Portugal Golden Visa For Citizens Of Saudi Arabia

Inclusion of Dependents

The Portugal Golden Visa extends its benefits to your family members. You can include your spouse, dependent children, and dependent parents under your application. This family-friendly approach ensures that your loved ones can enjoy the advantages of EU residency.

Optimised Taxes

Portugal offers a favourable tax environment, especially for individuals benefiting from the Golden Visa program. You won’t have tax obligations unless you stay in Portugal for over 183 days a year.

If you become a tax resident, you can take advantage of the Non-Habitual Residency (NHR) program that grants foreign income tax exemptions for the initial 10 years of residence. Under this program, all income sourced outside Portugal will not be taxed, and self-employment and qualifying employment incomes will be taxed at a 20% rate.

Specific types of income that will qualify under the NHR program include the following:

• Royalties
• Dividends
• Rental income
• Investment income

In 2020, the program underwent changes that now exclude foreign pensioners from receiving tax benefits on their pension income.

Access to Quality Healthcare and Education

As a Golden Visa holder, you will gain access to Portugal’s high-quality healthcare system, which is known as the Serviço Nacional de Saúde (SNS).

You can also access the country’s public educational system, which is available from elementary school to university levels. Portugal also has numerous private internationals if you prefer that.

Affordable Cost of Living

Portugal boasts one of the most affordable living costs compared to numerous other European nations. Coupled with its delectable cuisine, relaxed way of life, and picturesque beaches, it is an appealing choice for numerous expatriates seeking an enriching experience.

Scientific Research Contribution

Investing €500,000 or more in research activities conducted by a public or private scientific research institution that is a part of Portugal’s national scientific or technological system is another pathway to qualifying for a Golden Visa in Portugal.

Recent Changes to The Golden Visa Investment Options

The Portuguese parliament made some recent changes to the Golden Visa investment requirements. Proposed changes to the program will render some investment avenues no longer viable.

The new adjustments entail the following modifications:

• Capital transfers of €1,500,000 or above will cease to be accepted as a qualifying investment.
• The option to procure real estate valued at €500,000 or higher will be prohibited.
• The opportunity to invest in restoring real estate properties aged 30 years or older, involving a total investment of €350,000 or higher, will no longer be available.
• The choice to invest in real estate situated in low-density regions, with either a value of €400,000 or €280,000, will also be discontinued.
• The possibility of investing in funds with direct or indirect real estate involvement will no longer remain open.

The new law will be enacted as soon as it’s published in Portugal’s official gazette. Until then, new applications and renewals under real estate investments will continue to be processed according to the existing regulations.

Residency Requirement

To maintain the validity of your Portugal Golden Visa, you need to meet minimum residency rules by spending a specific number of days in Portugal annually. Within the first year, you must spend at least 7 days in Portugal, and subsequently, you must spend 14 days every two years.

Requirement for Dependents

As a main applicant for the Portuguese Golden Visa, you can also include your family members in your application. The following family members are eligible as dependents:

• Your spouse or partner.
• Children under 18 years old.
• Children over 18 who depend on you financially and are full-time students, unmarried.
• Siblings of either yourself or your spouse/partner under 18 years old who require legal custody.
• Dependent parents over 55 of either you or your spouse/partner, with dependency proof unless over 65.

The application process happens simultaneously for both you and your dependents, and they will get residence permits and the same privileges as you.

Overview

As part of the requirements to obtain the Golden Visa, you must open a bank account and get a Portuguese tax identification number (NIF number), also known as “Número de Identificação Fiscal”.

The NIF number is essential for any legal or fiscal activities in Portugal, applicable to residents, non-residents, and citizens alike. You’ll need a NIF number to open a Portuguese bank account, which is necessary for making your Golden Visa investment.

Other areas where you’ll need a tax number include:

• Receiving an income for business or work
• Inheriting Portuguese assets in a will or testament
• Attending a university
• Receiving social security payments
• Paying taxes in Portugal
• Signing a mobile phone contract
• Setting up utilities
• Applying for a drivers’ licence
• Purchasing a car

The NIF number is issued by the Portuguese tax authorities and it consists of nine digits, which is unique for each individual. There are two ways you can get the NIF number and they depend on if you are a resident or a non-resident.

If you’re not yet a legal resident in Portugal, you can apply for a NIF number remotely. An immigration lawyer can act as your proxy to secure a temporary NIF number on your behalf. This temporary NIF number will later be replaced by a permanent one once you acquire a permanent residence permit in Portugal.

