GOLDEN VISA (ARI)

At Mendes Leal & Associados, Law Firm, R.L., we deal with all legal matters in the area of Golden VISA ARI.

GOLDEN VISA ARI - RESIDENCE PERMIT FOR INVESTMENT

Any national citizen of a third country, any other country in the world, who intends to make an investment in Portugal, personally or through a company, can obtain Residence in Portugal (GOLDEN VISA) provided that:

€ 1.500.000

Transfer capital of an amount greater than or equal to 1,500,000 euros for investment purposes

10 Employees

Create a business / company with at least 10 employees.

We also have our own property development and sales department and we maintain contact with the main property development offices. Contact us to help you find the best investment solution.

1 - OVERVIEW

The rules governing the granting of Residence Permit for Investment (ARI / Golden Visa), in force from the end of 2012, enable third country nationals to obtain a temporary residence permit to conduct business activities with visa waiver to enter national territory.

The beneficiaries of ARI / Golden Visa are entitled to:

a) Residence visa waiver for entering Portugal during 5 (five) years;

b) Living and working in Portugal, provided that they stay in Portugal for a period of 14 or more days in the first 2 years and plus 2 years afterwards; 7 days in the fifth year.

c) Visa exemption for travelling within the Schengen Area;

d) Family reunification;

e) Applying for permanent residence (pursuant to the Aliens Act – Act number 23/2007 of 4 July with the current wording;

f) Applying for Portuguese citizenship, by naturalization, provided all other requirements set out by the Nationality Act are fulfilled (Act number 37/81 of 3 October, with the current wording).

2 - INVESTMENT

All third country citizens who conduct an investment activity, as an individual business person or through a company set up in Portugal or in another EU Member State and who, in addition, are stably settled in Portugal, provided these citizens fulfil the quantitative requirements and the time requirements set out by the relevant legislation, may apply for a Residence Permit for Investment, by one of the following routes:

i. Capital transfer with a value equal to or above 1 million Euros;

ii. The creation of, at least, 10 job positions;

iii. The purchase of real estate property with a value equal to or above 500 thousand Euros;

iv. The purchase of real estate property, with construction dating back more than 30 years or located in urban regeneration areas, for refurbishing, for a total value equal to or above 350 thousand Euros;

v. Capital transfer with a value equal to or above 350 thousand Euros for investing in research activities conducted by public or private scientific research institutions involved in the national scientific or technologic system;

vi. Capital transfer with a value equal to or above 250 thousand Euros for investing in artistic output or supporting the arts, for reconstruction or refurbishment of the national heritage, through the local and central authorities, public institutions, public corporate sector, public foundations, private foundations of public interest, networked local authorities, local corporate sector organizations, local associations and public cultural associations, pursuing activities of artistic output, and reconstruction or maintenance of the national heritage;

vii. Capital transfer of the amount of 350 thousand Euros, or higher, for the acquisition of units of investment funds or venture capital fund of funds dedicated to the capitalisation of companies, capital injected under the Portuguese legislation, whose maturity, at the moment of the investment, is, at least, of five years and, at least, 60% of the investments is realized in commercial companies with head office in national territory;

viii. Capital transfer of the amount of 350 thousand Euros, or higher, for constitution of a commercial society with head office in the national territory, combined with the creation of five permanent working jobs, or for the reinforcement of the share capital of a commercial society with head office in national territory, already existing, with the creation or keeping of working jobs, with a minimum of five permanent jobs, and for a minimum period of three years.

ix. The purchase of real estate property, in low density populated areas, for a total value equal to or above 280 thousand Euros;

3 - GENERAL REQUIREMENTS

Passport or other valid travel document;

Supporting Documents on the legal entry and stay in Portugal;

Criminal record certificate – duly certified by a Portuguese diplomatic or consular post abroad – of the country of origin, or country of residence in case the applicant has lived in another country for over one year. This document must be translated into Portuguese and must have been issued within the prior three months;

Affidavit, whereby the applicant declares on his / her word of honour that he / she shall comply with the minimum quantitative requirements and maintain the investment for a minimum period of five years.;

Up-to-date declarations issued within the prior 45 days by the Portuguese Tax Authorities and by the Portuguese Social Security confirming the absence of any debts to those authorities, and where that is not applicable, declaration confirming that the applicant is not registered with those authorities;

4 - PROOF OF INVESTMENT

Final Deed of purchase, or Promissory Contract;

Declaration issued by a financial institution accredited or registered in national territory by the Bank of Portugal, confirming an actual international bank transfer for purchasing or for payment as initial deposit [Sinal] of the sale agreement, amounting to 500 thousand Euro or 350 thousand Euro;

Certificate of the Land Registry Office [Conservatória do Registo Predial] issued within the prior 45 days, comprising the registrations, endorsements and entries in force and proving the ownership of the real estate, free of any encumbrances, or certificate of registry comprising the provisional record of purchase, when legally feasible;

Official Tax Description [Caderneta Predial] of the real estate, when legally feasible;

Excerpt of the Commercial Register [Registo Comercial] issued within the prior 45 days in case the investment is made by means of a single member limited company of which the applicant is the proprietor;

5 - DOCUMENTS APPLICANT

a) Full copy of the passport (Beginning of the process);

b) Proof of Residence (Beginning of the process)

c) Proof of profession (Beginning of the process);

d) Power of attorney (Beginning of the process);

e) Tax Authorities declaration for register (Beginning of the process);

f) Portuguese Tax number (Beginning of the process);

g) Police Clearance from the country where you were living for the last year, translated and stamped at the Portuguese embassy or consulate or Apostil if applies (After the purchase is completed);

6 - FAMILY REUNIFICATION

6.1 Family Members:

The application for Family Reunification can be made simultaneously with the family member/investor ARI / Golden Visa; however it is always subject to the approval of the ARI/Golden Visa application.

