Benefits of Portugal’s Golden Visa Program
It does not come as a surprise to many of us, when we read about Europe’s ever increasing ventures to make their programs flexible and convenient for citizens all around the world. Every country in Europe is famous for its residential and citizenship programs, and there is a healthy competition among all of them to attract the diverse crowd to their own program. Most European countries are known for their diverse and dynamic formulations of foreign investment extensions, which can be utilised to rake in a better crowd.
A careful analysis of different programs for all those who wish to gain residency or citizenship in an EU country, gives us the deduction that applicants who consult reputable advisors for their application, always end up rooting for Portugal’s golden visa program. This well-rounded program has all the features of convenience and smoother functioning of government processes. Some perks of choosing Portugal’s golden visa program is stated below:
Cheaper, faster, smarter:
Deemed to be one of the most reputable citizenship program across the globe, it has the fastest and easiest mechanism to achieve a golden visa program. One of the most attractive feature about Portugal’s golden visa program is that, it authenticates dual nationality, and provide the easiest opening to attain EU citizenship. Post their residential record of five years, the visitors can apply for naturalization. This could be easily compared to other citizenship programs, such as that of Greece and Spain, which require the applicant to spend a minimum of 7- 10 years of consecutive residence, whereas the only necessary requirement for Portugal Golden Visa involves spending at least two weeks, every two years to be able to apply for the program. On a generic base, Portugal’s financial requirement of seven figures seems like the only financial real-estate investment which does not need a physical presence for its residential approval. It is seen as an intersection between RBI and CBI program, since it is not as expensive as EU CBI program (the ones valid in Malta and Cyprus), and provides a faster certain route towards gaining an EU passport than any other residency program, involving financial investment, with a bar as low as 350,000 euros.
While some may develop cold feet, owing to Portugal’s mandatory test of qualifying in Portuguese, one can heave a sigh of relief because the internationally accepted level of the knowledge is A2, which can also be interpreted as a beginner’s bar of knowing the basics. Also, this might sound easier in light of the fact, that one spends a good five years in Portugal to apply for the program, gaining an A2 bar of Portuguese language does not seem tough, keeping the time frame in mind.
Elaborate concept of dependents:
When it comes to minors, one of the chief concerns for the applicants is when they are applying for a CIP or RIP, since they have to think about their children in the long run. For those applicants, whose children are above the age of 18, the primary concern is about the kind of diverse program which allows the inclusion of adult dependents. For instance, the policy in Greece is such that, it only accepts dependent adults or children, below the age of 22, whereas no such impositions are found in Portugal’s Golden Visa Program. It allows the inclusion of dependent children up to any years of age, with the only necessary bar asking that the children be at least full time students, who will late be qualified to apply for full time citizenship with their family members, after spending five years in the country.
An extremely important feature of the PGV scheme is that it does not demand for non-refundable capital contributions o the government, rather, it asks the applicants to simply invest in real estate properties in order to allow them to hold financially beneficiary assets with scope for economic gratification. However, one should always keep in mind, that no financial benefit is for certain, but according to the various trends observed in PGV investments, there is a real certainty of raking in magnanimous financial gains. There has been an upsurge in the average prices of housing index by nearly 40%, since 2013, thus suggesting that an investment in 2013 would be close to almost a million today.
Flexible financial system:
A very relaxing feature about settling down in Portugal includes its uniform system of tax payment, which is same for its residents and citizens. For instance, the residents or citizens who are spending less than six months in the country are exempted from most foreign sources of income tax, with no gift or inheritance tax, imposed on them. This allows privileged families seeking Portuguese permanent residents, which can allow them to benefit exceptionally, in terms of assets and tax planning, for a smoother hand over to the future generation. Portugal also has a unique tax plan for non-habitual residents that make it an even more attractive offer for all those who wish to gain a permanent residential card in the EU. The NHR plan has been made accessible to all those applicants, who have not been a a part of the tax residential organization in Portugal for the last five years, but look forward to spending more than six months a year, at Portugal. Some important guidelines under NHR include, third country nationals to allow low tax payments, and at times, freedom from taxation altogether in Portugal, for almost a decade.
Its flexible system for applicants is not the only reason why, Portugal’s Golden Visa program is such a hyped up affair. Apart from providing tax accommodation, economical travel plans and steady growth, residents look forward to staying permanently here, owing to its
Referring to an analysis published by the Institute of Economics and Peace in 2017, Portugal has been referred to as the third safest country in the world, with providing the best quality of life. Gazing across the blue watered region, with the roar of waves forming a delightful backdrop to your quiet walk along the shore, Portugal has a pleasant climate, with delicious food, exquisite wine and lively atmosphere to help the new entrants feel at home, with a flexible cost of living as compared to the other programs offered by Western European Countries.
Only if you have zero investment in your mind, there is no better organized structure than Portugal’s golden visa. It has a limited capital usage with growth and an easy route to gain an EU citizenship. Its permeable system for the definition of dependents, with easy language requirements and low taxes make this an alluring proposition for a better lifestyle. It has many unique ventures to help facilitate without adding any hurdles.