If you are already a resident in Portugal, you can visit a local Portuguese tax office branch (“Finanças”) to apply for a NIF number or delegate the task to a legal representative also. Obtaining the tax identification number is free, but you’ll need to pay an amount of €6.80 to get the Portugal tax card.

Documents Required to Apply for the NIF Number

You must provide the following documents as part of your application for the tax identification number:

• A valid identification card or passport
• Birth certificate for children under the age of 10 without a passport
• Proof of residence, such as a utility bill or rental agreement, if you already reside in Portugal
• A bank statement of not more than three months old and stating your non-Portuguese address, if you are a non-resident
• A document assigning power of attorney to your lawyer, who will act on your behalf

How to Get the NIF Number 

After gathering the necessary documents, you or your legal representative should visit the local Finanças office and apply for your NIF number. The process is fairly quick; you should get your NIF in just a few minutes.

Once your permanent NIF is issued, you might also receive a Portuguese tax card with your NIF printed on it. Note that your NIF doesn’t expire.

How to Open a Bank Account in Portugal.

Having your own bank account in Portugal is crucial for the Portugal Golden Visa investment, as the funds must originate from a Portuguese account. Once you obtain your NIF, you can open your bank account.

First, you must decide which bank you want to open an account with, as there are different banks in Portugal. You’ll also need to decide what type of account you want to open.

The specific documents needed to open a Portuguese bank account can vary depending on the bank but generally include the following:

• Proof of identification with a valid passport or government-issued travel document.
• Proof of address with the rental agreement or utility bills.
• Portuguese tax identification number.
• Proof of income or employment with recent payslip or employment contract.
• Registration with the Portuguese employment centre (Centro de Emprego) or a work contract assurance if not employed.
• A Portuguese phone number for account activation via text message.
• Starting deposit which is typically around €250 to €300.

Opening a bank account usually requires visiting a physical branch in Portugal. However, some banks may allow you to open an account online. Otherwise, a lawyer can help you with the process.

Overview

After residing in Portugal as a Golden Visa recipient for five years, you will become eligible to apply for a permanent residence permit. To apply for permanent residency, you’ll need to submit the following documents:

• Standard application form
• Valid passport
• Valid temporary residence permit
• Two identical coloured photographs with a white background
• Proof of sufficient financial means
• Evidence of proper accommodation
• SEF permission for a criminal record check in Portugal
• Confirmation of basic Portuguese language skills

For the Portuguese language requirement, you can provide acceptable evidence, including certificates from recognized teaching establishments, such as:

• A certificate issued by the Institute for Employment and Professional Training (IEFP) showing that you’ve completed elementary Portuguese studies.
• Certificate of education in essential Portuguese such as Teaching Portuguese as a Foreign Language (CAPLE), as recognized by the Ministry of Education and Science

Having permanent residency allows you to stay in Portugal indefinitely, eliminating the need for visa renewals or stay limitations. You can freely travel within the other 26 countries in the Schengen area without visa restrictions.

As a permanent resident, you can access social benefits such as healthcare, social security, and public education. Your immediate family members can also benefit from your permanent residency status and live and work in Portugal with you.

Portuguese Citizenship Through Golden Visa

You can also choose to apply for Portuguese citizenship after five years on a Golden Visa. Portuguese citizenship comes with further benefits than permanent residency. You will be given a Portuguese passport that allows you to live and work in the EU nations and travel visa-free to over 150 more countries worldwide.

With Portuguese citizenship, you can also vote in elections. To apply for Portuguese citizenship through naturalisation, you need to submit your application to the SEF (Serviço de Estrangeiros e Fronteiras) along with supporting documents that demonstrate the following:

• You have maintained your investment for the last five years.
• You have spent at least 35 days in Portugal over the past five years.
• You have passed the Portuguese language test to showcase your language skills.
• The absence of any criminal records.

It’s important to note that Saudi Arabia does not generally recognize dual citizenship. That means you might lose your Saudi citizenship after obtaining Portuguese citizenship.

However, according to Saudi law, you can obtain a second nationality with permission from the Interior Ministry or Council of Ministers. You must obtain this permission before applying for Portuguese citizenship. Otherwise, the Saudi government might revoke your Saudi citizenship in accordance with Article 13 of the nationality system.