The Portugal Golden Visa for Indians offers a unique opportunity for those looking to invest in a new life in Europe. Launched in 2012 by the Portuguese government, the Golden Visa program has quickly become one of the most sought-after residency-by-investment options worldwide, attracting thousands of non-EU nationals each year.
Interest in the Portugal Golden Visa has surged among Indian nationals, with a nearly 70 percent increase in Golden Visas issued from 2019 to 2022. This trend highlights the program’s growing appeal among Indian investors.
In this comprehensive guide, we’ll explore everything you need to know about the Portugal Golden Visa for Indians and cover the following:
- The benefits of the Portugal Golden Visa for Indians
- Portugal Golden Visa requirements for Indian citizens
- Portugal Golden Visa investment options for Indians
- Eligibility and requirements for the Portugal Golden Visa
- Portugal Golden Visa step-by-step application process, timelines and costs
Benefits of the Portugal Golden Visa for Indians
Portugal, located on the western coast of the Iberian Peninsula, boasts a rich history, breathtaking landscapes, and a thriving Portuguese economy.
Its cost of living is generally lower than that of other Western European countries, making it an attractive destination for relocation.
With a temperate climate, friendly locals, and a vibrant tech scene, Portugal is ideal for Indian citizens seeking an enhanced quality of life.
Here are the top benefits of the Golden Visa in Portugal for Indians.
1. Affordable investment options: In comparison with other Golden Visa programs, the Portugal Golden Visa has a lower investment threshold. For example, you can qualify with a €200,000 donation to an artistic production or a national cultural heritage project if it’s based in one of the country’s ‘low density’ areas (regions with fewer than 100 inhabitants per square kilometer or GDP per capita of under 75 percent of the national average).
2. European residency: The Portugal Golden Visa grants Indian investors and their families the right to live, work, and study in Portugal and travel visa-free within the Schengen Area. This includes 27 European countries, making exploring and conducting business across Europe easier.
3. High-quality education opportunities: Portugal has a robust and high-quality education system. Golden Visa holders can access world-class schools, universities, and research institutions for themselves and their dependents, providing excellent educational opportunities in both public and private institutions.
4. Access to the European market: Portugal’s strategic location within the European Union allows Indian investors to explore European business opportunities. With the visa free access to the Schengen Area granted by the Golden Visa, successful applicants gain greater access to new markets, partnerships, and investment prospects.
5. Thriving tech and startup scene: Portugal is experiencing rapid tech and startup ecosystem growth. Indian entrepreneurs and professionals can tap into this thriving scene, fostering innovation and collaboration.
6. Low cost/free healthcare: Portuguese healthcare is known for its high standard and accessibility. Golden Visa holders can benefit from quality medical services and healthcare facilities. With a Portugal Golden Visa, investors and their family members can be eligible for treatment under the Portuguese healthcare system, known as the SNS (Serviço Nacional de Saúde).
6. Family reunification: The Portugal Golden Visa allows Indian investors to include their family members in the application, including dependent children, promoting family reunification in Europe.
8. Path to permanent residency and citizenship: After five years of holding the Golden Visa, investors can apply for permanent residency. Moreover, after six years of residency, they may become eligible for Portuguese citizenship, offering additional rights and benefits.
9. Diverse culture and lifestyle: Portugal has a rich cultural heritage, offering a pleasant with picturesque landscapes, historical landmarks, and a welcoming local community.
10. Prime retirement destination: Portugal is attractive for retirees due to its pleasant climate, affordable cost of living, and retiree-friendly policies.
11. Tax benefits: Portugal offers various tax incentives and exemptions for some foreign residents, making it an appealing destination for investors seeking tax optimization. Though the Non Habitual Tax Resident scheme is ending, a new program, the Tax Incentive for Scientific Research and Innovation, is now available.
Overall, the Portugal Golden Visa enables access to many benefits, providing Indian investors and their families with a unique opportunity to establish a prosperous and fulfilling life in a country that embraces diversity and innovation and provides a high standard of living.
