In the decade since its introduction in October 2012, Portugal’s Residence Permit for Investment (ARI) programme, popularly known as the Portugal Golden Visa, has grown into one of the most popular visa programmes in the world. The lure of being able to secure EU residency within a short time frame, along with additional benefits like visa-free travel to 26 countries across the Schengen Zone, access to high-quality schooling and prestigious higher education at relatively lower fees, as well as an attractive tax regime, have contributed to the scheme’s popularity.
“There are many reasons why people invest in Portugal. The country has everything you could ever dream of – 365 sunny days a year, safety, delicious food, low cost of living, good education and international schools, as well as friendly and open people. It is an absolute dream place for a holiday home,” says David Rabi, Founder of DRP Advisers, a leading Portuguese real estate consultancy whose team of experts is currently in Dubai to counsel potential investors.
However, recent official statements have pointed to the Portugal Golden Visa scheme being re-evaluated and potentially discontinued. This makes it crucial for those looking to get a Golden Visa to act with a sense of urgency so that they do not miss out on this opportunity.
“During the Web Summit last month, our prime minister António Costa stated that there are programmes that the government is currently re-evaluating and one of them is the Golden Visa,” says Renata Abulaesova, Client Director at DRP Advisers.
“However, last week the proposal was rejected in the State Budget 2023 with the votes against closing the program. Important to understand, that it is not the first time that the end of the Golden Visa has been voted down in the Portuguese Parliament, however this topic is being discussed every year. Nevertheless, we highly recommend all interested investors not to postpone the process, as we got another year of Golden Visa Program in Portugal, which gives you and your family an opportunity to get EU residency. “ Abulaesova states.
She says currently the Portuguese Golden Visa programme is the most attractive Residency by Investment Programme in the EU because it offers the fastest path to EU Citizenship – just after 5 years – with just 280,000 Euros investment in real estate as compared to countries like Greece, which have increased minimum investment this year to 500,000 euros.
“Apart from that, from an investment perspective, it’s one of the best places in Europe. Just to give you an example, from 2016 to 2022, in the cities of Lisbon and Porto, the average residential asking prices increased by 49 per cent and 83 per cent, respectively. And of course, the possibility of obtaining a Family European Residency and Citizenship without obligation to reside in the country full-time. People think of Portugal as a safety net, a good place to raise children, spend holidays, conduct business, retire, etc.” says Abulaesova.
On the different options available to enter the programme, the expert says the best categories include real estate, funds, transfer of capital, company formation, and donation. “The most popular option has always been real estate and 90 per cent of clients are investing in properties. Investments start from just 280,000 Euros and DRP Advisors have a wide portfolio of the best projects in Portugal. Clients can buy apartments and commercial properties or invest in famous hotel chains.”
DRP Advisers are a one-stop-shop solution, offering a multitude of services to clients, from immigration solutions to property investments. The company says it holds the biggest, and most updated real estate portfolio in Portugal. “With a cosmopolitan team, our secure network of lawyers, property consultants and property developers are here to guide you every step of the way through your investment journey. We offer individual solutions for our clients to remove visa restrictions, create a safe haven for them and their families, legally reduce their taxes and also support them throughout the immigration process,” says Abulaesova.
The team of experts, in Dubai currently, can be contacted at + 351 912 585 085 . For more information, visit their website https://www.drpadvisers.com/about.
