The 3 Cheapest Countries to live in Europe
What if I told you that you could live in one of Europe's most desirable countries for a very reasonable price? Europe is a continent...
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Portugal
Overview
Portugal boasts an excellent reputation and is considered one of the world’s most globalized and peaceful nations, with a high quality of life and a very high Human Development Index ranking. It is among the oldest nations in Europe with a rich history, lively culture, exceptional cuisine, stunning beaches, and idyllic countryside.
The Portugal Golden Residence Permit Program (commonly known as the Portugal Golden Visa Program) is a five-year residence by investment program for non-EU nationals. The residence permit gives the right to live, work, and study in Portugal and allows free circulation in Europe’s Schengen Area.
Furthermore, the program only requires an average of seven days per year stay in Portugal over this period, which can also count towards citizenship eligibility after five years.
This Golden Residence Permit is a five-year residence by investment program for non-EU nationals. Portugal is a full member of the EU.
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Minimum contribution of EUR 200,000
Eligibility to apply for citizenship after 5 years as a legal resident while keeping other citizenship(s)
Visa-free travel in Europe’s Schengen Area and the right to live, work, and study in Portugal
Over 6 months
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Investment options:
Capital transfer
• EUR 1.5 million minimum capital transfer into a Portuguese bank account or approved investments. • EUR 500,000 for the acquisition of investment fund or venture capital fund units committed to the capitalization of companies incorporated under the Portuguese law, with a maturity of at least five years and with at least 60% of the investment portfolio in companies with a registered office in the national territory. • EUR 500,000 for research activities of public or private entities that are part of the national scientific and technological system. EUR 400,000 in a low population density area*. • EUR 250,000 in support of artistic production or in the recovery or maintenance of national cultural heritage. EUR 200,000 in a low population density area*.
Property acquisition
• EUR 500,000 minimum real estate purchase (residential property is limited to designated interior areas). EUR 400,000 in a low population density area*. • EUR 350,000 minimum real estate purchase for the refurbishment of residential properties older than 30 years or in an area of urban regeneration, including the cost of renovations (residential property is limited to designated interior areas). EUR 280,000 in a low population density area*.
Business
• Creation of a minimum of ten new Jobs. Eight new jobs in a low population density area*. • EUR 500,000 for the incorporation or increase of the share capital of a company that is registered in Portugal, creating or maintaining a minimum of five permanent jobs for a period of three years.
The new visa officially called the “residence visa for the exercise of professional activity provided remotely outside the national territory” is designed for working professionals.
It’s an alternative to the existing ‘D7’ visa, a popular residency permit mostly aimed at retirees and ‘passive income’ earners.The new visa launching on October 30 - was created after the Portuguese government amended immigration law in July.
To qualify, you must:
- Come from a country not in the EU or EEA.
- Be self-employed or employed by a company based outside Portugal.
- Earn at least four times the Portuguese minimum wage per month - roughly €2,800.
Then for the application documentation requirements are relatively straightforward; only proof of non-EU national residency and employment by a non-EU-based company is needed.
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Steps to follow
Step 1 - Preliminary Check:
Our specialized team will review the documentation submitted to verify that the immigration requirements are met. In addition, we will verify the transparency of investment funds. As a result, we will have a background check report and signed contract.
Step 2 - Choose of Investment:
You must select the investment option that most convinces and suits you, so that later we can start the process. If you decide to obtain residency through real estate investment, we will help you choose your property based on your needs and desires.
Step 3 - Preparation of documents and sending to the corresponding agency:
We take care of everything: we obtain the criminal record certificates, we fill out and complete the government forms, we certify the documents before a notary, we do the translation and apostille everything (this service has a separate cost), and then we send it to the residence. We present your documents independently and with strict compliance with the requirements, as well as monitoring the progress of the application. As a result, we will confirm the receipt of the documents by the government.
Step 4 - Due Diligence check:
Once the residency agency receives all the documents, the applicant's background check begins. In the event that additional documents are required during verification, we will handle those requests.
Step 5 - Case Investigation:
We look forward to a positive resolution and receive the new documents together with you. If necessary, we can also help you with other operational, commercial and even domestic matters (including the arrangements of additional documents).
Step 6 - Receiving residency:
When the investment and all fees are paid, you receive the certificate of residence. Then, these documents are sent to you, so that after the wait, you can start enjoying them.
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FAQ
Does this residency allow me to obtain citizenship?
Yes, there is eligibility to apply for citizenship after 5 years as a legal resident while keeping other citizenships.
For how long will I have the residence?
A successful applicant is granted a temporary residence permit in Portugal for an initial period of two years, which is then renewable for subsequent two-year periods as long as the investment and the other initial requirements are maintained.
What documents are required?
• A completed application form with a photograph. • A copy of your passport. • Documents that prove your income is legal. For example an employment contract. • Certificates of no criminal records. • Health insurance policy. • Payment documents confirming the payment of state duties and fees. • Documents confirming the fulfillment of the investment conditions stipulated in the application.
Is dual citizenship accepted in Portugal?
Yes, you are allowed to have another citizenship without the requirement to renounce Portugal citizenship.
Is Portugal a safe country?
Yes, Portugal is sixth in the global peace index.
With what currency must the residency programs be paid?
This residency program should be paid in euros.
Can I bring my family in this experience?
Yes, the following relatives may be included in the application: • Spouse, including a de facto partner; • Minor or incapable children into the care of one of the spouses, including legally adopted children; • Children aged 18 and over, who are financially dependent of one of the spouses, provided they are unmarried and studying in a recognized teaching establishment; • Parents of the main applicant or of the spouse aged 65 and above, or under 65 provided they are financially dependent of one of the spouses; • Minor siblings under the custody of one of the spouses.
Can the residence be purchased with an investment in Real Estate?
Yes, for this there are two investment programs for property acquisition. One is an EUR 500,000 minimum real estate purchase while the other is cheaper with a EUR 350,000 minimum real estate purchase.
In what cases can my application be rejected?
Most of the applications are authorized, however there are some reasons why you may have difficulty with this residency. Such us: • Having criminal records. • Lack of documentation. • Do not meet the minimum time in the country.
The main applicant must go to Portugal?
The Portugal Golden Residence Permit Program requires the main applicant to make two trips to Portugal during the application period: • To choose the qualifying investment, start the legal process, and open a bank account. • To provide the biometric data and original documents.
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