D2 program – Entrepreneurs Permit – however, without residency requirement of 183 days/ year.
- The Government proposes the current special regime of 7 days/year as staying period.
- New applications for residence permits relating to investments or support for artistic production, recovery or maintenance of cultural heritage country are admitted;
- The program is terminated as from the date on which this law comes into force (i.e., discussed and voted by the Parliament (2 levels of discussion), validated by the President of the Republic and published).
This is a very different approach from the one previous announced by the Government and shows the receptivity to the pressure and suggestions of the market. In this regard, we believe that this proposal brings the necessary security for Investors to proceed with their investments and applications, which must be done as soon as possible.
As such, considering the current proposal, we believe that investors in position to proceed, shall do it immediately to benefit from the regime, as no transitory period was stablished.
Considering the Parliament’s known agenda, we believe that the discussion will not start before May 10th and by general legislative process, shall be concluded, in the “best” case scenario, within 45 days, but more likely by July. Furthermore, it is expected that in the Parliament the political party’s discussion may lead to some amendments, namely considering the market pressure for a transition period.
Over the past months, The Golden Portugal has joined the task force led by PAIIR – Portuguese Association of Investment, Immigration and Relocation (www.paiir.pt), along with other agencies, lawyers, developers, fund manager, associations to make sure that the voices of investors and applicants are heard. We welcome the final wordings of the proposal that has taken into considerations some of our concerns.
We will continuously request for other amendments, namely a transition period for the Golden Visa application.
We will keep you updated on this matter.
Do You Still Have Time To Apply For the Portugal Golden Visa?
Between the period from February 16 until now, we still have had many clients that made the investment and submitted the applications. Many of them even started the process after the announcement, having the confidence that the unconstitutional aspect of the retroactive part would not be proposed, or if proposed, would not get through Parliament or the President.
For those who already have their bank account opened. You should go ahead quickly to make your investment and submit your applications.
For those that are just at the beginning of the process, you still have time, but you need to be quick.
We have recently completed application from start to finish, with bank account opened remotely, in around one month.
Here are some tips to speed up your process.
1. Bank Account Opening
It’s notorious that the bank account opening process is lengthy and tedious in Portugal, especially if you open it remote.
Here are some tips to help to maneuover the process smoothly:
- Tidy your documents, and only provide the necessary documents/ information requested. These would help the work of your account manager immensely, if information are tidy and to the point. Eg. sending one bank statement with 350,000€ in your bank account, instead of several statements in different currencies, so on
- Get your documents in English or Portuguese. Some banks also accept documents in Spanish or French. Documents in other languages needs to be translated and certified by a Portuguese lawyer.
- Get your lawyer ready to certified certain documents for your – eg. your passport if you open account remotely, and any other documents the bank deem necessary.
We have had recent experience of successfully opening bank accounts remotely for clients within 3 weeks.
And for clients that come to Portugal to sign the bank forms (personal documents should be previously submitted to the bank), the quickest we have achieved is the bank account opened on the same day.
Note: The speed of account opening largely depends on the applicants. If you have all the necessary documents all neat and tidy, easy to track the source of fund. It will be a breeze. If not, it will need more time.
2. Personal Documents
Please get your personal documents ready right from the beginning. They are:
- no criminal record
- marriage certificate
- birth certificate of kids (or the main applicant/ spouse of main applicant if applying for parents)
Since our target is to get the application submitted in around 1 month. We recommend clients to begin preparing their personal documents for the application submission right from the start. The time to get your personal document varies according to the country where you get it. For some countries it is very easy and quick to get them, others not so. It could be anywhere from 5 days to 2 months.
Don’t forget to get them apostilled or legalized by your own country and then again by the Portuguese Embassy nearest you (if your country is not in the Hague convention).
3. Do Everything in Parallel
In the universe of Golden Visa, almost everything can be done in parallel. This is the simplest and most efficient way to speed up your process. Please proceed with the below right from the start
- Opening bank account
- Getting your personal documents
- Choosing your investment – due diligence, signing POA, KYC in funds, etc
What Else Can You Do To Speed Up Your Golden Visa Process?
The possibility of a direct transfer to the project account, without the need of having a bank account opened in Portugal.
The is the quickest method of submitting your application, because it eliminates the need of opening a bank account for the investment. Meaning you can directly transfer the money to the developer for the investment. And submit the application with your personal documents.
Please note that this method only works for certain projects and where the developer or fund manager has the process in place to cooperate (as the developer’s / fund manager’s bank would need to issue the bank declaration for your application).
To whom this can apply?
To all investors that have their money in their own bank account, and can directly transfer one time only the: Investment + Costs + Taxes + SEF Submission
From where?
From countries that are not financially blacklisted
Additional requirements?
Fill a new KYC form to be submitted and analyzed by the bank and by 3rd party accredited institution.
Do you still need a bank account in Portugal?
Yes, you do. This bank account will be used for all future payments. We suggest client to start the bank account opening process in parallel.
Please see the below investments that are available using this option. On top, they have the advantages of a very low entry and exit expenses, quick process (most lawyers already have clients that have invested in the project and thus done the due diligence).
280K Alcacer Wyndham
- 1 hour from Lisbon
- 30k return for 6 years, paid upfront
- buy back at end of 6 years, can extend to 12 years
- IMT and VAT paid by the developer
- 7 days owner’s usage per year
280K Melides Hilton
- Next to the luxury Melide beach, 1.5 hours from Lisbon
- buy back at end of 6 years, can extend to 12 years
- IMT and VAT paid by the developer
- 7 days owner’s usage per year
350K Lisbon Airport Hilton
- Near Lisbon airport, and 15 mins to Lisbon city centre
- 3% yearly return
- Buy back after 6 years，can extend to 12 years
- IMT and VAT paid by the developer
- 7 days owner’s usage per year
This is the last chance to get on board the most popular Residence by Investment (Golden Visa) program in Europe, with a minimum stay of 7 days per year.
Act Now!
Schedule a consultation with us to start your process
