Portugal Golden Visa for Australians

Possibility of Moving to Europe

The Golden Visa makes it possible for you to relocate lawfully throughout Europe, and if you live in Portugal for 5 years after obtaining a residence visa, you may apply to become a citizen of that country.

But even just having a residence card entitles you to some privileges, such as the opportunity to live near the water and travel around Europe without needing a visa, to establish a company in Europe and be eligible for tax breaks, or to establish a comfortable place for your family life.

Opportunity to Get European Citizenship

Obtaining a Golden Visa puts you on the fast track to Portugal citizenship. After 5 years of living in the country, an investor and the family are eligible to submit an application for permanent residency or citizenship.

Citizens of Portugal are permitted to live and work lawfully in any other nation that is a member of the European Union, and they do not need a visa to enter 188 countries across the globe. The United States of America, Canada, and the United Kingdom are among the countries with visa-free benefits.

Benefits of Tax System

You are considered a tax resident of Portugal if you spend more than 183 days a year living there. You also have the option of obtaining the status of a Non-Habitual Resident, which entitles you to several tax advantages that are valid for a period of 10 years:

• There is no tax on income obtained through self-employment or dividends.
• There is a 10% tax on payments to pensions from other countries.
• There is no tax on income earned outside the country.
• Those with very high levels of education, such as engineers, physicians, architects, and CEOs, are subject to an income tax rate of 20%.

Travelling to EU Countries

Because Portugal is a member state of the European Union, citizens of Portugal do not need a visa to travel to other EU nations. On the list are the 30 nations whose governments have ratified the Schengen Agreement. You are permitted to remain in these nations for a total of 90 days during a period of 6 months if you have the Golden Visa.

Good Healthcare System

The healthcare system in Portugal consumes close to 9% of the country’s total GDP. According to the Global Health Expenditure in the year 2020, it ranked 36th among all countries in the globe. The whole of the nation is home to a sizable number of public, communal, and private hospitals.

Public hospitals provide residents and citizens with access to medical care; nonetheless, they are expected to pay for the majority of hospital services. However, the costs are not prohibitive; for instance, a consultation with a physician may be had for as little as €4. There are plenty of private clinics, and the quality of treatment they provide is quite excellent. There are other services such as telemedicine, for instance.

Education

Colleges and universities are the 2 primary kinds of educational institutions that fall under the category of higher education. You may get a certificate of completion or a bachelor’s degree at a college, but a master’s degree can only be earned at a university.

Australians who have been granted residency are eligible to enrol in courses at state colleges with a general discharge, and if you do well on your examinations, you may be eligible for tuition waivers.

Education may be obtained for a price starting at €1,500 per year at the Universidade da Beira Interior and going up to €12,000 per year at the most famous colleges. Commercial possibilities are available at both public and private universities. The cost of educational programs taught in English is much higher than those taught in Portuguese.

More than 130 colleges in Portugal provide degrees that are recognized across the EU, making it possible for graduates to find work in other member states.

Favourable Portuguese Environment

The weather in Portugal is typically warm, however, there are variations around the country due to altitude and other factors.

More than 200 days out of the year have sunshine in Portugal, making it one of the countries in Europe with the highest average number of sunny days. The winters are mild, and snowfall is an uncommon occurrence.

Overview

You need to have the following papers available to submit an application for a Portugal Golden Visa:

• The official application form for a Visa to Visit Portugal. The Portuguese visa site makes this document available for download.
• A passport that is valid.
• 2 photographs that are the appropriate size for a passport and meet the criteria for obtaining a visa for Portugal.
• Documentation demonstrating possession of health insurance that is acceptable in Portugal.
• Evidence that the individual has not been convicted of a crime in the past. You need to provide a certificate from a nation where you have resided for more than 1 year. The document has to be granted by the appropriate authorities within the most recent 3 months and then translated into Portuguese. It also needs to be translated into Portuguese.
• A solemn affirmation under oath that you will hold on to your investment for a minimum of 5 years is required.
• The ARI site has generated a receipt for the payment.

Transfer of funds totalling at least €1,5 million into a bank account:

• Certification of the deposit from a Portuguese-registered financial institution’s declaration of the deposit’s existence. It is necessary that the transfer not incur any fees or responsibilities in any way.

Establishment of a minimum of 10 new employment positions:

• A statement attesting that the appropriate deposit has been made, issued by an institution of finance that is authorised to do business in Portugal.
• Individualised contracts of employment are agreed upon by both the company and the employee.
• If you’re a shareholder in a firm, the following applies to you: An extract from the official company registry.

Investing in the creative industries:

• A statement that was issued by the Portugal Government, which said that they had conferred with the appropriate authorities in the sector and a confirmation of your investment in support of the arts or restoration and preservation of the national cultural heritage.
• A statement issued by a Portuguese financial institution to the successful transfer of the assets is required.

Investing in multiple kinds of research activity:

• A statement from the public or private research institution attesting to the investment, whether the institution is public or private.
• A statement issued by a Portuguese financial institution attesting to the successful transfer of the assets is required.

Obtaining a NIF Number

You will require a NIF, which stands for “Number of Identificacao Fiscal,” to create a bank account in Portugal. NIF is the Portuguese tax identification number. A NIF may be obtained quickly and painlessly via the assistance of an agent in Portugal. This representative may either be an accounting agent or a lawyer who will apply on your behalf. Both of these options are available to you.

