Since its inception in 2012, the Portugal Golden Visa Scheme has emerged as the most sought-after residence by investment program in Europe. Designed to incentivize international investors to invest in Portugal, the program has amassed a total investment amount exceeding several billion euros since its inception, with thousands of family applications processed annually.
Recently, Indians citizens are increasingly drawn to the program, attracted by Portugal’s appealing attributes such as its temperate climate, affordable cost of living, and strategic location. In this article, you’ll discover how you can apply for the Portugal Golden Visa as an Indian citizen.
What is a Portugal Golden Investor Visa from India?
The Portugal Golden Investor Visa, also referred to as the Portugal Golden Residence Permit Program, is a five-year residency initiative designed for non-European nationals, including those from India. This program grants residency in Portugal, a full member of the EU, providing access to the Schengen Area in Europe without the need for a visa. Notably, participants are only required to spend an average of 7 days per year in Portugal over the five-year period to maintain their residency status.
Portugal Golden Visa Benefits for Indians
Here are the advantages of obtaining a Portugal Golden Investor Visa from India:
Residency in an EU Country
The Portuguese Golden Visa provides residency in Portugal, an EU member state, paving the way for potential Portuguese citizenship. This status grants access to the benefits of EU citizenship.
Affordable Cost of Living
Portugal boasts one of the lowest costs of living in Western Europe while maintaining a high quality of life. With reasonable prices for essentials like food, education, healthcare, and leisure activities, it’s possible to live comfortably in Portugal for around USD $1,400 per month.
Visa-Free Travel Throughout Europe
Holders of a Portugal Golden Visa enjoy visa-free travel within the European Union. Additionally, many non-Schengen countries allow entry without a visa for individuals with a Portuguese visa or residency permit. Obtaining a Portuguese passport further expands travel opportunities to over 100 countries worldwide.
Access to Quality Healthcare and Education
As residents or citizens of Portugal, you and your family members gain access to national services, including healthcare and education.
Portuguese Citizenship in Five Years
With the Portugal Golden Visa, you can apply for Portuguese citizenship after five years of investment. While this timeframe is relatively short for obtaining EU citizenship, it’s important to note that citizenship is not immediate. Possessing a Portuguese passport grants the right to live, work, and invest anywhere within the European Union.
Family Members eligible for a Portugal Golden Investor Visa from India
Here is a list of eligible family members you can include in your application for a Portugal Golden Investor Visa from India:
- Your spouse or partner
- Children under 18 years of age
- Adult children over 18 years old who are financially dependent on you and enrolled in full-time education, provided they are unmarried
- Siblings under 18 years old of either yourself or your spouse/partner, with legal custody required for qualification as dependents
- Dependent family members over 55 years old, or over 65 years old if no proof of dependency is required
Portugal Golden Visa Investment Options for Indians
Investment funds
Contribution of €500,000 or higher, for the acquisition of units of investment funds or venture capital fund of funds under the Portuguese legislation, whose maturity, at the moment of the investment, is, at least, of five years and, at least, 60% of the investments is realized in commercial companies with head office in national territory.
Business Investment
Minimum investment of €500,000 for constitution of a company in Portugal, combined with the creation of five permanent working jobs, or for the reinforcement of the share capital of a company already existing in Portugal, with the creation of at least at least five permanent jobs or maintenance of at least ten job positions, with a minimum of five permanent employees, and for a minimum period of three years.
Scientific research
Transfer €500,000 or more for research investment in public or private scientific institutions participating in the national system. If the investment is located in a designated ‘low-density’ area, then a 20 percent discount applies.
Cultural heritage contribution
Known as the Cultural Golden Visa, donation of a minimum of €250,000 for investing in artistic output or supporting the arts, for reconstruction or refurbishment of the national heritage, through the local and central authorities, public institutions or, private foundations of public interest. If the investment takes place in a ‘low-density’ area, then a 20 percent discount applies.
Job Creation
Incorporating a company and creation of at least, ten jobs positions. If the investment is located in a designated ‘low-density’ area, then a 20 percent discount applies.
Path to Permanent Residency and Citizenship for Indians
The Portugal Golden Visa offers more than just temporary residency; it’s a gateway to permanent residency and citizenship. After maintaining their investment and legal residency status for five years, Golden Visa holders can apply for permanent residency or Portuguese citizenship. Meeting the minimal physical presence requirement of an average of seven days per year contributes to fulfilling the residency qualification for citizenship.
