Non-EU citizens wishing to move to Europe are increasingly discovering the benefits of applying for a so-called Golden Visa in Portugal, officially part of the country’s ARI Programme, which allows them to gain Portuguese residence so long as they invest in property or a company, or the creation of jobs.
Introduced towards the end of 2012, the Golden Visa programme entitles foreign investors, typically Chinese or Russian, to residency in Portugal on condition they acquire a property to the minimum value of €500,000, invest a minimum of €1,000,000 in shares in Portuguese companies, or create at least 10 jobs in the country. This is good news for local economies, as foreign investment in property or businesses encourages a number of knock-on commercial opportunities.
Another foreigner friendly rule in Portugal, which is encouraging non-EU residents to buy property and move to the country is the Non Habitual Resident’s Tax Regime.
Anglo-Portuguese law firm Neville de Rougemont has handled successful cases for both the Golden Visa and Non Habitual Resident’s Tax Regime. The firm recently helped a Chinese businesswomen make an investment of €1,000,000 via a Portuguese bank so that she could apply for the Golden Visa. After making the investment, the lady travelled to Portugal and while in Lisbon, fell in love with the old parts of the city and decided to acquire a €500,000-plus property in the Lapa area. The same lady is now considering starting a small tourism business in Portugal.
Meanwhile, Neville de Rougemont has also helped a South African couple in their late 50s who have decided to live and work in Portugal after meeting Potuguese people during a holiday in Mozambique. This couple can take advantage of the Non Habitual Resident’s Tax Regime and have bought a small cottage in the Algarve as a their new home.