“The generous Golden Visa Program lets participants obtain a visa by investing at least €500,000 in real estate,” according to Chris White, chief executive officer at Ideal Homes Portugal.
Given Australia’s current climate of rising interest rates as well as the program’s offerings have seen many Australians take advantage of the offering in a bid to enjoy the country’s warm, sunny climate, lower cost of living and the prospect of securing a European passport.
Mr White explained that it is a “fast and affordable way to gain EU citizenship, and we have seen a surge in Australian investors taking advantage of this and purchasing the quality homes on offer”.
“Through the program, investors and their dependents can obtain a Portuguese passport after five years without relocating to Portugal.”
Participants are not required to reside in the country but must simply visit for two weeks each year to renew their visa. The same conditions apply to their family.
Once Portuguese passports have been secured through citizenship, partaking Australians are able to live, work and study freely throughout the European Union.
“This means people can be granted citizenship without actually living in the country, which is different to many other countries worldwide,” Mr White added.
Touching on additional draw cards to Portugal, he divulged how the country’s “warm climate, stunning beaches, fine cuisine and laidback lifestyle” have ratified it as “one of the most attractive countries for overseas investors looking to live, work, or retire in the EU”.
“Savvy investors realise that the market is likely to get hotter and are jumping in right now,” he concluded.
In order to be a successful applicant, investors must follow certain requirements for the program, which include:
- No previous criminal convictions;
- Be at least 18 years of age;
- A non-EU or non-Swiss citizen;
- Invest a minimum of €350,000 in a rehabilitation project; and
- Invest a minimum of €500,000 in real estate.
There are no restrictions on the property type that can be purchased, nor on the number of properties that can be purchased to meet that threshold.
As for rehabilitation projects, these are stipulated as being: “Acquisition of real estate, which must be constructed more than 30 years ago or located in an urban rehabilitation area. The required property must be rehabilitated in accordance with the municipality regulations. The total amount of the property purchase price and the renovation works must be equal or greater than €350,000.”
However, if the subject property or properties are located in “low density areas” within Portugal, the minimum investment amount then drops 20 per cent to €280,000.
An investment is an asset or item purchased with the expectation that it will generate income or appreciate in value in the future.
Property refers to either a tangible or intangible item that an individual or business has legal rights or ownership of, such as houses, cars, stocks or bond certificates.