Tag: Portugal
Portugal Investor Visa
The number of investor visas issued in Portugal has climbed in the first half of 2016. Delays in 2015 meant the number of residency permits issued declined from the record set in 2014. However with new government procedures now in place figures for 2016 are running at a faster rate and look set to break new records for this year.
A total of 821 residence permits have been issued so far in 2016, more than the total for 2015 as a whole and over half so far of the record breaking year in 2014. Over €2 billion has been invested in Portugal since the scheme started in 2012. While most applicants have been from China a growing number in recent years are coming from elsewhere in Asia, Africa and the Middle East.
The residency programme in Portugal is not a citizenship by investment scheme but separately citizenship can be applied for after holding residency for six years. The programme has proved to be one of the most popular investor visa programmes in Europe as to qualify for citizenship it is not necessary to live in the country.
Citizenship through Real Estate Investment
With turmoil in equity markets and plunging commodity prices the attraction of real estate as an investment category remains as strong as it ever ws.
Many countries in Europe saw real estate prices crash from their highs in 2008. But now with economies well on the way to recovery prices are starting to rise but are still below their peak in countries such as Spain, Portugal and Cyprus.
To add to the attraction of real estate investment these countries are offering residency in return for a minimum investment. In Spain and Portugal the limit is €500,000, Greece €250,000 and Cyprus €300,000.
The rules for each programme differ. That includes family qualification, fees and timescales. One of the key differences is the time it takes to gain citizenship, and whether this is possible at all.
Cyprus is the ultimate programme for gaining citizenship and an EU second passport quickly. However the investment needs to be in excess of €2.5 million.But this does lead to a passport within 2-3 months and then the freedom to live, work, study and travel anywhere within Europe, including the UK.
The alternative in Cyprus is the residency programme at €300,000 and applying for citizenship at some future time. But Cyprus is not part of the EU Schengen zone so does not offer the freedom of movement that other countries such as Spain and Portugal offer through their residency schemes.
Greece is the cheapest residency programme with a required investment of just €250,000 into real estate. Property taxes are higher than Portugal and Spain and these must be factored. Greece is a member of the Schengen zone and citizenship can be applied for after 7 years of residency.
Spain and Portugal offer residency through investing €500,000 in real estate. Both countries are members of the Schengen zone allowing freedom of movement for anyone with residency. The key difference between the programmes is the route to citizenship. With Spain it requires 10 years residency before applying for citizenship. In Portugal it can be applied for after 6 years, without the requirement to reside in the country.
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