However, attaining Portuguese citizenship involves more than just meeting residency requirements. Applicants must demonstrate proficiency in the Portuguese language at the A2 level, among other conditions, highlighting the importance of language acquisition and cultural integration.
Recent amendments to Portugal’s nationality law factor in the time between the submission of the temporary residency permit application and its final approval when calculating the necessary legal residency period for citizenship eligibility. This means that every moment spent in Portugal, starting from the application for the temporary residency permit, brings individuals closer to obtaining Portuguese citizenship.
How to Apply for a Portugal Golden Investor Visa from India?
Step 1 – General Requirements
Familiarize yourself with the general requirements of the Golden Visa program, including eligibility criteria and necessary documentation. Prepare the required paperwork, such as a valid passport, criminal record certificate, and other supporting documents.
Step 2 – Setup your NIF and Bank Account
To apply for the Portugal Golden Visa, you need to obtain a Portuguese Tax Number (NIF) and appoint a fiscal representative. The NIF is a unique identification number that is required for tax purposes. Opening a bank account can be done remotely.
Step 3 – Complete your investment
Choose an eligible investment option, such as real estate, capital transfer, job creation, investment funds, or scientific research. Make the required investment according to the specific criteria of your chosen option.
Step 4 – Online application
Submit your Golden Visa application online through the Agency for Integration, Migration and Asylum (AIMA) website. Provide all the required information, upload the necessary documents, and pay the application fee.
Step 5 – Biometrics in Portugal
Once your application is submitted, schedule an appointment with AIMA in Portugal to provide your biometric data, including fingerprints and a photograph. This step typically requires your physical presence in Portugal.
Step 6 – Golden Visa approval
After completing the biometric appointment, the AIMA will review your application. If all requirements are met and the application is approved, you will receive a residency permit (Golden Visa) valid for an initial period.
NIF Number and Portuguese Bank Account for Indian Investors
To kickstart the Golden Visa process, you need to acquire an NIF number and establish a Portuguese bank account. The NIF number holds pivotal importance as it facilitates both the bank account opening procedure and meets specific application requirements. Obtaining an NIF can be done by personally visiting a tax office in Portugal with your Indian passport and an address within or outside Portugal, or by delegating this task to a legal representative through power of attorney.
Once you have secured your NIF number, you can proceed with setting up a bank account in Portugal, a step that necessitates possessing the NIF. This involves visiting a bank in person with essential documents such as your passport, proof of income, and your Portuguese NIF number. If you opt for representation by legal professionals, additional power of attorney documentation may be required.
Required documents for Portugal Golden Visa for Indians
The documentation required for the Portugal Golden Visa and listed below can be subject to change at the discretion of the Portuguese Immigration Authorities.
- Golden Visa application
- Valid passport and, if applicable, a valid Schengen visa, for each applicant.
- Criminal record certificate
- Applicant’s permission for AIMA (former SEF) to access his/her Portuguese criminal record.
- Proof of residence, which can be in the form of a recent utility bill, or a recent bank statement
- Proof of having obtained health insurance valid in Portugal.
- Proof of professional occupation, such as a letter issued by the employer, should be submitted.
- Documentary evidence of the eligibility of family member applicants
- Certificate of no debts from the Portuguese tax and insurance offices
- Signed statement affirming their commitment to meet the investment requirements
- Evidence of the minimum investment
- Letter from a local bank confirming the funds’ transfer.
Translation and Apostille Golden Visa Documents
Interpreting and apostilling Golden Visa documents are essential steps for individuals seeking to participate in residency or citizenship-by-investment programs, such as the highly coveted Portugal Golden Visa.
Interpretation of Golden Visa Documents:
Applicants must translate documents into specific languages for most investment migration programs. For the Portugal Golden Visa, many documents need to be translated into Portuguese.
Apostille of Golden Visa Documents:
The apostille process involves certifying the authenticity of legal documents. In the context of Golden Visa programs, this often means validating documents issued in one country for use in another. For instance, birth certificates or marriage certificates from countries outside Portugal may require apostilling to confirm their legitimacy. If the issuing country is not part of the Hague Convention, authentication is necessary.
Portugal Golden Visa Costs for Indians
Government Fees
When submitting your application, please take into account the Immigration Office AIMA (former SEF) fees, which encompass both the permit fees and biometrics/application fees. These fees are applicable per person and it is important to note that they are subject to annual revisions.
