Thinking about getting the Golden visa Portugal has to offer? Then you will definitely need to read on. Even with the capital to invest and learn how to start an Airbnb in Portugal and get residency, there are lots of aspects to navigating the bureaucracy and doing things legally. In this post, we will break down everything that you need to know about this visa so you can decide for yourself if this is the best option to pursue.
Summary
Golden Visa Portugal is a way to get permanent residency and citizenship in Portugal within 5-6 years by investing €350,000 in the country. The Portuguese Golden Visa program is one of the most popular in the world – it is one of the most flexible and transparent programs of this kind.
- To get a Golden Visa in Portugal one needs to invest €350,000 in Portugal.
- One of the most popular investments is buying a property or putting money into the property investment fund. The purchased properties are then rented out on short-term rental (e.g. Airbnb) and monetize very well as the Portuguese market is booming. You don’t need to live in Portugal to do that – companies like Whome help you invest & manage the property.
- You get permanent residency and then citizenship in 5-6 years
- You are only required to spend 7 days a year in Portugal – one of the lowest among similar programs.
- Once you get a Portuguese passport, you can live and work anywhere in the EU. It’s also the world’s 4th best passport for nomads and global citizens.
- The program is not blacklisted by the OECD, unlike many other Golden Visa programs.
- Portugal is a very safe and stable country to live in. The quality of life, food, healthcare, and climate is one of the best in Europe.
What is the Golden Visa in Portugal & How Can I Get One?
The Golden Visa is also known commonly as the Portugal investment visa. The idea behind this visa is to grant residency to anybody that can invest money into the economy, create jobs, or both. The golden visa Portugal in 2019 will experience slight changes in 2020 and beyond. Below, we will give you everything you need to know.
If you are interested in securing a Golden Visa, we highly recommend that you get in touch with us today. Without charging any money, we can at least point you in the direction of the right lawyers, real estate companies, and so on to handle this process quickly.
Portugal Citizenship by Investment – How Much Do I Need to Invest?
Getting Portugal citizenship by investment isn’t as easy as it may sound. To secure your citizenship, you will first need to get your residency. To do this, the law requires that you need to invest a sum of €350,000. If you have this extra amount of money sitting around, you can easily secure your path towards gaining residency and then eventually citizenship.
Portugal Golden Visa Properties – Can I Simply Buy One?
You can absolutely buy property in Portugal and get citizenship. As we just mentioned, though, this is only one of the ways that you can secure a Golden Visa in Portugal. As we will explore below, people will typically buy property either with the intent of renting it out and getting some extra income
What About Creating Jobs?
If you buy property in Portugal and get residency secured, you don’t necessarily need to create jobs. Keeping this in mind, those who want to buy a property less than the investment value required can also choose to create jobs for 10 Portugal citizens. This is the most affordable way to secure your visa in the short-term. Clearly though, paying the salary for 10 people will also add up in the long-term.
Brief History of the Portugal Golden Visa Program
The Golden Visa Portugal offers hasn’t been around all that long. It was introduced back in 2012 as a means for securing international investment into the country of Portugal. Since then, it has generated quite of bit of interest and results. Below, we will break down some of these results that have occurred.
Billions of Euros Invested in Portugal
As it turned out, getting a Portugal residency by investment into property and/or jobs for citizens turned out to produce quite a bit of investment cash. Nearly 5 billion euros have already been pumped into the Portuguese economy from international investors pursuing a Golden Visa.
Investors Come From All Over the World
So far, over 20,000 people have taken advantage of the Golden Visa Portugal has to offer foreign investors. Portuguese-speaking Brazil has understandably been one of the countries with most investors. Other top countries include China, South Africa, and Russia.
Very Competitive with Similar Visas Around the World
We will always perhaps be able to secure residency in various countries around the world by investing in the economy. Part of what makes the Golden Visa Portugal offers such a great deal is that it is very competitively priced with other countries. The USA, for example, had the same program rules before recently switching requirements for their EB-5 visa up to $1,000,000 in many circumstances.
