Portugal is a small country situated on the coast of the Atlantic Ocean. This country is peculiar for high human potential development level index. The state is rather well developed economically either.
As far as the country is a member of the European Union, quite a number of entrepreneurs who wish to enhance business to international arena tend to receive its residency.
Advantages of Portuguese residence permit and Golden Visa:
- Residents acquire visa-free entrance and the opportunity to travel to the Schengen area.
- Comfortable for business. You don’t need a Portuguese-citizen establisher to register a company. The very registration of the company takes just a few days. Freelancers successfully work here, multiple companies are opened and developed. Here is an article on how to start a business in Portugal.
- Taxation system is quite loyal in Portugal.
- The country has free economic areas such as the Azores and Madeira.
- You can be freed from general income tax for ten years by receiving special status.
How to become a resident of Portugal?
Portuguese government strives to engage foreign investors; therefore there exist program which allows receiving residence permit by investment.
The government offers three options to choose from in order to obtain residency:
- Investment in real estate. The value of contribution must be at least 500,000euro for any objects. However, the investment sum for immovable property which is subject to reconstruction and was built over 30 years ago is estimated to 350,000
- Contribution to the economy. Investment sum starts from 1 million euro.
- Creating vacancies. The investor should provide at least ten working places. They are created within the Portuguese territory.
Notably, despite the fact that immigration to Portugal by investment is not a necessary requirement, living in Portugal for at least 7 days annually is required for keeping the status.
Note. You have to spend 183 days on the territory of the country with or without breaks and be able to prove it in order to become a tax resident.
All the members of the main applicant’s family can also receive residency with work permit: wife/husband, children under age, children with physical or mental deficiencies irrespective of the age and parents more than 65 years old. The term of residence permit receiving equals 6-8 months.
Five years after a person receives a residence permit in Portugal it receives permanent residency. In this case, if the investment to real estate was performed, the object can be sold.
One year after receiving permanent residency Portuguese passport is given to the person. You can read more about peculiarities of receiving residency and citizenship of Portugal on Migronis website — Portuguese residency.
Portugal is a country where the government tends to develop its economy by means of involving investments from abroad. The government of this country supports the development of entrepreneurship activities.
Loyal taxation system, wide opportunities for business creation and expansion make Portugal residency receiving quite an attractive idea.
Are there interesting alternatives in Europe?
Apart from Portugal, there exist some alternative options for entrepreneurs. For example, it’s possible to become a Cyprus citizen by investment in real estate or business.
This waterlocked state is peculiar for the lowest tax rate for income in Europe — 12.5%. Moreover, the citizens are provided with visa-free access to 173 world’s countries including Canada, Japan, Great Britain, and EU countries, and also you stand an opportunity to receive a long-term visa to the USA up to 10 years.
In a short while, Montenegro may become an interesting perspective for investors willing to receive second citizenship as well. The state is expected to enter the European Union in 2025. Swift citizenship documents filing, visa-free regime or landing visa to at least 125 countries – all of these uncover plenty of opportunities.
This content is sponsored by Nidhi Mahajan.