As a UK citizen, have you ever pondered the idea of regaining the benefits lost after Brexit? The Portugal Golden Visa offers an attractive solution, allowing you to enjoy visa-free travel, access to healthcare, and education across European countries. In this blog post, we will guide you through the Portugal Golden Visa program, its investment options, and how it paves the way to Portuguese citizenship, all while maintaining your UK passport. Specifically, we will focus on the Portugal Golden Visa for UK citizens.
We will also explore the impact of Brexit on UK citizens, the tax advantages of residing in Portugal, and the differences between the Portugal Golden Visa and the D7 Visa. So buckle up and let’s embark on an insightful journey into the world of the Portugal Golden Visa for UK citizens and the opportunities it presents for those looking to regain their European benefits.
Short Summary
- The Portugal Golden Visa offers UK citizens a viable option to regain visa-free travel and access to healthcare and education in European countries post-Brexit.
- The program provides various investment options for non-EU citizens seeking residency and citizenship, including real estate acquisition, capital transfer, and job creation.
- Applicants should consider the requirements of the program before applying as well as consult qualified legal counsel for successful application processing.
Why Should UK Citizens Consider a Golden Visa to Portugal?
The Portugal Golden Visa offers a multitude of benefits for UK citizens seeking to regain the privileges they once enjoyed as part of the European Union. With the uncertainty that Brexit has brought, it’s no surprise that many UK citizens are exploring alternative residency options, such as the Portuguese Golden Visa Program.
By obtaining a Portugal Golden Visa, UK citizens can regain visa-free travel, access to healthcare, and education in European countries.
Impact of Brexit on UK Citizens
Brexit has undeniably affected the rights of UK citizens, limiting their ability to live, work, and travel freely within the European Union. As a result, many have been exploring alternative residency options, such as the Portuguese Government’s Golden Visa Program.
The Portugal Golden Visa offers an attractive solution, allowing UK citizens to obtain a residency permit, thus regaining their lost rights due to Brexit.
Access to European Union Benefits
By obtaining a Portugal Golden Visa, UK citizens can regain access to the benefits offered by the European Union, such as the right to live, work, and study in EU and EEA countries. The European Union is known for its economic benefits, political stability, freedom of movement, and opportunities for international careers.
These benefits are attractive to many UK citizens, including UK nationals, British citizens, and any UK citizen who is looking to expand their horizons and take the next step.
Portugal's Golden Visa Program Overview
The Portugal Golden Visa Program, also known as Portugal’s Golden Visa Program, is a residency by investment program created for non-European Union citizens, providing a path to residency and citizenship through investment. This program offers various investment options, such as real estate, capital transfer, and job creation.
UK citizens must fulfill a main requirement to obtain a Portugal Golden Visa: making a significant investment in Portugal. This is an attractive way for foreign investors to access the benefits of living in this European country. The processing time for obtaining a Portugal Golden Visa is approximately 8 to 10 months.
Investment Options
There are several investment options available for the Portugal Golden Visa, catering to different preferences and financial capabilities. These options include real estate acquisitions, capital transfers, job creation, and financial contributions. Real estate acquisition is one of the most popular options, allowing investors to purchase property in Portugal as a means to secure their Golden Visa.
Capital transfer is another option, where investors can directly transfer funds to the Portuguese government or invest in a venture capital fund. For those interested in creating jobs, the program also offers the possibility of investing in a company and generating employment opportunities.
Requirements and Eligibility
To be eligible for a Portugal Golden Visa, UK citizens must meet specific investment requirements and eligibility criteria. This includes being over 18 years of age, possessing legal income earned from sources outside Portugal, and not having a criminal record.
Additionally, there is a government application fee of €5,147.80 ($5,648.60) per applicant.
How to Obtain a Golden Visa to Portugal for UK Citizens
The process of obtaining a Portugal Golden Visa for UK citizens involves several steps. First, UK citizens must obtain a NIF (Numero de Identificaço Fiscal) number, which is necessary for tax identification purposes in Portugal. Next, they must open a Portuguese bank account to facilitate the transfer of funds for their qualifying investment.
Once these preliminary steps are completed, applicants can proceed with the gathering of the necessary documentation and submission of their Golden Visa application.
Obtaining a NIF Number and Opening a Bank Account
To obtain a NIF number, UK citizens can either visit the Portuguese Tax Authority in person or furnish their lawyer with a power of attorney to obtain the number on their behalf. Opening a bank account in Portugal is a straightforward process, requiring the submission of the necessary documents and the completion of the application form.
Both obtaining a NIF number and opening a bank account in Portugal can typically be completed within half a day.
Timeline and Processing Time
The timeline for obtaining a Portugal Golden Visa may vary, but it typically takes 6–8 months from the initial application to approval. The process in Portugal includes collecting the necessary documents. Additionally, due diligence checks and the fulfillment of investment conditions are also necessary. Finally, biometric data must be submitted.
Once the biometric appointment is completed, it usually takes around 4 months for the residence cards to be issued.
Family Reunification and Benefits
The Portugal Golden Visa allows UK citizens to apply for family reunification, enabling their family members to enjoy the same benefits as the primary applicant. The family reunification option can be extended to the spouse and children under 18 years of age, as well as to children over 18 years of age who are studying full-time and dependent on the main applicant.