Eligibility Criteria for the Portugal Golden Visa for Indians
To qualify for the program, you must fulfill the following Golden Visa requirements for Portugal:
- Be at least 18 years old
- Have a clean criminal record. A lawyer should analyse your case if you don’t have a clean criminal record.
- Be either non-EU, non-Swiss, or non-EEA national.
- Minimum investment of €250,000, with a range of investment routes to choose from
- Spend an average of seven days per year in Portugal, guaranteeing a total of fourteen days during the validity of each residence card (issued with a validity of 2 years)
- The funds for the investment should arrive from outside of Portugal (you can’t take a loan from a Portuguese financial institution to apply).
Portugal Golden Visa Requirements for Indian Citizens
The Portugal Golden Visa has its own set of requirements that every applicant must fulfill to apply for Portugal’s Golden Visa. Let’s have a look at them:
- Residency requirement: To be eligible for the Golden Visa, you must maintain the investment for a specific period. During the first year, you must stay in Portugal for at least seven days; in each subsequent two-year period, you must spend at least 14 days in the country.
- Clean criminal record: Provide a clean criminal record from your country of residence
- Valid travel documents: Possess a valid passport and other necessary documents
- Proof of funds: Demonstrate that you have the financial means to support yourself and your dependents during your stay in Portugal
- Health insurance: If you intend to relocate to Portugal with a visa, you must prove that you have private health insurance.
By meeting these requirements, Indian investors can apply for European residency and access the numerous benefits of living, working, and studying in Portugal.
Portugal Golden Visa Investment Options for Indians
The Portugal Golden Visa program presents an opportunity for Indian investors seeking to gain European residency through strategic investments. As an Indian national, you can apply for the Portugal Golden Visa by fulfilling the following investment requirements:
Portugal Golden Visa investment options
Investment fund subscription
Contribute to a qualified Portugal Golden Visa investment fund (such as a mutual fund, private equity fund, or venture capital fund) regulated by the CMVM, which is the Portuguese Securities Market Commission, worth at least €500,000. It’s worth noting that real estate-related funds no longer qualify for the visa program.
Investment or donation in the arts or reconstruction of national heritage
For the Portugal Golden Visa route, please note that you will need to make a qualifying investment (a donation of at least €250,000 or €200,000 in one of Portugal’s low-density areas) in eligible art or reconstruction of national heritage project, which will need to be pre-approved by the Portuguese government through GEPAC.
Investment in scientific research projects
Invest at least €500,000 in research by public or private scientific research institutions involved in the national scientific or technological system.
Creation of ten jobs
Under the Portuguese Golden Visa program, investors must create at least ten full-time jobs. In low-density population areas, this number is reduced to eight. All these positions must align with Portugal’s labor and social security standards.
Share capital and job creation
Incorporation of a commercial company or reinforcement of the share capital of an existing Portuguese business, in either case with an investment of €500,000, combined with the creation of five or maintaining ten jobs (including five permanent jobs).
Since October 2023, real estate investments and capital transfers have not been eligible investment pathways for the Portugal Golden Visa.
Portuguese Golden Visa for Indians Required Documents
The required Golden Visa Portugal documents can change at the discretion of the Portuguese government and supporting documents must be submitted by Golden Visa applicants for the initial application and each renewal.
Requirements include:
A correctly completed Golden Visa application form- Copy of a valid passport and travel documents
- A Portuguese tax number (NIF)
- Declaration from your bank in Portugal confirming the transfer of funds from abroad into your Portuguese bank account
- Proof of health insurance in Portugal (only required if the investor resides in Portugal)
- A background check or a police clearance letter from your country of origin
- A declaration of honor compromising to maintain the investment for five years
- Documents showing a good standing with the Portuguese Tax and Customs Authority (the Portuguese tax authorities)
- Document showing non-enrollment or a good standing with the Social Security
- A receipt showing that you already paid the application processing fee
- Note that the certificates of criminal records or police clearance letters must have been issued no more than 90 days before submitting your application.
