Enhancements to laws in Portugal’s Golden Visa have allowed the program’s first applicants to successfully complete their 5-year PR requirement and apply for citizenship.
Portugal; one of Europe’s oldest countries, opened its doors to foreign direct investments in 2012 with its Residency by Investment Program. Since then, the program has been internationally recognized as one of the most attractive ones of its kind with Portugal’s radiant landscapes, rich history, and architectural heritage. Today, counted down to five years later, the very first applicants who invested the minimum required amount are officially holding their PR cards and submitting their applications for citizenship.
Portugal, which ranks in the top 5 countries in the world for immigrants, and the top favourite tourist destination in Europe, makes any foreigner feel like they’re right at home…and as of now they actually can be. With an array of enticing investment opportunities in the program, ranging from prestigious handpicked real estate projects to capital investments, these prominent individuals have paved their way to a European way of life.
The Golden Visa program has placed Portugal on the map as one of the most desirable investment destinations worldwide, having brought over 4 billion EUR to the country so far. The appreciation of real estate prices has seen a continuous spike ever since the program’s launch, which additionally revitalized century-old buildings and brought life to cities all around the nation.
Consecutive efforts by the Portuguese Government to make the path visibly easier for Golden Visa investors has also contributed to this significant milestone. Initially an investor would have to wait until year six of residency to be eligible to apply for citizenship. This however changed in July 2018, when the Government amended the country’s nationality law to permit anyone who had been legally resident for five years to apply for the passport right away. In parallel, on September 2018, the Government issued Regulatory Decree no. 9/2018, announcing a new regime of PR for Golden Visa investors exempting them from spending time in the country during the 5-year period between renewals. Essentially, a permanent resident in Portugal will no longer have to justify their absence from the country, making the entire process simpler and more attractive to potential investors.
Becoming a citizen of Portugal is the golden ticket into Europe. In addition to boasting an unmatched combination of quality education, health care systems, and citizenship rights, a Portuguese passport also allows visa-free entry to 163 nations, according to The Passport Index. Attractive and inspiring as ever with over 6,500 successful applicants, the enhancements to the laws now promise to boost and attract even more attention, as investors continue to reap the benefits and exclusive opportunities of the nation. Times are truly exciting, both as an investor, and as a potential Portuguese citizen.
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