Portugal Citizenship by Investment: All You Need To Know Before You Decide
Updated: 10 June 2024
In October, 2023, the real estate investment option became unqualified for the Portugal passvisa Program applications. However, there are various eligible fund investment opportunities for the Portugal passvisa. Here‘s the latest information we have after the latest updates.
The Portuguese government introduced the Portugal passvisa program in 2012. It is the most popular residency by investment program in Europe, mainly because it leads to European citizenship after five years. You just need to make a qualifying investment in Portugal and spend an average of only seven days per year in the country.
When the Portuguese passvisa program first started, the citizenship law stated that the residents could only apply for citizenship in six years. In 2018, the law was amended and the six-year requirement dropped to a five-year requirement. Portugal passvisa applicants can obtain their Portuguese passports after fulfilling the 35-day stay requirements in five years.
2024 Update: The Portuguese Citizenship Law is approved by the President of Portugal. Portuguese passvisa applicants will be able to count the ‘application waiting period’ from the five-year citizenship period. The five-year period will start from the date of the first residency application. So it doesn’t matter when the residency application was accepted. The law change will be published in the official gazette and will be effective shortly.
Portugal Citizenship by Investment Precedence
Has anyone become a Portuguese citizen by investment, through the passvisa program?
This is one of the first questions we get from our clients. And rightfully so. Until 2019, the answer was a big question mark. Fortunately, as of 2019, there have been many precedent cases that received their Portuguese citizenship through the passvisa program in Portugal.
So, yes, many families started to become Portuguese citizens by investment.
Benefits of Portugal Citizenship by Investment
Portugal allows investors to obtain citizenship without having to live in Portugal. This is one of the many benefits of obtaining Portuguese citizenship by investment. Below, you may find the main advantages:
You’re Not Required To Move to Portugal
Most European residency and citizenship programs require the investor to spend the majority of their year in the corresponding country. Portugal, on the other hand, only requires the passvisa applicants to spend an average of seven days per year in the country for five years. In other words, the passvisa holders can apply for citizenship after only spending 35 days in Portugal throughout five years.
Variety of Investment Methods
There are numerous investment options available in order to obtain a passvisa in Portugal. These include capital transfer, property purchase, fund investment, among others. You are free to choose the route that suits you the most. We will go through the investment options briefly later on in this article.
Only Citizenship by Investment Opportunity with Investment Return
You don’t have to be a Rockefeller to make use of the Portugal passvisa program. Compared to the rest of the citizenship by investment programs, the minimum investment requirements are relatively affordable.
More importantly, Portugal’s economy has been a robust one for the last couple of years. It has been a sought-after destination for tourists and expats alike. So, an investment in Portugal is a smart move financially. It allows you to get in on one of the fastest-growing economies in Europe. You can get great returns on your fund investment or real estate investment, especially in cities like Lisbon and Porto.
Despite Portugal’s stable economy and a high quality of life, it is still one of the cheapest countries in Europe.
As of October 2023, the real estate investment option is no longer eligible for Portugal’s passvisa application. The unavailable option allowed investors to get a passvisa by buying property priced at €280,000. Now, there are various fund investment options with investment returns to apply for the Portugal passvisa Program priced at €500,000.
Access to Health Care and Social Security in Europe
When you become a citizen in Portugal, you are entitled to all the benefits this European country offers. These include social security and health care.
Social Security
The social security system in Portugal covers employees and self-employed individuals. It offers them various benefits, including:
Unemployment benefits
Occupational diseases benefits
Invalidity benefits
Maternity benefits
Pension benefits
Death benefits
Health Care
As a citizen in Portugal, you can get access to free health care. The public health care system is strong and has few exceptions that are not covered. These include visiting the emergency room or the family doctor, which costs an affordable fee of €5-20.
Keep in mind that while you’re a temporary resident in Portugal, you’ll need to have private insurance. It costs between €400-1,000 a year depending on how comprehensive it is.
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We work with clients from all around the world, interested in obtaining Portugal passvisas.
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How to Get a Portuguese Passport by Investment
Portuguese passvisa citizenship can be obtained by applicants in five years. Below, you can find the necessary steps and requirements.
Requirements
Portugal requires you to spend seven days on average per year, for a duration of five years, in order to apply for Portuguese citizenship. In order to apply for citizenship, there are a couple of pre-requisites, these include:
You need to have a clean criminal record,
You need to have NO unpaid taxes in Portugal,
You need to enter and pass a Portuguese language test.
