Portugal is speeding up the golden visa process after long delays and pressures from various investor court cases. Portugal’s official limit for getting a decision on a visa is 90 days. However, applicants have been waiting for more than 3 years. It is way beyond the traditional limit. It results in investors taking help from the court to push AIMA (Agency for Integration, Migration and Asylum) to act fast.
WHAT IS PORTUGAL GOLDEN VISA?
Portugal Golden Visa also known as Residence Permit program is a five year residence by investment program. This visa allows foreigners to work, study and stay in portugal. Eligible candidates will have free access to the Schengen Region. Apart from this, foreigners have to stay only for an average 7 days/year in Portugal.
Benefits of Portugal Golden Visa:
- Visa free travel to the Schengen Area
- Right to work, study and live in the Portugal
- Eligible to apply for Portugal Citizenship after five years while keeping other Citizenship
- Least physical presence requirement (14 days for first two years and 21 days for the subsequent three years)
- Access to the international quality healthcare
- High quality of life, rich culture, mild climate and highly safe surrounding
Portugal ended the real estate investment program in 2023. However other investment options are still available:
€250,000 (Rs 2.25 cr) – Support for cultural and artistic projects
€400,000 (Rs 3.58 cr) – Real estate investment in low-density areas
€500,000 (Rs 4.51 cr) – Investment in eligible venture capital or private equity funds
€800,000 (Rs 7.16 cr) – Capital transfer through bank deposits, bonds, or shares
WHY DIGITAL SYSTEM REQUIRED?
According to AIMA, there are between 45,000-50,000 applications waiting for review. New Digitized system will automate the biometric process. Also there will be no need to submit all the documents in Portuguese. The key difference between the new and old system is how applications are handled and scheduled.
Process for applying visa with Paper-Based Application:
- Candidate has to physically submit the application
- Scheduling biometric process was manual, often taking years
- All documents have to be translated to Portuguese
Key Features of Digitized System:
- Applications can be submitted online, removing the need of physical presence
- Biometric will be scheduled automatically between 30 to 90 days of successful application submission
- Documents will be accepted in English, French, Spanish
- Backlog can be reduced to a great extent and appropriate timeline can be provided
HOW TO APPLY FOR GOLDEN VISA?
- Choose an investment option
- Gather Required documents
- Obtain a Tax Number (NIF)
- Open Portuguese Bank Account
- Transfer the funds to Portuguese Bank Account to show the investment
- Submit the application by Portugal’s Immigration and Border services (SEF)
- Schedule biometric once application is approved
- Pay the residence permit fee and receive the permit, valid for two years.
After two years, foreigners can apply for renewal. After completing five years, they can apply for citizenship. The entire process takes around 18 months depending upon the background checks and paperwork.
You can read more information from this link.
