lpm wrote: ↑
Tue Jun 30, 2020 5:27 pm
Bird on a Fire wrote: ↑
Tue Jun 30, 2020 3:55 pm
Alternatively there's a few countries that do 'investment visas', where you just invest a huge load of cash (€500k in Portugal, over a million in others) e.g. by buying property or a business. That's proving a bit controversial here, because any property worth about €350k+ in the Lisbon area gets put on the market for €500k and bought by a foreigner (usually Chinese people) so they and their family can get EU residence. Not great for locals trying to get on the property ladder! In those cases the visa holder has to reside in Portugal for 6 months of the year.
Presumably it has to be €500k cash? I can't take out a €400k mortgage and buy a €500k house?
I wanna be EUian again. I liked it when I was. Ever since Brexit it seems like I've just be trapped indoors, never going away on holiday, never even going out to restaurants or pubs.
I think it has to be a net investment, so you couldn't get a Portuguese mortgage but probably could borrow the money in the UK (e.g. by remortgaging a property there) and then invest it in Portugal.
There are other options, too:
Capital Transfer - The transfer of at least €1 million to Portugal
Create 10 full-time jobs - Creation of 10 new full-time jobs within a Portuguese business in the format of a single-member limited company. (Reduced to eight positions if in a low-density area)
Invest in €500,000 in Real Estate - Real Estate investment of at least €500,000 of any type of real estate and anywhere in Portugal. (Reduced to €400,000 if it is located in a low-density area);
Invest in Real Estate Rehabilitation - Real Estate and its rehabilitation, investment in eligible properties that are over 30 years of age or are located in designated areas of urban rehabilitation AND (ii) the property purchase price plus the ex-VAT value of the rehabilitation work contract of at least €350,000. (Reduced to €280,000 if located in a low-density area).
Investment into preserving national heritage - Investment into the conservation of national heritage, arts and culture of at least €250,000;
Investment in research - Investment in research conducted by accredited institutions that are part of the national scientific and technological system of at least €350,000
Investment into an existing business - Investment into an existing Portugal-registered business, or at least €350,000 to either incorporate or increase the share capital AND create at least 5 full-time permanent jobs for a minimum period of three years
Investment into private equity funds - A Golden Visa €350,000 minimum investment can be made to a private equity fund. This can be a more convenient option for some as it avoids the hassle of looking for property and subsequent management.
According to Global Citizen Solutions
Also, I was totally wrong about the residence requirements - you only need to spend seven days in the first year and 14 days in the subsequent years in Portugal (consecutively or non-consecutively).
They're actually changing the rules this year, to exclude the centres of Lisbon and Porto, which will hopefully help a bit with local rents.
You can get amazing properties for that price here. Our two-bed flat was a mere €64k (though it was lacking a kitchen).