We have talked extensively about the benefits of sustainable tourism. However, some countries are doing more for eco-tourism than others.
If you’re an investor looking for investment abroad and caring sustainability at the same time, Portugal golden visa is a good option. How can it contribute to sustainability? Well, its focus is on urban rehabilitation instead of urban expansion. Also, in return for your investment, you get residency and eventual EU citizenship.
It provides two main real estate investment options for this aim. One is the purchase of real estate at a minimum value of €280,000. The other is at a minimum value of €350,000.
If you wonder if it is a convenient investment option, you can check the number of investors obtaining residency in Portugal. A total of 9,389 investors between the years 2012 and 2020. This is what the Portuguese Immigration and Borders Service (SEF) indicates.
Let’s now look at the process and the benefits of this program.
What does it entail?
€350,000 investment option
This option requires the purchase of real estate which is:
- Older than 30 years, and
- In an urban rehabilitation area with the requirement of renovating it.
€280,000 investment option
This option requires the purchase of real estate which is:
- Older than 30 years,
- In an urban rehabilitation area, and
- In a low-density area, with the requirement of renovating it.
Through these types of investments, you can contribute to sustainability in the country while at the same time obtaining residency. So, you do not need to build unnecessary constructions while there is already a lot. You can simply renovate them at an affordable cost, and enjoy its benefits.
How does the process work?
You can find the basic steps for your application process below.
- Select your property
- Gather all the necessary documents
- Get a Portuguese Non-Resident tax number (NIF), open a bank account, and execute a power of attorney if you wish
- Complete the purchase process
- Schedule the biometrics appointment with your family in Portugal
- When approved, issuance of your Golden Visa residence card.
Benefits of Portugal Golden Visa
It provides many benefits to its investors ranging from taxes to EU citizenship. Let’s have a closer look at each of them for sustainable tourists.
A very minimum stay requirement
Portugal Golden Visa requires you to stay only around seven days each year. So, you don’t even need to change your lifestyle at all. You can even consider the seven-day-stay as a vacation in Portugal. Indeed, it must be a vacation to live in this beautiful and tranquil country.
Also, most of the process can be completed remotely, except for the biometrics appointment. So, you don’t need to worry about commuting between the two countries and the use of energy through transportation.
One of the biggest attractions of this program is its leading to EU citizenship. You may wonder how. Well, you can apply for it at the end of five years from your Golden Visa application. You can do this only if you fulfill the minimum stay requirement each year.
At the end of five years, you can apply for permanent residency and Portuguese citizenship. When you obtain citizenship, you can automatically be considered as an EU citizen. This will lead to the right to live, work and study in any EU country you wish. So, you can benefit from any rights as a usual EU citizen.
When you become a resident or citizen of another country, your mobility rights will naturally expand. Also, in the middle of this worldwide pandemic, it will provide you with much freedom. Even in the absence of a pandemic, Golden Visa is quite beneficial because you can easily expand your network and business in another country. Or, you can completely move to your second residence in case of any turmoil in your country of origin.
Portugal offers a great tax schedule for its non-habitual residents. It is called Non-Habitual Resident (NHR) program. It mainly provides an exemption from most of your foreign income. Furthermore, it is valid for a duration of ten years.
It is also a good opportunity for foreign retirees as well. In addition to the above-mentioned exemption, their foreign pension income will be subject to only a 10% taxation for ten years.
Furthermore, you are only subject to a flat rate of 20% tax rate on your Portuguese income. Note that this is only valid for foreigners. The tax rate can reach up to 48% for regular residents. So, it will be a great advantage for you as a foreign non-resident.
Below you can find the requirements to apply for NHR:
- You should not be a tax resident in Portugal within the last five years, and
- You should have the right to residency in Portugal.
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