Portugal as the Top European Option for Residency and Citizenship

Portugal is not only known as a tourist destination, but also as a superb option for residency and citizenship. The country provides one of the top investment programmes in the world – the Golden Visa, as well as a highly attractive tax regime for foreigners – the Non-Habitual Resident regime.

According to the Portuguese Immigration and Borders Service (SEF) the number of foreigners living in Portugal increased 22.9% from 2018 to 2019, totalling almost 600,000 people in a 10-million population.

The Golden Visa is aimed at non-EU citizens and it is Europe's most successful residency-by-investment programme, one of the reasons for this being the low stay requirements: 14 full days, consecutive or nonconsecutive, for each 2-year period.

Among the many routes for investment, it is possible to obtain a Golden Visa by purchasing a property of at least € 500,000.00 (reduced to €400,000.00 if located in a "low density area") or, by purchasing a property that was built at least 30 years ago, and its purchase price plus the ex-VAT value of the rehabilitation works contract is at least €350,000.0, bringing the cost down to >€280,000 if located in a "low density area".

After having held legal Portugal residency for 5 years and, subject to passing a "basic Portuguese" language test, one is entitled to permanent residency or citizenship.

Since it is a relatively simple, fast and the most economic route to obtain residence and citizenship in the EU, there is no wonder why it is a top choice for those seeking residency in a European country.

The Non-Habitual Resident regime (NHR) is considered one of the top alternatives for any foreign citizens who want their taxes to be (next to) zero while living abroad. It allows them to enjoy a 10-year tax exemption on most non-Portugal-sourced types of income. By applying to this tax-friendly status, EU or non-EU citizens, entrepreneurs, professionals, pensioners or high-net-worth individuals can benefit from tax free benefits.

Although the individual must be deemed a resident of Portugal upon submitting the application, there is no minimum stay requirement afterwards and it is even possible to stop being a Portuguese tax resident for one or more years without losing non-habitual resident status.

These two interesting programmes definitely make Portugal a gem for residency and citizenship and Belion Partners’ professionals have plenty of expertise to help you navigate through the process.