Getting the Golden Visa by Purchasing Property
If you want to start looking through Portugal Golden Visa properties, it’s important to consider the various avenues this can be legally done. Each of the Portugal Golden Visa new rules we find for 2020 will be eligible for people that go for one of the two following options.
Option 1: Living in the Property
Buying property in Portugal citizenship is viable for those who actually want to live here in the long-term. If you have always dreamed of buying a forever home in Portugal, this is a very great option to consider. Below, we will break some of the pros and cons of securing your Golden Visa this way.
Great if You Want to Make Portugal Your Home
The golden passport Portugal offers is really ideal for anybody who has extra investment cash, or ideally, those seeking to make a permanent home. Although you will clearly need to have some extra cash sitting around to secure your Golden Visa, it also will come with a permanent home that you can use for life.
Doesn’t Generate Income
A home is something that you will consistently need to maintain and clean. Therefore, this shouldn’t be seen as a lucrative idea of any sort. However, as we will explore below, it is still possible to get a Golden Visa if your intention is to buy property to rent out to tourists.
Option 2: Renting Out the Property
The Airbnb host checklist for renting out property is not necessarily an easy task. If you haven’t tried managing a rental in the past, there are lots of things that you need to learn. As you will discover, this can be quite a bit of time and money commitment for you. However, renting out property is a great option to consider if you want to secure a Golden Visa.
You Can Generate Income
One of the most obvious benefits of getting this sort of visa is that you have the ability to generate income from your initial investment. Many people who come to Portugal for a Golden Visa will eventually choose to hire an Airbnb property manager so that they can sit back and start collecting checks while they live out normal lives in Portugal.
You Still Retain Freedom of Location
The laws that helped people attain Portugal citizenship by investment 2019 are very similar to those we see today. Since you can invest in a property that you rent out, you are still able to secure permanency here in Portugal while retaining your freedom to travel around Europe and other countries in the world.
Can Be a Completely Hands-Off Approach
If you secure your Golden Visa by purchasing a vacation rental, you will have an immediate choice to consider. Those with extra time on their hands often choose to manage everything on their own. However, hiring a company like Whome will give you the freedom to sit back and relax quite a bit more. Whome specializes in handling Airbnb key service and other aspects of securing your income needs and maintaining the rental so that you can avoid aspects such as Airbnb property management software while living in Portugal.
Isn’t It Hard to Manage a Vacation Rental?
Many people who get a Portugal investor visa have the dream of renting it out to tourists that come and visit the country for short-term periods. As we will now explore, it can be quite difficult to manage a vacation rental. However, there are many ways around this and also benefits you can take advantage of.
There are Lots of Aspects Involved in Vacation Rentals
In reality, trying to manage a vacation rental is not an easy task. Therefore, if you want the Golden Visa Portugal offers to foreign investors, it’s important to start by thinking of whether or not you are ready for this commitment. From small cleaning and maintenance tasks to constant marketing, a vacation rental shouldn’t necessarily be seen as an easy source of passive income.
It Can Quickly Turn into a Time Commitment
Unless you have a lot of time and energy to devote to your vacation rental, it will quickly turn into a hassle for you. Things like cleaning, maintenance, key service, and handling guests’ questions, for example, can easily turn into a full-time job. If you are concerned about the time commitment that is required you might consider hiring the help of a management company.
Can Potentially Work Around Your Travel Plans
Even despite the clear load of work that is required to purchase and manage a vacation rental, it is also possible to make your bookings align with your plans for staying in the country. If you want to be in Portugal for 6-months of the year, for example, you can also decide to rent it out as a vacation rental solely while you are out of the country! This is a great way to ensure that you can both generate some income and have a place to stay in Portugal.
Need Some Help Getting Your Golden Visa?
As we briefly touched upon above, getting a Golden Visa in Portugal can be difficult if you don’t know where to turn your attention. This is especially relevant for issues such as language barriers and a lack of knowledge of the bureaucratic system. If you want some help connecting with lawyers, real estate companies, or take advantage of Airbnb vacation rental management, give us a call today.
