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Palheiro Villas now with Residence Permit

 

Non-EU citizens purchasing property in Portugal (including Madeira) at or over €500.000 can now automatically apply for a Portuguese “Golden” Residence Permit.

The objective of this recent legislation is to attract stable foreign investment to the Portuguese economy and to add an incentive to the residential tourism sector, thus assisting in the sale of real estate.

In order to benefit from the scheme, Non-EU citizens need to have carried out an investment activity in Portugal for a minimum of 5 years, have entered Portugal with a valid Schengen visa, and show evidence of staying in Portugal 7 days during the first year, consecutive or interrupted days, and 14 days, consecutive or interrupted days, during each of the 2 subsequent periods of 2 years.

The investment activity is defined as any activity performed in person or through a company that leads, as a rule, to the implementation of at least one of the following situations in the country, and for a minimum of 5 years:

Acquisition of property equal to or greater than €500.000, OR, Transfer of capital of at least €1.000.000, OR, Establishment of at least 10 jobs.

On applying for the “Golden” Residence Permit based on purchase of property, the applicant needs to show the deeds of purchase of a property or a Promissory Contract of Purchase and Sale of a property, providing the downpayment of at least €500.000 has been effectively paid.

The property can be acquired in co-ownership (each co-owner shall invest, at least, €500.000), and the property can also be mortgaged above the value of €500.000. The property can also be used for renting or for touristic exploration purposes.

The advantages of this scheme are that the process in obtaining a visa is relatively quick, the beneficiary can also apply for the family reunification permit, and the permit allows free circulation among EU countries and the Schengen Zone. After 5 years a Permanent Portuguese Residence Permit could be granted and after 6 years, there is the possibility of applying for Portuguese citizenship.

The Golden Residence Permit should be requested at either the Portuguese Embassies or Consulate Posts, or at the SEF (Immigration and Borders Service).

Provided that all legal requirements and documentation are fulfilled and delivered, the authorities calculate 30 days to issue the Permit.

The Permit remains valid for one year, and is then renewed twice, each time for a two-year period. The fees for the issuance of the Permit are €5.000, with €2.500 for each renewal. The application fee is €500. Each subsequent Permit for family members carries the same issuance fee, with a 50% discount if the family members are underage.

This is without doubt an important tool for the marketing and sale of residential property in the country, and is particularly relevant to purchasers from non-EU countries, such as Russia, the Middle East, Venezuela, South Africa and Brazil, amongst others.

All of the villas on the Palheiro Estate readily qualify for this initiative, both within the Palheiro Village development as well as on the villa plots adjacent to the Palheiro Golf course.

 

For further information please contact Palheiro Real Estate on:

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Tel: + 351 291 794 015