The following are considered family members:

The spouse;
Minors or incapable children under guardianship of the couple or of one spouse;
Minors adopted by an unmarried applicant, by a married applicant or by the spouse, following decision taken by the relevant authority of the country of origin, provided that its legal framework comprises the same rights and duties of natural filiation and provided that such decision is acknowledged by Portugal;
Children who are of full age, unmarried and dependent of the couple or of one of the spouses, and study in an education establishment, regardless of the Country in which that establishment is located;
First-degree relatives in the direct ascending line of the resident or his/her spouse, provided that they are dependent on them;
Minor siblings provided they are under the tutelage of the resident, in accordance with a decision made by the relevant authority of the country of origin, and provided that such decision is recognised by Portugal.

6.2 – Documents:

Wife/Husband

a) Full copy of the passport (Beginning of the process);

b) Power of attorney (Beginning of the process);

c) Tax Authorities declaration for register (Beginning of the process);

d) Prove of residence Portuguese tax number (Beginning of the process).

e) Portuguese tax number (Beginning of the process).

f) Police Clearance from the country where they were living for the last year, translated and stamped at the Portuguese embassy or consulate or Apostil if applicable (After the purchase is completed);

g) Marriage Certificate, translated and stamped at the Portuguese embassy or consulate or Apostil if applicable (After the purchase is completed);

Sons/daughters

a) Full copy of the passport (After the purchase is completed);

b) Police Clearance from the country they are living for the last year, translated and stamped at the Portuguese embassy or consulate or Apostil if applies. (If over 18) (After the purchase is completed);

c) Birth Certificate, translated and stamped at the Portuguese embassy or consulate or Apostil if applies. (After the purchase is completed);

d) Prove of dependency translated and stamped at the Portuguese embassy or consulate or Apostil if applies. Declaration from college/university (If over 18);

(After the purchase is completed);

Parents/Parents in law

a) Full copy of the passport (After the purchase is completed);

b) Police Clearance from the country they are living for the last year, translated and stamped at the Portuguese embassy or consulate or Apostil if applies (After the purchase is completed);

c) Birth Certificate (Investor or Spouse), translated and stamped at the Portuguese embassy or consulate or Apostil if applies (After the purchase is completed);

All the documents have to have maximum 3 months of validity since issuing.

7 - TIMELINE

Step 1

a) Investor:

Signature of the Power of attorney;

Signature of the Tax representation;

Signature of the Declaration of honour;

Signature of Term of responsibility for the dependents.

b) Dependents

1) Wife/Husband

Signature of Power of attorney;

Signature of Tax representation.

2) Sons and daughters

Signature of Power of attorney – (older than 18);

Parent’s signature on Power of Attorney.

3) Parents/Parents in law

Signature of Power of attorney;

Signature of Tax representation.

Step 2

Purchase of the property;

Step 3 (3/5 working days after the purchase)

Bank declaration;

Proof of Investment;

Delivery of the process for emigration office for analysis;

Declaration of no debts to Portuguese Social Security;

Declaration of no debts to Portuguese Tax Authorities;

Documents of the investor;

Documents of the dependents;

Documents of the investment;

Payment of the analysis fees (€532,70 per investor €82,30 per dependent).

Step 4 (2/4 weeks after the delivery of the process)

Pre-approval of the candidate;

Booking the date for Biometric data delivery.

Step 5 – (3/4 months after the biometric data delivery)

Approval of the candidates;

Payment for the issuing of the cards €5.324,60 per person)

Step 6 – (15 days after the payment of the fees)

Delivery of the cards.

8 - GOLDEN VISA PROGRAM TIMEFRAME

The Golden Visa program gives the investor and his/her family the right to a temporary residence permit to conduct business activities with visa waiver to enter national territory.

In the beginning of the program the investor commits with the Portuguese government to fulfil the conditions of the program, namely to stay at least 5 year under the program.

After the approval the card is issued for one year period, then the investor has to do a renewal for a period of 2 years. To reach the 5 year minimum period the investor and his/ her family should do 3 renewals.

Analysis fees (€527,60 per investor €82,30 per dependent);

Cards fees for each renewal (€ 2637,20 per card).

9 - DOCUMENTS FOR RENEWAL

30 days before the expiring date Investor and Family should apply for the renewal.

The needed documents are:

9.1 – Investor:

a) Full copy of the passport;

b) Power of attorney;

c) Declaration of no debts to Portuguese Social Security;

d) Declaration of no debts to Portuguese Tax Authorities

e) Police Clearance from the country where you were living for the last year, translated and stamped at the Portuguese embassy or consulate or Apostil if applicable;

f) Proof of Investment.

g) Proof of the 7 days stay in Portugal.

9.2 – Dependents:

a) Full copy of the passport;

b) Power of attorney;

c) Declaration of no debts to Portuguese Social Security (only after 18);

d) Declaration of no debts to Portuguese Tax Authorities (only after 18);

e) Police Clearance from the country where you were living for the last year, translated and stamped at the Portuguese embassy or consulate or Apostil if applicable;

f) Proof of dependency (if applies).

10 - CITIZENSHIP

The Portuguese law establishes that after a legal residence permit for 6 years, it’s possible to apply for Portuguese citizenship, by naturalization.

Therefore after 6 years of Golden Visa card, the Investor and his/her family can apply for Portuguese citizenship, for that the applicants should pass a multiple choice Portuguese language test (Basic Level), prove connection with the society and prove that have the needed means to live in Portugal.

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