A correctly completed Golden Visa application formLegalizing documents
The Portugal Golden Visa documents and the Portugal Golden Visa application form must be legalized, translated into Portuguese, and then certified.
Note that documents can be legalized by the Portuguese Consulate or apostilled according to The Hague Apostille Convention.
Translating Portugal Golden Visa documents
Original documents must be accompanied by a translation in Portuguese, certified by one of the following three agents: a Portuguese Consulate, a Portuguese lawyer, or an official notary.
Global Citizen Solutions has a team of legal experts who can translate your Golden Visa documents into Portuguese to ensure they meet the program’s requirements.
Portugal Golden Visa for Indians: Step-by-Step Application Process
Here’s a breakdown of the preliminary steps to apply for the Golden Visa:
Initial research and preparation
During this stage, potential investors research the Portugal Golden Visa program, explore different investment options, and seek advice from immigration consultants and/or a law firm if desired.
Investors gather the necessary documents and funds required for the chosen investment option.
Onboarding
Once you’ve decided on your investment, you’ll need to gather the necessary papers for yourself and any dependents included in the application.
Please ensure that all the documentation is in order and submit it for review. Global Citizen Solutions can do this on your behalf.
Acquire a Portuguese tax number (NIF)
Getting Portuguese tax identification number
, or NIF, is a key step for Indians applying for the Portugal Golden Visa. This number is essential for activities such as opening a bank account or completing property transactions.
As a non-resident, you can obtain a NIF without being physically present in Portugal. This process can be facilitated through a Portuguese attorney or fiscal agent, who will act as your tax representative. Your representative must be a resident of Portugal and will apply for a temporary NIF on your behalf. Once you achieve permanent residency, this temporary number will be converted to a permanent one.
Securing your NIF is a vital part of your application for the Portugal Golden Visa. It will enable you to move forward with your investment and residency plans in Portugal.
Open a Portuguese bank account
After obtaining your NIF, the next step in your Portugal Golden Visa application is to open a Portuguese bank account. This account is essential for managing your investments and financial transactions in Portugal.
Steps for Opening a Bank Account Online for Indian Applicants with a NIF:
- Choose your bank: Select a Portuguese bank that suits your needs.
- Gather required documents: Prepare the necessary documents, including identification and proof of address.
- Initiate the online application: Visit the bank’s website to start the account opening process.
- Select account type: Decide on the type of account you want to open, such as a savings or a current account.
- Complete the application: Follow the online instructions provided by the bank.
- Video meeting: Be prepared for a video meeting with a bank representative to confirm your identity and answer any questions.
- Initial deposit: You may need an initial cash deposit to activate your new account.
Many banks in Portugal, such as ActivoBank, Banco N26, Caixa Geral de Depósitos, Millenium BCP, and Novo Banco, offer the option to open accounts online. This streamlined process allows you to efficiently manage your finances as you proceed with your Portugal Golden Visa application.
Make the investment
We can start securing your investment and will walk you through the documentation needed to secure a successful investment.
Portugal Golden Visa application process for Indians
Below is a breakdown of the step-by-step process for the Golden Visa application:
Apply online
Apply onlineSubmit your application online.
Pre-approval
Pre-approvalIf you meet the relevant standards, your application will be pre-approved.
Biometrics visit
Biometrics visitIt takes around two months from the moment you plan your interview to be able to attend a biometrics collecting session in person.
Golden Visa issuance
Golden Visa issuanceFollowing your biometrics appointment, it takes about four months for AIMA (the Portuguese Immigration and Border Service, which replaced SEF) to carry out necessary procedures, such as a background check and authorize your Golden Visa.
You should then pay the government permission application cost. We can then collect the residency cards on your behalf and mail them to you.
The Golden Visa residence permit is typically valid for two years and can be renewed for subsequent two-year periods.
Residence permit renewal
The Portugal Golden Visa initially grants a residence permit valid for two years. After this period, the permit can be renewed for subsequent two-year periods as long as the investor maintains the qualifying investment and meets the residency requirements. The renewal process involves submitting updated documents and demonstrating continued compliance with the investment criteria.