The Portugal Golden Visa offers a great opportunity for UK citizens to bring their family members to Portugal.
Tax Advantages for UK Citizens
Portugal offers various tax advantages for UK citizens through the Double Taxation Agreement and the Non-Habitual Resident (NHR) regime. The Double Taxation Agreement prevents UK citizens from being taxed on the same income in Portugal and the UK, while the NHR regime provides tax exemptions for foreign residents and investors.
The NHR Tax Program, which commenced in 2009, grants significant tax advantages to individuals of eligible professions intending to relocate their tax residence to Portugal.
Life in Portugal for UK Expats
Life in Portugal offers UK expats a high quality of life, affordable living, excellent healthcare, and a welcoming environment. English is widely spoken in Portugal, especially among the younger generations, making it easy for UK expats to communicate and integrate into Portuguese society.
International schools in Portugal provide a multicultural atmosphere and equip students with international capabilities, allowing them to interact with various curricula. The population of Portugal is approximately 10.3 million, significantly smaller than the UK’s population of 67.3 million, offering a more relaxed and less crowded environment for UK expats.
Path to Portuguese Citizenship and Dual Citizenship
After five years of holding a Portugal Golden Visa, UK citizens can apply for Portuguese citizenship. To be eligible, they must have a residence permit and maintain a minimum physical presence in Portugal of seven days per year. The average duration of the process to acquire Portuguese nationality is between 7 and 12 months.
Upon obtaining Portuguese citizenship, UK citizens can also apply for a Portuguese passport, which allows them to travel to 188 countries without the necessity of a visa. This provides the advantage of dual citizenship, enabling UK citizens to maintain their UK passport while enjoying the benefits of a Portuguese passport.
When comparing the Portugal Golden Visa to the D7 Visa
When comparing the Portugal Golden Visa with the D7 Visa, the main difference lies in the investment requirements and eligibility criteria. The Golden Visa requires a significant investment, such as purchasing real estate or investing in a business, while the D7 Visa is based on passive income and is more affordable.
UK citizens looking to live in Portugal can obtain the D7 Visa, which requires a passive income of at least €760 per month. Both Portugal Golden Visa and D7 Visa holders can apply for Portuguese citizenship after five years of residence, provided they meet all other conditions outlined in Portuguese nationality law.
Tips for a Successful Golden Visa Application
To ensure a successful Golden Visa application, it is important to select the appropriate investment option, assemble the relevant documentation, and seek professional counsel. The required documents may vary depending on the investment option selected, but generally include evidence of identity, evidence of address, proof of financial means, and evidence of investment.
It is recommended that applicants seek professional advice from a qualified lawyer or immigration consultant to guarantee the success of their application and navigate the complexities of the process.
Summary
In conclusion, the Portugal Golden Visa presents a valuable opportunity for UK citizens to regain the benefits lost after Brexit and enjoy a high quality of life in a welcoming European country. By carefully selecting the right investment option, meeting eligibility requirements, and successfully navigating the application process, UK citizens can obtain a Portugal Golden Visa and embark on a new chapter of their lives in Portugal.
With the potential for family reunification, excellent healthcare, education, and tax advantages, the Portugal Golden Visa is an attractive option for UK citizens seeking a brighter future in the European Union. Don’t let Brexit hold you back; seize the opportunity and start your journey towards a Portugal Golden Visa today.
Frequently Asked Questions
How much do you have to spend on a property in Portugal to get a Golden Visa?
To get a Portugal Golden Visa, you must invest €500,000 in property, or €400,000 if the property is in a low-density area.
Who is eligible for the Portugal Golden Visa?
Non-EU/EEA/Swiss nationals aged 18 and over with a clean criminal record from their home country and Portugal and funds originating from outside of Portugal are eligible to apply for the Portugal Golden Visa.
Applicants must meet certain criteria to be eligible for the visa, including having a minimum investment of €280,000 in real estate or €350,000 in a Portuguese business. They must also have a valid residence permit and be able to prove that they have sufficient funds to support themselves and their family.
Can UK citizens retire in Portugal?
Yes, British citizens can retire to Portugal. To stay for longer than 90 days in a 180-day period, they must obtain a valid visa.
What are the main benefits of the Portugal Golden Visa for UK citizens?
The Portugal Golden Visa offers many benefits to UK citizens, such as visa-free travel, access to healthcare and education in European countries, and the potential to obtain Portuguese citizenship after five years.
This program is an attractive option for those looking to relocate to Europe, as it provides a fast-track route to permanent residency. It also offers a number of financial incentives, including tax breaks and access to Portuguese banking services.
The application process is straightforward and can be completed quickly.
How long does it take to obtain a Portugal Golden Visa?
The Portugal Golden Visa process takes an average of 6–8 months from initial application to approval.
Written by
Ana Fankhauser
Ana has worked in many startups and moved to a few countries, which led her to create MovingTo. She believes that remote work is a growing trend that is here to stay and that digital nomads will move to countries that have more to offer than the ones you were born into. She mostly writes opinion pieces for MovingTo.
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