Cristiano Ronaldo is a global favorite of many football fans and a serious contender for the title of GOAT – greatest of all time. Ronaldo’s hometown is Funchal, Madeira Islands in Portugal where the renowned player is revered as a god, with an airport, museum, and square named after him. Living in Ronaldo’s home nation of Portugal is a dream for many global citizens.
Portugal’s golden visa program is one of the most popular in the world, allowing foreigners to get Portuguese citizenship. Most immigrants look forward to starting their Portuguese EU citizenship journey and becoming a part of Cristiano Ronaldo’s friendly island of Madeira.
Those seeking Portugal’s golden visa, on the other hand, may need to expedite the paperwork. The Portuguese government has hinted that it will end its golden visa program, which offers non-EU nationals resident privileges in exchange for investments, primarily in real estate. Portugal’s golden visa scheme for real estate investors is set to expire soon.
On July 19, 2023, Portugal’s parliament has voted to remove real estate investments while preserving the golden visa program. Property investors can apply for the visa until signed by the president, which is expected to happen at the end of August or early September.
Through the Golden Visa program, a candidate must make a minimum investment in Portugal and keep it for five years in order to become a permanent resident or citizen of Portugal. One is eligible for Portuguese permanent residency, dual citizenship, and a second passport in Portugal after just five years of waiting and 35 days of residence there.
Immigrants can choose from a range of cost-effective investment opportunities, such as buying real estate, creating jobs, investing capital, transferring capital, and making gifts, starting at €250,000. Because of Portugal’s strong potential for the real estate industry, more than 90% of Golden Visa investors buy real estate.
Real estate in Portugal is the most popular Golden Visa investment choice, costing between €280K and €500K EUR, and can be purchased as a second house, primary residence, or rental property. In order to qualify for the Portugal Golden Visa, the real estate must be situated in the autonomous regions of the Azores and Madeira or in Portugal’s interior areas.
Some of the main features of Portugal’s golden visa that attracts immigrants is travel visa-free to over 130 countries worldwide, including Canada, Japan, Singapore, the United Kingdom, and the United States, for 90 days every 180 days. What’s more, dependents are defined broadly in Portugal, giving family members the freedom to reside, work, travel, study, and get citizenship there.
Source : Financial Express