Golden Visa Portugal Timeline for Indians
The timeline for obtaining Portugal’s Golden Visa for Indian investors can vary based on several factors, including the completeness of the application, the type of investment chosen, and the processing efficiency of the relevant authorities.
On average, the timeline can take approximately six to eight months, but it’s essential to understand the various stages involved in the Golden Visa process.
Portugal Golden Visa Cost for Indian Applicants
The cost associated with obtaining Portugal’s Golden Visa for Indian investors involves several components, including investment amounts, processing fees, legal fees, and consultancy fees, as well as other miscellaneous expenses.
Investment costs
Here’s a breakdown of the potential investments costs, depending on financial threshold and investment preferences (note that, under the new rules, the capital transfer and real estate investment options no longer qualify for the Portuguese Golden Visa program):
- Fund investment: €500,000:
- Investment or donation in the arts/national heritage: €250,000 (or €200,000 in low-density areas):
- Scientific research contribution: €500,000:
- Share capital investment: €500,000
Portugal Golden Visa fees
The Golden Visa processing fees vary depending on the number of family members in the application. A single applicant’s processing fee, or the legal fee, may cost from €5,000 to €8,000.
Dependents under 18 can be included in the application free of charge. An additional fee of €500 to €2,000 may apply to dependents over 18.
Legal and consultancy fees
Many Indian investors seek guidance from experienced immigration consultants or legal experts to navigate the complex application process. Legal and consultancy fees can vary depending on the services provided, the law firm you work with, and the case’s complexity.
Travel and living expenses
Investors and their families may incur travel and living expenses when visiting Portugal for the initial application process and during the required residency periods.
Miscellaneous expenses
Other miscellaneous expenses may include document translation, medical insurance premiums, and additional requirements specific to the investor’s circumstances.
It’s important to note that the total cost of the Portugal Golden Visa can vary based on individual choices, such as the investment option selected, the number of family members included in the application, and the level of professional assistance sought.
Proper financial planning, due diligence, and research are essential to understand the costs.
Indian nationals must fulfill the investment requirements of Portugal’s Golden Visa. Applicants must maintain the investment for the required period to be eligible for the Golden Visa and subsequent permanent residency.
Becoming a Portuguese Citizen with the Portugal Golden Visa for Indians
One of the major benefits of Portugal’s Golden Visa program is that Golden Visa holders have a clear pathway toward Portuguese citizenship.
After holding the Golden Visa for five years with legal residency status, investors can apply for permanent residency in Portugal.
Investors may also be eligible to apply to become a Portuguese citizen (which is essentially acquiring European citizenship/EU citizenship) and a Portuguese passport, subject to meeting the necessary requirements.
Engaging the services of an experienced Portugal Golden Visa lawyer can streamline the process and help investors navigate any potential challenges, ensuring a smoother and more efficient timeline for obtaining the Portugal Golden Visa.
Portuguese citizenship eligibility
In order to apply to become a Portuguese citizen, it’s necessary to maintain a clean criminal record as well as to reach a basic understanding of the Portuguese language. It’s possible to meet the Portuguese language requirement either through a language or course or by taking a Portuguese language test
The permanent residency application is subject to approval by the Portuguese authorities and requires proof of continuous residency during the Golden Visa period.
Benefits of permanent residency and citizenship
A Portugal Permanent Residence permit allows individuals and their families to live and work in Portugal without any time limitations.
Permanent residents can enjoy the benefits of the Portuguese healthcare, social security, and education systems.
Portugal Permanent Residence Visa holders can also travel visa-free within the Schengen Area, comprising 27 European countries.
The New Nationality Law: Positive News for Golden Visa Holders
In January 2024, the Portuguese parliament approved crucial amendments to the nationality law, providing relief to numerous applicants affected by delays in the processing of residency applications by SEF, now AIMA. This significant revision focuses on the waiting period necessary for Portuguese nationality applications.
The law, published on March 5, 2024, is set to take effect on April 1, 2024.