You are required to have this number to participate in any activity that involves the Portuguese government, establish a company, make an investment, or pursue any legal concerns in Portugal.

The first stage for potential candidates of the Golden Visa scheme in Portugal is to get a NIF number, and then the second step is to create a bank account. Both of these processes are required.

Opening a Portuguese Bank Account

Although some Portuguese financial institutions enable you to create an account online, a majority of them need you to physically visit one of their branches to get started. Despite this, the procedure is straightforward, and it is not difficult to compile the necessary paperwork. There is a possibility that it will depend on the bank that you choose; nevertheless, in general, the papers that you require are as follows:

• Documentation attesting to your identity (for example, a valid passport will do).
• You’ll need to provide evidence of your residence, such as a recent energy bill or a letter you’ve received within the last 3 months that clearly displays your name and address.
• Bring your NIF Number.
• Documentation that verifies your work and/or income, such as a recent pay proof or a letter from your employer.
• Even if you do not currently have a job, you may still create a bank account so long as you can give evidence that you have registered with the Portuguese employment centre or that you have a written guarantee of a work contract.
• Number to call to activate SMS service in Portuguese.
• In addition, a cash deposit of between € 250 and € 300 is required (this is standard procedure for new accounts).

After you have obtained the appropriate documentation, the following step is to choose the financial institution that is the most suitable for you.

After selecting a financial institution, the following step is to decide on the kind of account you want to establish with that financial institution. You might also make online accounts that have been seeing an uptick in demand.

The majority of people who use digital bank accounts and internet accounts are either expats, frequent travellers, digital nomads, or those residing in Portugal for just part of the year. Keep in mind that you do not need to be a resident of Portugal to create a bank account there.

Overview

The steps necessary to get a Portuguese Golden Visa may be broken down into the following categories:

• Pay a visit to Portugal and make your investment decision there.
• Create a bank account in Portugal as well as a tax identification number.
• Finish the investment you started.
• Submit your application for a Portugal Golden Visa.
• Obtain a residency permit for yourself.
• Make an application to become a Portuguese citizen or to dwell there permanently.

Step 1: Travel to Portugal and Make Your Investment Decisions There

You should make advance travel arrangements to Portugal to investigate your available choices and get the process of investing off the ground. There are several Portuguese institutions, research activities, firms, or businesses where you can invest.

If you decide that investing in one of the other possibilities is the best course of action, your attorney will assist you in arranging the required meetings and drafting the documentation for the transfer.

Step 2: Make a Portugal Bank Account and NIF

You must have a NIF and a bank account to finalise your investment before you may do so.

The Taxpayer Registration Services office is the place to go if you want to get a tax number. This number is also known as a NIF number, which stands for “numero de Identificacao Fiscal.” Regarding your requirement for a Portuguese tax number, you will be required to complete a series of paperwork (which will be sent to you by the tax office) and provide documentation to support your request.

In Portugal, opening a bank account at almost any of the country’s reputable financial institutions is possible. In order to open a bank account, all you have to do is go to a bank branch, present yourself, and request that an account be opened for you. The procedure is rather simple and is the same all over the globe.

You are going to need proof of your income, your current address, and some kind of identity to complete any of these procedures.

Step 3: Ensure That Your Investment Is Complete

After you have obtained your tax identification number and opened a bank account, you will finally be able to finish investing. You won’t be able to submit an application for the Portugal Golden Visa once you have all of the required documentation to demonstrate that you have secured the investment, which might take several months.

After you have completed your investment, you may go back to Australia to gather the necessary paperwork and then submit an application for the Portuguese Golden Visa.

Step 4: Fill Out an Application for the Golden Visa of Portugal

After you have finished making your investment, you will at long last be able to submit an application for a Golden Visa Portugal to the Service of Immigration and Borders (SEF). The steps involved are as follows:

• You can sign up for the residence permit online portal. It is the web platform that the SEF uses to manage Golden Visa Application submissions. You have the option of registering yourself or having Total Law register you.
• Attach electronic versions of the relevant papers (in PDF format, and the total size should not exceed 4 megabytes).
• Make sure you pay all of the necessary fees.
• Hold off until you get the confirmation via the SEF.
• Make an appointment with a local branch of the SEF to hand in your application for a Golden Visa, and bring it with you to the meeting.

Step 5: Get Your Residence Permit

It is possible that it may take you anywhere from 3 to 6 months to acquire your residence permit card after you have submitted your application. The original period of validity for the card is 1 year, however, it may be renewed for up to 4 more years.

You can work and live in Portugal freely if you have your Portuguese residency permit card. Additionally, you are entitled to the same privileges as every other Portuguese citizen and resident.

Final Step: Submit an application for Portugal citizenship or permanent residency

If you make your investment in Portugal and wait 5 years, you will be able to submit an application for Portuguese nationality or permanent residence. At this phase, you will need to provide evidence that you have links to Portugal and pass an exam that assesses your general knowledge. The exam demonstrates that you have a broad understanding of Portuguese culture and legislation as well as the ability to speak Portuguese at a level at least equivalent to A2 (conversational). There are no criteria regarding residence.