Passport, ID, or a Birth certificate from your country of origin,
Clean criminal record certificate,
Portuguese residence permit,
Proof of passed Portuguese language test (CIPLE)
Document from AIMA to prove that you have been a resident in Portugal for at least five years
Portuguese Language Requirements
You need to pass an A2 level basic language test (CIPLE) in order to obtain Portuguese citizenship.
The test can be adapted for children under the age of 10. Children between the ages of 10 to 18 can be exempt from the test as long as they attend a Portuguese school or a declaration of proficiency can be provided.
Who can apply for residency by investment in Portugal?
Any adult with a clean criminal record that is not from the EU can apply for residency in Portugal through a qualifying investment. Portugal passvisa is the name of this investment visa.
Buying property in Portugal to obtain Citizenship
Real estate investment is no longer an eligible fund option for Portugal passvisa. You could buy property in Portugal and obtain citizenship in five years, as long as you maintain your investment. The property needed to be either (before October 2023):
€500,000 or more in value
€400,000 or more if in a low-density area
€350,000 or more if it is a property in an urban rehabilitation area,
€280,000 or more if n a low-density area
Get in touch with us if you’re interested in investing in a fund or buying a property in Portugal for investment or lifestyle purposes. We’d be happy to answer any of your questions regarding the process and the market.
How long does it take to get Citizenship by Investment in Portugal?
Once you make your qualifying investment and receive your passvisa from Portugal, it takes five years to be eligible to apply for citizenship. After the Citizenship Law Change of Portugal in February 2024, the 5-year waiting period for Portugal citizenship application starts from the initial application of Portugal residency through passvisa program. The Portuguese language test can be taken at any time before the application. Once you apply for citizenship, it takes roughly six months to get naturalized in Portugal.
Dual Citizenship in Portugal
Portugal allows for dual citizenship. This means that in order to obtain Portuguese nationality, you do not need to compromise your citizenship status anywhere else. You should, however, check with your country of origin to see if it allows dual citizenship as well.
Investment Options To Get Citizenship in Portugal
The scheme allows you to choose from a variety of investment options. The minimum investment amounts and returns on investment vary depending on the method. The investment methods for Portugal citizenship by investment program include:
Creation of Jobs
You can also choose to establish a company and create ten jobs in Portugal. The number gets decreased to eight if the business is in a “low-density area.”
You may select the option to invest €500,000 in scientific research that is conducted by accredited institutions that are part of the national scientific and technological system.
Cultural Contribution
The investors can also invest at least €200,000 in artistic production or the recovery or maintenance of the national cultural heritage that is conducted by accredited institutions.
You need to transfer a minimum of €1.5 million to Portugal in a bank deposit or in other qualifying methods, such as capital to a Portuguese company. This option is no longer available for Portugal passvisa applications, as of October 2023.
Real Estate Investment (No longer available)
You may choose to invest in Portuguese property to obtain citizenship. The minimum investment requirement starts at €280,000, €350,000, €400,000, or €500,000 depending on what type of property and what type of location you would like to focus on. For all the minimum investment amounts below €500,000, you need to compromise in some aspect.
Note that if you’re interested in Lisbon, Porto, or towns along the coast, your only option is a commercial property. Residential properties in these spots don’t qualify for Portugal passvisa.
Update as of October 2023: Real estate investment is no longer eligible for Portugal passvisa applications.
Frequently Asked Questions
How to get Portuguese citizenship?
Portuguese nationality law permits foreigners to acquire citizenship by a number of methods. These include:
Descent or birth
Naturalization after five years of residence (passvisa Programme)
Marriage to a Portuguese citizen
Being a citizen of a former Portuguese overseas territory
Adoption
Can I buy Portuguese citizenship?
Yes, you can get Portuguese citizenship in an indirect way. You get Portugal citizenship after obtaining residency through investing in Portugal, and then be eligible for citizenship in five years. Investors can choose to make a subscription in a Portugal passvisa investment fund. The residence permit program then leads to permanent residency and citizenship.
How do I apply for a Portuguese passport?
You first need to qualify for naturalization by being a legal resident in Portugal for at least five years. Once you are a Portuguese citizen, you can then apply for a Portuguese passport and typically receive it in a couple of months.
