Portugal Golden Visa For Citizens of Pakistan

Age

You must be at least 18 years old to qualify for the Portugal Golden visa.

Own Your Capital

Note that you are required to be the owner of any capital you intend to invest in Portugal. Due to this fact, you must not borrow money from any financial institution in Portugal to invest in the country. Instead, you may take out a loan anywhere abroad to invest in Portugal.

Your Nationality

Portugal Golden visa programme is designed for non-EU nationals. Because of this, Pakistani citizens can qualify for the Golden visa programme because Pakistan is not an EU country.

Criminal Record

Before you can apply for a Portugal Golden visa, your criminal history must be checked. You must be approved of not having any criminal track record in Pakistan. The chances of your Golden visa refusal will increase if you have been convicted of a criminal offence.

Minimum Investment Threshold

The least amount of investment you can make in Portugal is €250,000 in supporting artistic recovery, production or maintenance of Portuguese cultural heritage. However, there are other investment opportunities you may choose from to be considered for the visa.

Minimum Stay Requirement

To get the Portugal Golden visa, you are required to stay in Portugal for ‌35 days within 5 years. You are required to stay in Portugal for 7 days yearly for 5 years.

Maintenance of Investment

To be considered for a Portugal Golden visa, you must assure the Portuguese authorities that you will maintain the investment you made in Portugal for at least 5 years. Once you become a Portuguese permanent resident or become a citizen of Portugal, you may stop maintaining the investment and liquidate it if you wish to.

Medical Insurance

You must have medical health insurance for yourself and each of your family members who are coming to stay with you in Portugal. This medical insurance is worth €30,000, therefore, you must get this insurance for your family members.

NIF Number

Before your Portugal Golden visa will be approved, you are required to obtain the NIF number. This NIF number is the taxpayer number that is given to both citizens and foreign nationals in Portugal. It is also used to open a bank account which will help you to make your investment in the country.

You can apply for the NIF number through your legal representatives in Portugal only when you grant them power of attorney. Total Law can help you obtain the NIF number in Portugal. What you need to do is to call us on +44 (0)333 305 9375 or contact us online.

Portuguese Bank Account

Opening a Portuguese bank account is one of the most important requirements to qualify for a Portugal Golden visa. Due to the fact that the Portugal Golden visa is an investment programme, you are required to invest in the country’s economy through a Portuguese bank account.

The process of opening a Portuguese bank account is seamless for Pakistani citizens and other foreign nationals. Additionally, the maintenance and banking fees are low in Portugal when compared to what is obtainable in other European countries.

You will need the following to open a Portuguese bank account:

• Your NIF number
• Your government-issued travel document or passport
• Your Portuguese phone number
• Your evidence of income slip
• Your proof of address from Pakistan

To get your bank account, you may grant your lawyer power of attorney to open a bank account on your behalf if you are not in Portugal.

Warm Weather

With the Portugal Golden visa, you can enter Portugal and enjoy the pleasant weather. The weather in Portugal is soothing, as it is warm in the southern part and cold in the northern part. Many expats continue to flock to Portugal due to the pleasant weather and beautiful environments.

Low Cost of Living

The cost of living in Portugal is very affordable when compared to the costs in most European countries. These costs range from transportation, housing, electricity bills, and other expenses.

The low cost of living in Portugal is one of the reasons the country has been a sought-after destination for expats who want to relocate to get a better life for their children.

Visa-Free Travel

The Portugal Golden visa will permit you to enter the Schengen region because you are automatically registered in the Schengen Area central system when you get your Portugal Golden visa.

Additionally, you will be able to enter other countries in the European Union without a visa. There are other countries of the world that are not in the EU or Schengen region that would allow you to visit them without a visa, provided you have your Portuguese residency permit or Golden visa.

Portuguese Passport Within Five Years

When you have invested and maintained your investment for 5 years, you may qualify to get your Portuguese passport. Getting a Portuguese passport after your 5 years investment is actually short when compared to obtaining a passport from another European country.

With a Portuguese passport, you will have the right to study, live and work in any country of your choice within the European Union.

Work and Study in Portugal

With the Portuguese Golden visa, you will be allowed to live, work and study in Portugal. Additionally, you will have the right to access Portuguese public services such as education and healthcare.

You can start and run your own business in Portugal without restrictions on your Portuguese work permit. And if you want to study in Portugal, their language would not pose a huge barrier to you because there are many private educational institutions that teach in English.

Family Reunification

Your Portuguese Golden visa may be extended to your family members (dependents). You and your family members may apply for the Golden visa at the same time, provided you are recognised as the main applicant.

Tax Benefits

You will not be required to pay tax in Portugal until you have stayed for up to 183 days in the country. Once you start paying taxes in Portugal, you are considered a tax resident.

Pakistani citizens who want to relocate to Portugal will be given tax-free preferential treatment. This becomes possible through Portugal’s Non-Habitual Residency (NHR) Programme which exempts foreign nationals from income tax for their first 10 years of stay in Portugal.

Low-Cost Investment Opportunities

The Portugal Golden visa offers the opportunity where you can invest as low as €250,000. This amount is one of the lowest attainable investment criteria in Europe.

Access to Free Healthcare

Pakistani citizens with a Portugal Golden visa can access free healthcare in the country. The Portuguese free healthcare was created for all legal residents in the country.

