Widely regarded as one of the most attractive EU visa programmes. Portugal will grant a residency visa for a family that includes dependent children upon an investment in real estate for €500,0000.
The visa will be renewed every two years and incredibly the only requirement is to spend at least two weeks in the country every two years.
It is also possible to apply for permanent residency and citizenship after 5 years – this really makes the scheme attractive. A second passport allows the freedom to travel, work and study anywhere within the European Union.
It is possible to obtain a visa for a reduced amount of €350,000 investment into property that requires investment. Specialist advice needs to be taken to ensure the renovation property qualifies for the reduced investment amount.
Changes a foot in 2021:
The majority of visas have been granted for real estate investments in the cities Lisbon and Porto and also coastal properties particularly in the Algarve region.
However, from July 2021 investments in coastal locations including Lisbon and Porto will no longer qualify. The scheme has been ‘tweaked’ to encourage real estate investment in the inland regions that have been regarded as less desirable parts of the country. So, there is likely to be many investors who will need to purchase in the ‘prime regions’ before 1st July 2021.
We understand there is a transitional period until 2022 to enable these transactions to complete. Generally, a property transaction in Portugal can take up to 3 months to complete from an offer being accepted.
The team at europe.properties offer a ‘Property Finder’ service that will find your dream property in Portugal through our network of real estate agents and property developers. We also have links with international and Portuguese law firms that handle all aspects of the property investment and visa application process.
Please contact us for further details here.