Legal and Consultancy Fees
Legal and consultancy fees for the Portugal Golden Visa program can vary significantly from one firm to another. Depending on the level of service and expertise offered, these fees may range from €5,000 to €10,000 euros for a single applicant. Here are some common consultancy services that are typically provided:
Investment Guidance: expert advice and guidance on the various investment options available for the Portugal Golden Visa program, helping applicants select the most suitable investment route.
Due Diligence: conducting thorough due diligence on the chosen investment opportunity to verify its legitimacy and compliance with program requirements.
Documentation Preparation: assistance in the preparation and review of the required application documents, ensuring they meet the regulatory requirements.
Application Submission: submission and processing of the Golden Visa application on behalf of the applicant and liaising with relevant authorities
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Indian Expat Community in Portugal
Recently, Portugal has witnessed a remarkable increase in its foreign resident population. According to data from the Instituto Nacional de Estatística (INE), the year 2022 marked a significant milestone, with a total of 780,000 legal residents in the country.
Among these diverse communities, the Indian expatriate community holds the distinction of being the fourth largest foreign community with more than 35.000 residents in Portugal. This underscores its notable presence and valuable contributions to Portuguese society. Comprising professionals, entrepreneurs, students, and families, the Indian community adds richness to Portugal’s cultural landscape and fosters stronger bilateral relations between India and Portugal.
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Streamlined Process
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Frequently asked questions about Portugal Golden Visa for Indians
Can Indians acquire permanent residency in Portugal?
Yes, Indians can obtain permanent residency in Portugal after residing there for at least five years as Residence Permit holders, granting them the right to live, work, and study in Portugal for a minimum of ten years.
What is the Portugal Golden Visa?
The Portugal Golden Visa is an investor immigration program designed to provide non-EU citizens with residency in Portugal for five years through investment or job creation.
What are the eligibility requirements for Indians applying for the Portugal Golden Visa?
Indian nationals seeking the Portugal Golden Visa must be at least 18 years old, possess a clean criminal record, hold comprehensive health insurance, and demonstrate basic proficiency in the Portuguese language.
How can I maintain and renew my Golden Visa?
To sustain and renew your Golden Visa in Portugal, you must meet residency obligations and retain your initial investment.
What are the advantages of the Portugal Golden Visa?
The Portugal Golden Visa offers numerous benefits, including the opportunity to reside, work, and study in Portugal, visa-free travel within the Schengen Area, and the potential to obtain permanent residency or Portuguese citizenship, making it a highly attractive investment option.
Can Indians bring family members to Portugal?
Yes, Indian visa application may encompass your spouse, dependent children, as well as both you and your spouse’s parents. Portugal offers a residence permit for 5 years, with the option for renewal, granting indefinite residency upon compliance with requirements.
Is Portugal a good place to live?
Portugal boasts admirable infrastructure, whether you opt for city living or rural tranquility, all services are readily accessible at reasonable costs. Cities provide a plethora of shopping and entertainment options, while the country’s diverse landscape caters to various recreational activities, from golf to water sports and beyond.
What is Portugal like as a country?
Portugal’s climate is a major draw, with average monthly temperatures ranging from 17 to 26 degrees Celsius. Its scenic beauty encompasses rugged mountain ranges, picturesque beaches, verdant forests, fertile farmland, and more, making it a visually captivating destination.
Is Portugal visa-free for Indians?
No, Portugal is not visa-free for Indian passport holders. Indian citizens need to obtain a visa before traveling to Portugal for tourism, business, or any other purpose. However, Indian nationals can apply for a Portugal Golden Visa, which provides residency in Portugal through investment or job creation, offering an alternative pathway for living and working in the country.
Can Golden Visa holders work in Portugal?
Yes, Golden Visa holders can work in Portugal. The Portugal Golden Visa program allows non-EU citizens to obtain residency in Portugal for five years through investment or job creation. As residents of Portugal, Golden Visa holders have the right to work in the country, either by starting their own business, seeking employment with a Portuguese company, or engaging in other authorized work activities.
Is Portuguese citizenship available for Indians?
Yes, Portuguese citizenship is available for Indians and citizens of other non-EU countries under certain conditions. One common pathway to Portuguese citizenship is through naturalization, which requires legal residency in Portugal for at least five years, proficiency in the Portuguese language, and meeting other eligibility criteria.
