It can be a hard and long process to get the right to work and live in another country. The good news is that this is not the case for people who have money to spend. There are golden visas that give you the chance to purchase the right to residency in a host country, and sometimes you don’t even have to live in the country.
These types of visas are quite popular in the European Union because people usually try to relocate to another country due to political reasons like Brexit that may limit your rights. The unsettled social and political environments in most countries, such as the USA, are going to be an increase for golden visas applications. There are many things you can do to get a golden visa. This article provides some top tips to help you to get a golden visa.
A golden visa
Residence by investment schemes also called golden visas give you the chance to have a residency permit for another country by buying a house or even making a significant donation or investment. To get a golden visa, you need to be 18 years old or above, have a clean criminal record, and enough money to make the required investment.
You should also note that there are also golden passports also called citizenship by investment programs that can allow you to get citizenship utilizing the same means. If the host country is in the European Union, this can also mean that you can access several benefits of being a resident of this bloc, such as free movement between countries.
There are a couple of countries that offer golden visas in the European Union. One of them is Portugal which is regarded as the best visa program for individuals looking to have a residence by investment. For example, in 2021, Portugal offered about 10,000 golden visas. And, from January to August 2022, the golden visa program generated at least €398 million to the country.
In Portugal, you can buy a property or even invest some of your wealth into the country, which is called capital transfer investment. You should note that the minimum investment is €280,000 which you can do by purchasing property in any low population density location that requires refurbishment. If you intend to do it through cash, it may cost you about €5 million which you have to transfer into an approved investment or your Portuguese bank account. To keep your residency status, you need to stay in the host country for at least 7 days every year and after 5 years you can get citizenship.
Why an attorney needs to handle your Portuguese golden visa application process
An attorney can speed up the golden visa application process for non-European Union citizens who desire to get a golden visa or residence authorization. Remember that most of the attorneys who handle immigration visas tend to have the right knowledge and experience in immigration processes. This means that they can know how to handle the golden visa process and how to assess your application.
Your immigration consultant can complete the required forms for you. They can also check the paperwork to determine whether or not it’s correct to make the visa application process quickly. Also, immigration experts often work with health insurance companies, international schools, and sworn translators to assist your relocation to Portugal.
You should also note that you can renew your golden visa. You just need to keep your original investment and show proof to an immigration official. But you need to spend about 7 days each year in the host country to qualify. The good thing is that it’s quite easier to do this than in other countries. Also, you need to prove that you can support yourself and your dependents. And, you should also have a medical insurance policy.
Take note that the initial residency permit can be issued for a two-year period and may be renewed every two years. But after you live in Portugal for 5 years, you can get a permanent visa or even Portuguese citizenship. Both these statuses tend to have some additional rights.
Therefore, to get a golden visa, you need to identify and make an investment. Most people invest about €500,000 in real estate. But this can be€280,000 if you choose a property in low-density locations.
You should also get all the required documents, such as a criminal record certificate and a bank account. Public documents need to be legalized and if they are not in Portuguese, then they should be translated by a sworn and certified translator. As explained earlier, most immigration consultants usually work with verified and qualified translators, so they can recommend a person convenient for you.
When you complete the real estate transaction and collect the required documentation, you need to send your application online. And, when the authorities approve your residence permit, you have to schedule an in-person meeting with an immigration authority. You can receive the residence permit at this scheduled appointment. The permit can be valid for two years and you can renew it by maintaining your investment.
It’s worth mentioning that you need to present some documentation. You can qualify for an investment residence visa by providing the necessary paperwork. When it comes to real estate, an immigration official may want you to prove that you bought property. You can do this by providing a certificate of domain as well as land registry fees or even a deed of sale.
For a bank deposit investment, you have to show a certificate offered by the financial institution which handled the deal. It needs to state that you are a single holder of this investment.
And, with company shares, you need to have a certificate from the company that got your investment, and your name should be clearly shown. It also has to show the amount of money you invested and the time it was bought. Some of the documentation you need to provide when confirmed by immigration authorities include two passport photos, a complete application form, a valid passport, and a criminal record report.