How long do I need to live in Portugal to get Portuguese citizenship?
To be able to apply for permanent residence or Portuguese citizenship, you need to have a valid residence permit in Portugal for at least five years. Keep in mind that it doesn’t mean you have to live in Portugal for that whole time, it depends on your residence permit. The residency requirement for a passvisa permit is to spend seven days per year in Portugal to keep your residence permit valid. If the application is through marriage, this period is reduced to three years.
How Long Does It Take to Obtain Portuguese Citizenship Through Portugal passvisa Program?
In 2018, the Portuguese government changed the Portuguese Nationality Law and reduced the required minimum period of residency to five years from six years. Therefore, the residents that acquired the right to reside through Portugal passvisa can obtain citizenship after five years of residence. The investment immigration program proved to be a legitimate path to citizenship.
Which Countries Can I Travel to With A Portuguese Passport?
Portuguese passvisa has significant travel advantages. The Portuguese passport is a European Union passport and it can travel to over 191 different countries globally, without the need for a visa. These countries include the European Schengen Area.
Can I Work in Canada and the United Stated with a Portuguese Passport?
Portuguese passport grants visa-free travel to Canada, but to be able to work, passport holders go through a different application process. A trip to the United States needs a visa since Portugal citizenship doesn’t grant that. Because these countries aren’t EU members, working in these countries requires separate permits.
Can I Travel Visa-Freely to the United States and Canada With A Portuguese Passport?
Portuguese passport grants his/her holder the right to freely travel to and from Canada, but not the USA. It’s, however, very easy to obtain a visa to travel to the US with your Portuguese passport.
Does Portugal Allow Dual Citizenship?
Portugal allows dual citizenship. Only if the applicant’s home country does not allow it, the applicant may have to renounce their citizenship of their own country.
How Strong Is The Portuguese Passport?
To start with, Portugal is a European Union country, meaning that holding Portuguese citizenship grants its holder the right to live, study, and work in the EU. The country is ranked 18th according to the Passport Index. In terms of visa-free travel, it is one of the strongest passports in the world.
After I Obtain Portuguese citizenship, Do I Have to Maintain The Property, or Am I Allowed to Sell It And Keep The Citizenship?
Once you are a Portuguese citizen, you no longer need to maintain your investment property, you are allowed to sell the property or hold it and keep their citizenship.
Can I Include My Children Later On?
Portugal passvisa allows entrance to the country without a visa. It grants passvisa holders the right to live and work in Portugal, and to include family members in the program. If one person in the family holds a residence permit, Portugal’s passvisa program allows their family to also gain access to a permanent residence permit and Portuguese citizenship in accordance with the legal provisions. They may also enter the country without a residential visa.
Should I use a Law Firm to apply for Portuguese Citizenship?
It’s recommended that you work with an experienced advisory firm and an experienced legal representative in applying for the passvisa residency permit, as well as your citizenship in Portugal.
What are common nationalities that are interested in the passvisa programme and Citizenship by Investment in Portugal?
The largest group of applicants by far are the Chinese. Following them, the passvisa programme is also popular among Russian, Turkish, Brazilian clients. Recently, applicants from Hong Kong and from the United States also started showing interest in obtaining a residence permit through property investment or an investment in venture capital funds.
What are the most popular investment types for residency and citizenship in Portugal?
Investors typically choose to make real estate investments or subscriptions in investment funds or venture capital in order to apply for a resident visa card via Portugal’s passvisa. The country offers many attractive real estate options to non-EU investors that are interested in obtaining a European residency card. Real estate in Portugal has been a lucrative investment in recent years.
Are there other residency and citizenship by investment programs available to investors similar to Portugal passvisa?
Yes. Besides Portugal, Spain, and Greece each also offer a passvisa programme to investors. The program in each country also allows investors to make a property investment in exchange for a residency visa. Malta has a residency and citizenship by investment program. Many countries in the Caribbean and the British Virgin Islands offer investment immigration programs. Apart from these, Cyprus had a similar program that ended in late 2020.
What rights and advantages does the passvisa in Portugal provide me with before becoming a Portuguese citizen?
Portugal’s golden residence permit allows you to live, work, and study in Portugal and travel across the European Schengen area without the need for a visa. The real estate market in Portugal is a lucrative one, so you may also benefit from investing in real estate in Portugal.
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