What are the alterations to the nationality law?
Previously, according to Article 6, Paragraph 1 of the Nationality Law, individuals seeking Portuguese nationality through naturalization had to maintain residency in Portugal for a minimum of five years, among other prerequisites. The commencement of the five-year period for nationality application was dependent on the issuance of the initial residency permit.
With this recent legislative development, the revised Article 15, now encompassing Paragraph 1 of the nationality law, explicitly states that the time between the submission of the temporary residency permit application and its final approval will be considered in calculating the necessary legal residency period for nationality, provided the residency permit is granted.
Positive Impact on Portugal Golden Visa Applicants
The substantial adjustments to Portugal’s nationality law create a sense of anticipation regarding positive changes for Golden Visa applicants.
Previously, applicants were subject to the stringent requirement of a minimum five-year residency period starting from the issuance of the initial residency permit. This often led to prolonged waiting times, with candidates experiencing delays due to processing backlogs at the former SEF.
This means that individuals facing delays in residency approvals due to factors such as COVID-19, the Ukrainian War, and the restructuring of the Portuguese immigration department will now have their waiting period taken into account. Consequently, they can apply for Portuguese nationality at an earlier date. For instance, individuals planning to apply for Portuguese residency in 2024 would meet the five-year residency requirement for citizenship by 2029, regardless of potential delays in processing the residency application.
This change represents a significant stride towards improving the overall experience for Indian nationals intending to relocate to Portugal or those seeking Portuguese citizenship through naturalization.
Global Citizens Solutions: How can we help you?
Expats and Indian investors can encounter many difficulties when applying for a Portuguese Golden Visa, which is why having an expert on hand is worthwhile to provide personalized Portugal visa assistance throughout the application process.
Our specialists can help you with the following:
Expertise and knowledge: Our Portugal immigration consultants are well-versed in the intricacies and requirements of Portugal’s Golden Visa program. We stay updated on the latest regulations and can provide accurate information and advice to Indian investors.
Tailored solutions: Your personal consultant will assess your individual needs and preferences and discuss the most suitable investment option for your specific circumstances. This tailored approach ensures that Indian investors make informed decisions that align with their goals.
Document preparation and review: Our immigration consultants assist Indian investors in gathering and preparing the necessary documents, ensuring that the application is complete and meets all requirements. We review all paperwork to minimize the risk of errors or omissions that could lead to delays.
Application assistance: Our consultants guide Indian investors through each step of the application process, from submitting the initial application to securing your Golden Visa and beyond.
Language support: Portuguese may not be familiar to Indian investors, and language barriers can be challenging during the application process. Our immigration consultants offer language support in English and Portuguese and can translate documents to communicate clearly with Portuguese authorities.
Legal compliance: Our immigration consultants ensure that Indian investors adhere to all legal requirements and maintain compliance with Portuguese immigration laws, reducing the risk of complications or visa refusals.
Liaison with authorities: Global Citizen Solutions’ consultants act as intermediaries between Indian investors and Portuguese authorities, facilitating communication and ensuring that any queries or issues are addressed promptly.
Post-approval support: After obtaining the Golden Visa, our consultants continue to assist Indian investors with residency renewals, permanent residency applications, and any other immigration-related matters.
Peace of mind: By entrusting the process to Golden Citizens Solutions, Indian investors can know that their application is in capable hands, allowing them to focus on other aspects of their investment plans.
Frequently Asked Questions about the Portugal Golden Visa Program for Indians
What is the purpose of the Portugal Golden Visa program?
The Portugal Golden Visa program aims to attract international capital to boost the economy. It establishes minimum investment requirements, encouraging foreign investors to make fund investments in qualifying funds.
The program, created by the Portuguese government, offers a pathway for non-EU nationals to gain residency while stimulating economic growth.
What is the Portugal Golden Visa?
The Portugal Golden Visa is a Residency by Investment program established in 2012 to attract foreign investors and enhance Portugal’s economy. Indian citizens can obtain a residency permit in exchange for a qualifying investment.