Portugal has some of the best facilities and equipment that conform to European standards. There are numerous public hospitals spread out across the nation. Local medical clinics that offer general medical treatment are also accessible in each municipality.

Dental care and cosmetic surgery are the only medical procedures not covered by Portugal’s public healthcare system. Portuguese public healthcare covers both emergency and non-urgent illness diagnosis and treatment, and preventive care.

Tolerant Residency Requirements

Unlike some European countries, the Portuguese government does not require that you stay full-time in the country in order to qualify for Portuguese citizenship. You just need to spend only 7 days yearly within 5 years to qualify for citizenship. You will not be required to provide residency requirements in Portugal once that 5 years have elapsed.

Fund Subscription

If you wish to take the fund subscription option, you must invest 60% of your money in a Portuguese business and the amount must be at least €500,000.

Start-ups or venture capital investment companies are included in this investment option and it is regulated by the Portuguese Securities Market Commission (CMVM).

This investment must last for a minimum of 5 years and must not have any connection with real estate. Instead, you must invest in other sectors such as energy, technology, and industry.

Invest in Company

You must be the owner of this business you will invest in and this business could be in two forms. First, you may invest to set up a company in Portugal and about 10 new full-time jobs must emanate from this investment in Portugal. Secondly, you may create a company that will have at least about 8 new full-time jobs in an area that is less populated in the country.

Another option of investment in Portugal which you could choose is to invest a minimum of €500,000 into an already set up business. This business must last for at least 3 years and create a minimum of 5 full-time jobs.

Donation to Research Organisations

You can invest by donating to Portuguese private or public research organisations in the sector of science and technology. The location of the research organisation typically determines the amount of money you need to invest.

A donation of €400,000 may be invested in a research organisation located in rural areas. While €500,000 may be invested in research organisations located in urban areas.

Besides donating to research organisations, you may also donate to Portugal’s national or cultural heritage that has to be maintained or recovered. Investment in development and research activity could be up to €500,000. While investment in preserving Portugal’s natural heritage could be up to €250,000.

Additionally, artistic production donations could be up to €200,000 if the project location is in a rural area or a donation of €250,000 will be made if the project location is in an urban area.

Recently, the Portuguese government scrapped the real estate route to Golden visa in Portugal as a result of the increasing housing crisis in the country. Note that the Portugal Golden visa is still open for other routes except the real estate-related fund investment.

Step1. Contact Total Law

You may not know the details regarding investment opportunities in Portugal as a Pakistani citizen. We recommend you reach out to us at Total Law to advise you on the investment route that best meets your needs.

Besides that, there are some changes that have just taken place recently regarding investments in Portugal which you must be aware of before investing. However, if you want us to take care of your investment process, you simply need to grant us power of attorney to represent you efficiently. All you need to do is call us on +44 (0)333 305 9375 or contact us online.

Step 2. Gather All Required Documents

You are required to provide all supporting documents needed to file your application. You must get all your documents as the main applicant and the documents required of your family members. If you fail to provide all the required documents, your application may be delayed or refused.

This stage is rigorous because so many things are involved, such as translation of documents into English or Portuguese (if they are not already in English or Portuguese), notarising, and certifications.

Because of this, it is advised that you contact Total Law to help you to assemble all the required documents and make an application that conforms to the standard of the Portuguese authority.

Step 3. Obtain NIF Number and Bank Account

You must obtain the Portuguese NIF number (tax number) and bank account before you can apply for the Portugal Golden visa. The good thing about this stage is that you can get a NIF number and open a Portuguese bank account in one day.

First, you will need the NIF number to obtain a Portuguese bank account. There are forms you must complete at the Tax and Customs Authority’s local office to get the NIF number.
When you get your NIF number you may proceed to open a Portuguese bank account with other documents. Total Law can help you to get your NIF number and open a Portuguese bank account for you.

All you just need to do is to relax in Pakistan or anywhere you may be and grant us the power of attorney so that we can take care of these processes for you. Just call us on +44 (0)333 305 9375 or contact us online.

Step 4. Make Your Investment

Proceed to make your investment now that you have obtained your bank account. Note that you are not allowed to apply for a Portugal Golden visa if all the required documents that prove you have secured your investment are not provided. Therefore, you must wait for your investment to be finalised to get those documents, and this could take some months.

Overview

Pakistani citizens who wish to move to Portugal will not be subjected to taxation in the country. If your investment in Portugal generates income, you are required to pay tax for it as a Golden visa holder.

Additionally, if you stay in Portugal for about 183 days within a 12-month period, you will be considered a Portuguese tax resident.

As a non-resident in Portugal, you will not be taxed on incomes you make from abroad, but you may only be taxed 20% on incomes you get within Portugal if you apply for the Non-Habitual Residence programme.

Non-Habitual Residence (NHR) Programme

Portugal uses a progressive tax scheme with a top threshold of 48%. The NHR programme is beneficial for Pakistani citizens migrating from Pakistan to Portugal with the aim of obtaining EU citizenship.

The name Non-Habitual Residency is misleading, this is because it does not mean that Pakistani citizens who have resided in Portugal for 183 days within a year are not considered tax residents.

The NHR gives Pakistani citizens who have not been taxed for the last 5 years a 10-year tax preferential treatment. Pakistani citizens will be exempted from salary, capital gains and sourced income they did not make within Portugal.