The head of the Amber Star Real Estate Agency told about getting a Golden Visa in Portugal
The sound of ocean waves, the smell of homemade port wine, gentle rays of the sun... This is what a person who comes back from Portugal will miss. So what to do to visit this country more easily and favorably? The REALTING company discussed with Oleg Raylian, the founder of Amber Star Real Estate, and found out all the details of obtaining the Golden Visa in Portugal in the after coronavirus pandemic times.
Not only a rich historical heritage and ancient castles preserved pristine throughout the country allow this located in the middle of nowhere region to remain one of the most visited places. Portuguese residents know firsthand what a high quality of life, a great health service that meets EU standards, and an advanced education system mean. In 2019 and 2020, this country got third place in the world safest countries ranking.
Besides, Portugal attracts foreigners with its tax system, benefits for seniors, and property rights protection regardless of citizenship. Thanks to all this, there are more and more applicants for the Golden Visa of the Portuguese Republic in the world.
Golden Visa for investment and business setting up
For the third time in a row, Portugal has won the «Best destination in the world» prize (according to the World Travel Awards). Those who want to get the Golden visa of Portugal can use the investment program.
The most popular option is to deposit or plough €1,000,000 in investment projects. One can also contribute €350,000 to investment funds.
To become a residence permit holder by setting up a business, an investor will need to start up a company with at least 10 workspaces. The second option is to invest €350,000 into an existing business to increase its authorized capital (it is important to keep 5 workspaces).
Golden Visa for real estate purchase
One of the most affordable ways to get the residence permit in Portugal is to buy a property. There are 3 programs for buying real estate for the Golden Visa:
- Investing at least €500,000 in any real estate;
- Buying an object worth €350,000 with the renovation possibility. The object must be over 30 years old or located in the urban renewal zone;
- Purchase of housing cost €280,000 in a small population zone (one must comply with all the previous conditions).
It is worth noting that these numbers do not include the cost of purchasing real estate services. One will also need to pay taxes, notary and lawyer services, who will deal with the process of getting the Golden Visa.
Another significant advantage of obtaining the Golden Visa this way is the opportunity to lease real estate immediately after purchase. Having received the permanent residence, an owner can even sell it.
Changes in the Portuguese real estate market during the coronavirus pandemic
Portugal became the first European country to receive the «Safe Travel» status after completing the quarantine. How did COVID-19 affect prices and demand in the real estate market?
Amber Star Real Estate has provided a chart of changes in the residential property prices in 2019-2020 according to «Confidencial Imobiliário».
On average, in Portugal in 2018-2019 property prices increased by more than 10% per year. Statistics for May 2020 show not that high price upturn as before the coronavirus pandemic: only 0.9%. However, this confirms that the fall in real estate prices during the spread of COVID-19 was passed by.
The government has taken measures to protect owners’ interests: all interested citizens were released from paying mortgages for six months. To do this, one just had to send an e-mail to their bank with a request to increase the mortgage repayment period by 6 months. The country has also held several events to support businesses and private entrepreneurs.
The process of obtaining the residence permit can take from four to nine months. Already after 5 years, a residence permit holder can apply for Portuguese citizenship. Moreover, during this time, one can stay in the country for only 35 days (1 week a year).
The Portuguese residence permit opens up many opportunities: the right to study, work, and private activity in the country, free travel within the EU. The Portuguese passport gives even more advantages: the country citizens can enter 184 countries without a visa, as well as participate in elections.