“Golden Visa” request must be made in person in Portugal

22 July 2013

Requests for or renewal of “golden visas” that allow foreign citizens to reside in Portugal, must be made in person, according to law firm Rogério Fernandes Ferreira & associados (RFF).

In an information leaflet about this new visa approved by the Portuguese government with a view to attracting foreign investment to the country, the law firm noted that the request must be made to the Foreigners and Borders Service (Serviço de Estrangeiros e Fronteiras – SEF) in the applicant’s area of residence.

The new visa allows non-EU citizens to be granted a residency permit in order to invest in Portugal.

The visa can also be granted to non-EU citizens who own stakes in a company based in Portugal, or another member-state of the European Union, which has a permanent establishment in Portugal.

In order to renew a residency permit the investor is required, as well as a minimum investment period of five years, to prove, through their passport for example, that they have remained in Portugal for a minimum of seven consecutive or non-consecutive days in Portugal for the first year, or 14 consecutive or non-consecutive days in the following two-year period.

The investment carried out includes transferring capital of at least 1 million euros, creation of at least 10 jobs or acquiring property worth a minimum of 500,000 euros.

Noting that the take up of “golden visas” has been good, RFF noted that the new visa is expected to increase the number of foreign investors in Portugal. (macauhub)