Quarteira, Portugal, 22nd March, 2021, ZEXPRWIRE, Are you looking to invest your money or purchase a second home abroad but don’t know where to start? Portugal’s Golden Visa could be the ideal opportunity for you, your family or as a business investment. Portugal has a glorious climate, great healthcare, and excellent education facilities, so it’s no wonder over 6,500 people have already taken advantage of the programme. Once granted, you are permitted to live, work, and study in the year-round sunshine of Portugal. If you’re currently a US citizen, now is a great time to apply.
What is Portugal’s Golden Visa?
Portugal’s Golden Residence Permit Program (GRRP) has been in place since 2012. It gives non-EU/EEA citizens the chance to obtain a special residence permit, as long as you commit to a 5-year investment in the county. But what does this mean? A Golden Visa provides applicants with special residency when they invest via the programme and allows successful parties access to countries within the EU, and visa-free travel to 183 nations.
It was created to boost Portugal’s economy and create more jobs, and it has certainly done the job so far. At the time of writing, the programme has resulted in an investment of almost $5 Billion into the Portuguese economy. Not only are you investing in your future, but you’re also supporting the local economy too, so it’s a win-win on both sides!
What are the requirements?
The good news is that anyone is eligible for this programme, except for Portuguese and EU/EFTA citizens. You need to make an investment that meets a list of requirements, but don’t worry – it’s nothing restricting and has lots of great options. The most popular is to invest in property. Your property can then be rented out, or used by you and your family for multiple holidays throughout the year. After 5 years, you can apply for Portuguese citizenship and move permanently, or use the money you have invested to purchase a new permanent home.
The investment has to meet certain requirements that mainly surround investment of capital, property purchases and creation of jobs. The property must be worth at least €350,000 but there are other requirements to meet. The most popular option is the purchase of a house that is worth €500,000 or more, and this is the traditional option that most people opt for.
What are the benefits?
There are so many obvious benefits to applying for a Golden Visa, so we’ve put them together in this handy quick guide. Here are our top reasons why now is the best time for Americans to apply for Portugal’s Golden Visa:
– Whether you are a tax or non-tax resident, there are excellent investment properties available in Portugal. Finance is currently available up to 90%, depending on your circumstances. Although applying for a mortgage can be a daunting task, Ideal Homes Mortgages are here to help.
– The Interest rates are also as low as 1% right now, some of which are for extended periods, so you can make the most out of your money.
– You don’t need to pay any extra taxes on properties you own outside of Portugal.
– By renting out your property, you could benefit from a 10% rental return. To find out more about renting your property in Portugal, visit Ideal homes Rentals.
– You only need to spend 7 days per year in Portugal to maintain your residency, while still getting all the benefits of your investment. This increases to 14 days for the remaining 4 years.
– You will have the ability to travel freely within Europe with a Golden Visa.
– The application process is simple, and you can start the process online. You could receive your residence card within 21 days.
– You can access the Portuguese healthcare and education system.
– After 5 years you can apply for Portuguese citizenship.
– You could receive an excellent return on investment and enjoy a more secure financial future.
– Portugal is a great place to move when you retire due to the sunny climate and laid back lifestyle. Applying for a Golden Visa now could be the path to a relaxing retirement.
There are plans to update the GRRP programme and change the guidelines to exclude properties in certain areas, primarily Lisbon and Porto. However, due to the COVID-19 pandemic, this has been put on hold and there have been no updates on when the new guideline will come into place. So now is a great time to get the process started, so you can secure your investment before any new rules are announced. Be sure to check before you travel for any new COVID-19 guidance.
Where’s best to buy right now?
There are many places in Portugal that offer beautiful properties in great locations. But the Algarve is a truly beautiful destination that is great value for money. The Southern coastline of Portugal boasts stunning beaches, rich culture and great nightlife. This part of the country has properties and locations to suit every lifestyle. There are lots to do here from to thrilling water sports, picturesque hikes, and relaxing evening strolls. English is widely spoken here and although it is a popular tourist area, it maintains that Portuguese charm.
Look after your money
Investing your money will give you peace of mind that you’re making the best possible choice to reap the most reward, to enjoy right now, and in the future. It’s your money after all, so you want to ensure you look after it. To get even more out of your money, visit Moving Currency. They are experts in helping customers with foreign exchange and money transfer services. They will find the best rates when transferring your Dollars to Euros, so you can make your money go even further.
To find out more, or to browse the current properties we currently have on offer, visit our website and find the perfect investment property for you.
Company Name: Ideal homes international
Contact Person: Chris white
Address: Lote 1 vila sol, 8125307
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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Bengaluru Bytes journalist was involved in the writing and production of this article.