A Golden Visa, or a permanent residency visa, is often the easiest and fastest way to build citizenship for investors around the world. This Visa will allow you to travel freely, work, and enjoy many other benefits. In order to have a golden visa, one must have a real estate investment in Portugal or Spain. In addition, the value of the property can be as much as 500 thousand Euros. There are other conditions that apply as well, but they will be discussed later.
Gold Visas in Spain and Portugal
One of the most common ways to invest in Portugal is through buying a property and leasing it for at least three years. This usually yields an income of about 8% per year. The landlord does not need to live on the property permanently, although this would increase their options for getting tenants who would want to stay there long-term. You may also choose to rent your property or sell it if you no longer want to own real estate in Portugal. While this option could result in a loss of income, it can be beneficial for those who do not wish to continue to maintain their residence there. People sometimes fail to apply for a golden visa because the application could take as much as eight months from start to finish. Once you have been approved, your permanent residency visa is valid until you decide whether or not you want to go through with building citizenship in Portugal. In order for this to happen, you must hold onto your real estate investment as well as its related documents for at least five years after being granted permanent residency.
If you sell your property within that time frame, then your golden visa will also disappear and cannot be obtained again under any circumstances. If everything works out correctly though, the person who has a golden visa can apply for citizenship in Portugal after six years from the date of issuance. For this application to be successful, the applicant must have been granted permanent residency status before they reached 18 years of age. Also, if you are married during this time with someone who is also a citizen of Portugal, then your permanent residency will expire one year after your spouse’s citizenship has been approved.
If you choose to invest in Spain through purchasing real estate that belongs to another person or business, there are still many options available. This kind of investment will not only give the investor a golden visa but also all rights and benefits associated with it. You can buy an already existing property or even take part in creating a new one. There are different requirements than those mentioned above. However, if you are interested in investing in Portugal, an agent can easily help you to determine what kind of property would benefit your investment the most.
The Golden Visa Process
To understand how this golden visa works we must first determine what type of investment can apply for this type of residence. There are different options depending on the An Undeniable Link. There is an undeniable link between Golden Visas in Spain and Portugal, however, it is important to note that not all countries offer this option. This said the number of applicants for a golden visa has increased over the last couple of years because of their benefits.
The first advantage of having a golden visa is permanent residency. With this visa, you will be allowed to live anywhere in Portugal, provided that your country allows Portuguese citizens to enter freely. You can also travel freely within the Schengen area, which is what allows you to live in Portugal and still be able to enjoy the benefits of living in any other European country. This visa will allow you to live freely in a country that offers great investment opportunities.
The second advantage is the ability to work without restrictions. Unlike other types of visas, this permanent residency can be obtained through a property purchase or by making an investment in a company. In the case of a property purchase, one must keep in mind that it has been determined that your home must have been purchased from 500 thousand Euros minimum. In many cases, investors choose to create their own business so they only have to invest 250 thousand Euros for this option. It should also be mentioned that when you gain a golden visa in Portugal, it is actually valid throughout the European Union, this means that you are no longer subject to work restrictions.
The third advantage is tax benefits. It should be mentioned that there are two different types of taxes that will see benefits when you have permanent residency in Portugal. The first type relates to your income. As a resident, your assets are taxed at an effective rate of 20% compared to 48% for non-residents. In addition, inheritance and capital gains will also qualify for this preferential treatment.
Pensioners & Free Health Care
Another interesting aspect is the right to receive free healthcare by being able to access state medical facilities whenever necessary. You can enjoy these healthcare privileges as long as you have a Portuguese social security number. In addition, if you are over 65 years of age and meet certain other requirements, then you will also be entitled to a pension. Finally, we should mention those holders of a golden visa in Portugal and Spain will meet several conditions such as: not being involved in drug trafficking or terrorism and must reside at least 7 days per year in the country.
As mentioned earlier, there are different options to apply for this type of Golden Visa; however it is important to note that the process can take between 3 months and 1 year depending on the investment option chosen, but the wait is definitely worth it because once you obtain your visa, you will begin taking advantage of all these wonderful benefits. In addition, there are different options depending on your investment amount and jurisdiction so it is important to consult with experts in this area who can help guide you through the process and ensure a hassle-free application.