As of the latest news from Worldway on January 30, 2013, the Portuguese government has made significant favorable adjustments to the Golden Residence Permit Program. Most notably, the mandatory residency requirement has been reduced from 30 days per year to 7 days, making it indisputably the Western European country with the lowest residency requirements for immigration.
On August 9, 2012, Portugal passed the Golden Residence Program, which officially took effect on October 8. The act stipulates that investors can quickly obtain immigration status by purchasing property valued at no less than 500,000 Euros. The act also originally specified that investors must reside in Portugal for a cumulative total of at least 30 days in the first year after obtaining the investment visa, and at least 60 days in each subsequent two-year period, with permanent residency eligible after 5 years. Following this policy adjustment, the residency requirement has been relaxed to a cumulative 7 days in the first year and a cumulative 14 days for every two-year period thereafter.
With this change, the Portuguese investment immigration program has essentially eliminated the “residency jail.” Entering Portugal, traveling visa-free to other Schengen countries in Europe, and ultimately departing from Portugal back to one's home country are all counted as time spent residing in Portugal. Simply arranging a one-week trip to Europe each year easily satisfies the immigration residency requirements.
In addition to relaxing residency requirements, this policy adjustment includes the following favorable terms:
1. Clients may apply for the permit as soon as they have paid the 500,000 Euro property price and signed the pre-sale agreement required for the residence permit application;
2. Clients may secure a mortgage for the portion of the property price exceeding 500,000 Euros (e.g., if purchasing an 800,000 Euro house, the 300,000 Euro excess can be mortgaged);
3. Multiple people may jointly own a single property, and if the average property value per person exceeds 500,000 Euros, they meet the requirements to apply individually (this was previously indicated in the provisions, but not explicitly clarified).
This policy adjustment to the Portuguese Golden Residence Program significantly eases immigration residency requirements and clarifies the requirements for property investment, further increasing its appeal to global investors, particularly Chinese investors. If you have any questions, please contact Worldway for consultation at: 400-138-2929.