What are the investment options for the Portugal Golden Visa?
To qualify for the Portugal Golden Visa, you can make a fund subscription of at least €500,000 to qualifying investment funds like venture capital funds, private equity funds, or mutual funds. Alternatively, a donation of €250,000 for the arts or national heritage, or a €500,000 contribution to scientific research is acceptable.
You can also incorporate a company with a €500,000 investment, focusing on job creation and reinforcing share capital. Note that capital transfers and real estate investments are no longer eligible.
How long does it take to get the Portugal Golden Visa residence permits?
The Portugal Golden Visa processing time is usually between 12 to 24 months for the approval and issuance of residence permits.
Can Indian investors include family members in the Golden Visa application?
Yes, Indian citizens and their included family members can live, work, and study in Portugal as long as their residence permit is valid.
Can Golden Visa holders work in Portugal?
Yes, Golden Visa holders have the right to live and work in Portugal without needing a separate visa, but there is no requirement to work in the country.
What are the residency requirements for the Golden Visa?
Investors must spend at least seven days in Portugal during the first year and 14 days in each subsequent two-year period with a Golden Visa permit.
Should you fail to meet these residency requirements, you could lose your residency status in Portugal and your investment.
Can Golden Visa holders travel to other European countries?
With a valid Golden Visa residence permit, a Golden Visa holder can travel visa-free within the Schengen Area, which includes 27 European Union countries.
There are European countries outside of the Schengen Area, such as the UK and Ireland, that you would need to apply for a separate visa to travel to.
Is Portugal visa-free for Indian citizens?
No, India is not a visa-free destination for Indian citizens. Indian citizens need a visa to enter Portugal for tourism, business, or other purposes.
Can Indian investors apply for permanent residency in Portugal?
Yes, holders of the Portugal Golden Visa can apply for permanent residency or Portuguese citizenship after five years, subject to meeting the required criteria, such as meeting the stay requirement and maintaining their Golden Visa investment.
Is Portuguese citizenship possible for Indian investors?
Yes, after five years of continuous residency as a legal resident, an Indian investor may be eligible to apply for Portuguese citizenship (effectively becoming an EU citizen), subject to additional requirements such as proficiency in the Portuguese language at A2 level, which is considered a “basic” level of proficiency.
Can Indian investors seek assistance from immigration consultants?
Yes, immigration consultants can provide guidance and support throughout the Golden Visa application process.
Because a Golden Visa application requires a lot of paperwork and can be quite a long process, seeking assistance from immigration consultants is a good idea, making the process simpler and ensuring your application has a greater chance of success.
What are the benefits of holding the Portugal Golden Visa?
The program allows investors to live, work, and study in Portugal, and provides the pathway to permanent residency or citizenship after five years. It also grants the right to travel visa-free within the Schengen Area, which includes 29 European countries.
Who is eligible for the Portugal Golden Visa?
To qualify for the Portugal Golden Visa, you must not be a citizen of Portugal, Switzerland, or any European Union (EU) or European Economic Area (EEA) country, be at least 18 years old, and have a clean criminal record.
You need a qualifying investment in Portugal, such as real estate, a fund, a job creation effort, or a donation with funds from outside Portugal. There’s also a minimum stay requirement of seven days in the first year and fourteen days every two years.
Is the Portugal Golden Visa ending?
No, the Portugal Golden Visa is not ending. Despite changes in recent years, including the discontinuation of real estate investments and capital transfers as eligible investment pathways, the program continues to welcome thousands of international investors to establish residency in Portugal each year.
What are the Portugal tax residency requirements?
To be considered a tax resident in Portugal, individuals must spend a minimum of 183 days in the country within a calendar year or have a permanent home available. Tax residents are required to pay taxes on their worldwide income.
Non EU citizens must obtain a tax identification number (NIF) to fulfill their tax obligations in Portugal.
Do Golden Visa holders pay taxes on global income?
Golden Visa holders are not taxed on global income unless they stay in Portugal for more than 183 days.
