One of the most well-liked residency by investment programs worldwide and in Europe is Portugal Golden Visa program. Since its inception in October 2012, more than 11,000 applicants have been granted Golden Visas.
Why India ranks among the top five nations worldwide for the Portugal Golden Visa in 2022?
India has become one of the top four countries to get the Portugal Golden Visa in 2022 for the first time. This investor visa program gives individuals and families the right to live, work, study, or retire in Portugal and the European Union.
Over 130 Indian nationals have received visas since the program’s inception in 2012. Non-EU/EEA citizens are encouraged to invest in Portugal through the residency by investment program known as the Portuguese/Portugal Golden Visa Residence Permit (ARI). It makes it easy to obtain a Portugal residence permit quickly.
India has moved up in the rankings of successful applicants for the Portugal Golden Visa, moving up from fifth in 2021 and ninth in 2020 to fourth in 2022. According to data analyzed by LCR Capital Partners, a global private investment and advisory services firm, the number of extremely wealthy Indians opting for the program has increased from 33 visas in 2019 to 56 in 2022. In the recent past, these extremely wealthy individuals have stashed away anywhere from Euro 350,000 to Euro 600,000.
Indian nationals received 78.9% of such visas to enable them to engage in professional activities and to reunite with their families (14.2%).
An investment that meets the requirements for Portugal’s Golden Visa must be made. Real estate, venture capital funds, capital transfers, company formation, and donations are all types of investments.
“In 2022, the Portugal Golden Residence Permit Program topped the Henley & Partners Global Residence Programs Index due to its high demand. Nirbhay Handa, managing director and head of the global South Asia Team at Henley & Partners, stated, “You can acquire residence rights in Portugal and visa-free access to Europe’s Schengen Area with a minimum contribution of 200,000 euros in three to six months.”
The program also has a real estate option, which gives you more options for moving or retiring (or both) with a property investment of at least 350,000 euros. You are eligible to apply for EU citizenship after five years of residence,” he stated.
Why are Indians opting for a Portugal Golden visa?
The tax breaks are another reason why Indians prefer to live in Portugal. For ex-pats, Portugal provides numerous tax breaks. For instance, there is no wealth tax, inheritance tax, or gift tax for homeowners who are ex-pats.
Additionally, Portugal has entered into a Double Taxation Agreement (DTA) with over sixty nations. They include Algeria, India, Israel, the United Arab Emirates, Kuwait, Morocco, Pakistan, Qatar, Tunisia, and Turkey. The agreement has benefits for both the individual and the company.
In essence, if you pay taxes on your foreign income in your home country, Portugal will not tax you the same way. You must, however, demonstrate to the Portuguese authorities that you already pay taxes in the other nation.
Residency:
Since its introduction in 2012, the Portugal Golden Visa has issued 10,515 residence permits. It is a residency by-investment plan that gives investors the right to live in the country by buying property or making other investments. Additionally, the residency permit is issued less than ten months after the visa application.
A minimum investment of Rs 4.35 crore in real estate, a capital investment, or the creation of employment opportunities is required for non-EU nationals to obtain a fast-track visa.
The climatic conditions in Portugal seem to make the Portugal Golden Visa more appealing to wealthy Indians than the Dubai Golden Visa. Additionally, the Portugal Golden Visa makes it possible to travel, work, and study in 188 countries of the European Union. Therefore, holders of visas have excellent opportunities not only in Portugal but also in other EU nations. Additionally, one can apply for citizenship after holding a Portugal golden visa for five years; however, in the case of Dubai, this period is ten years,” said Tushar Agarwal, an advocate for the Supreme Court of India.
Unique selling point: To maintain your residence permit, you do not need to relocate to Portugal. Each year, you must stay in the country for an average of seven days. Within five years, you may be eligible to apply for Portuguese citizenship. This is one of Europe’s quickest. You can travel to 188 countries without needing a visa once you have Portuguese citizenship.
opens Europe’s doors: According to Suresh Rajan, executive chairman and founder of LCR Capital Partners, the Portugal Golden Visa also gives investors and their families access to educational and professional development opportunities in every country in the European Union. After five years, investors can apply for permanent residency and citizenship in Portugal.
Changes that you should be aware of?
However, the locations in which you can now invest in a property for a Golden Visa are still limited if you choose to apply for the visa through the real estate investment route. While the qualifying areas are limited geographically, the minimum investment amounts remain unchanged. Real estate in major cities like Lisbon and Porto, as well as coastal towns on the mainland, is no longer available. Only inland and possibly rural or low-density property investments are eligible. Anyone who submitted a Golden Visa application prior to December 31, 2021, will not be affected by the changes.