Citizens of the United Kingdom are now eligible for the Portuguese Golden Residence Permit Program, one of the most successful in the European Union. The Portuguese program is open for non-EU/EEA citizens only and wasn’t available to Britons until 2021, even though the UK officially left the EU on 31 January 2020.
Residency in Portugal is a convenient way for British nationals to secure their second home in Europe and enjoy a visa-free stay in Europe. Portugal is already very popular among Britons for retirement, but before Brexit, they didn’t have any legal barriers preventing them from moving to the EU freely. Now it is necessary to get a visa or any other permit to stay in Portugal for more than 90 days over any period of 180 days.
As for now, Portugal provides various investment options through the Portuguese Golden Residence Permit Program. One of the most beneficial for investors is an opportunity to buy a house in Portugal for a minimum value of €280,000 – €500,000, depending on the region and when it was built. Other options include a capital investment of €1,000,000 or establishing a business with at least 10 new jobs.
Unfortunately, starting from July 2021 investment in favourable coastal locations will no longer qualify for residency in Portugal. Astons recommends starting the application process as soon as possible to secure permanent residency in Portugal.
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Astons is a leading global property and immigration advisory firm with offices worldwide. For further information or to discuss your circumstances in a private consultation, please contact Astons at [email protected].
