It is a legal program that allows citizens who are third-country nationals to obtain authorised temporary residence for investment activity with the residence visa waiver.
What are the advantages?
(a) Enter Portugal without a residence permit;
(b) Reside and work in Portugal, with a minimum stay of 7 days in the country in the first year and 14 days in subsequent years;
(c) Travel to the Schengen area without a visa;
(d) Benefit from family reunion;
(e) Apply for permanent residency (after 5 years);
(f) Apply for Portuguese nationality (after 6 years and in accordance with current legislation).
Who can benefit from the ARI scheme?
All third-country nationals exercising an investment activity, either in person or through a company incorporated in Portugal or in another EU State. The ARI scheme does not apply to citizens who have Portuguese nationality or nationals from the US and the EEA.
What are the quantitative requirements to fulfill?
I’m going to write about one of the requirements that has actually been increasing day by day in Portugal. One of the best options for residency in Portugal is the Rehabilitation Golden Visa, with an investment of 350,000€. To obtain this visa, you need to invest in: real estate that is at least 30 years old from completion of construction, real estate that is located in urban rehabilitation areas or real estate rehabilitation works.
To apply for this Golden Visa you need a very well qualified team to present the goods in order to be accepted. It is a very bureaucratic process, but we, at RAX Portugal, are able to simplify this process.
Below are the steps we can take to help you:
- Find a property more than 30 years old or located in an urban rehabilitation area;
- Choose the property around 350,000€;
- Have an estimation of works cost;
- The client will be able to make a promise contract and immediately start the process of Golden Visa;
- BUT before doing a promise contract the client must get a legal representative. The lawyer will check if the client is qualified for the golden visa and also validate if the property is valid according to the requirements.
- The lawyer will request a “work contract” and a document from the city hall saying that the client is going to work in Portugal.
- The lawyer will pre-register the investment in the name of the client.
- The client must have a budget for their work. They will pay the price of the property to the seller and the works of rehabilitation to the constructor.
- The client has to transfer the total of the investment (buy more works) to a Portuguese bank.
- The process starts when the promise contract is pre-register at the conservatory and the lawyer has all the documents requested. The seller will be paid on the promise contract and before the deed.
Many other steps are necessary. This is valid not only for an apartment, but also for buildings that are approved projects.
If you are interested in learning more about the Golden Visa or want to apply for one, Rax Portugal is your real estate agency of choice that can help you find the best solution for your investment.
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