Portugal is one of Europe’s most popular travel destinations. When you consider its rich history, friendly people, and beautiful weather, it’s not hard to see why. More and more people are realizing Portugal’s potential and moving there. However, you don’t have to apply for a traditional visa to obtain residency in the nation anymore. It’s now possible to apply for a golden visa, which is when you pay a certain amount of money (or agree to conditions involving wealth distribution or investment) to fast-track residency. This post will explore this topic in more detail and help you to decide whether Portugal’s golden visa scheme is right for you.
Understand the Golden Visa
Portugal’s golden visa scheme is an investment program that allows eligible applicants to fast-track their Portuguese residency, using capital to show the Portuguese authorities that they have something to offer. The Portuguese golden visa application process is very straightforward, though there are agencies you can hire who’ll simplify it for you. The chances are that if you are applying for a golden visa, you own a business or manage more than one investment. Hiring an agent to finalize your application for you can therefore save you time and allow you to focus on the things that are most important to you. When searching for an agent, it’s important to consider expertise. You need the most experienced one you can, so they can guarantee you entry into the nation.
The ability to live and work in Portugal isn’t the only benefit of the golden visa program, however. When you hold a golden visa, you can also travel freely around the European Schengen zone. After a period of five years, you can apply for permanent residency in Portugal, which means you will get a European passport. This will then enable you to live, work, or study in any part of the European Union that you want to. In some European countries, you do have to notify them if you are moving there, however. Make sure that you do this if you do plan on leaving Portugal once you have obtained citizenship. Also take a look at the entry rules for each European country you are visiting during the period in which you hold a golden visa, not full residency.
What Is Life Like In Portugal?
Before you start making applications for visas, it’s important to take time to educate yourself about what the quality of life is like in Portugal. Compared to many other parts of the world, Portugal has a very high standard of living.
If you are moving there from another European nation or even North America, you will be pleased to know that the cost of living is considerably less than it is in other places. You can live for next to nothing in Portugal. It’s also easy to get access to fresh produce, which might not be in the country that you currently reside in.
Also worth noting is that property is a lot cheaper in Portugal than in other countries in the European Union. You can buy a house for almost nothing. If you are interested in buying property in Portugal, you should take a look at the eligibility criteria for the golden visa. Some property purchases contribute towards a person’s visa investment. Make sure that you again enlist an agent’s support before you make any investments, just so you can be sure they are sufficient. Do not attempt to navigate the process on your own.
Consider the Implications
Before you even consider applying for a golden visa, you need to think about the implications moving to Portugal could have on your life. A lot of people have a romanticized view of what moving abroad is like, then discover that life in the country they have moved to is no better (or worse) than it is back home. While it’s unlikely you are going to experience a drop in life quality by moving to Portugal since the quality of life is so high there, you could experience other problems, i.e., trouble adjusting to life there or even being far away from your family.
Take some time to research what life as an expat is like, in addition to speaking to people who live in Portugal and asking them what their quality of life is like. As well as doing these things, it’s important to take time to figure out how you are going to run your business, if you own one, in Portugal. A lot of the people who move using the golden visa scheme are entrepreneurs, so educate yourself about what running a business in a foreign country is like. If you are a digital nomad though, you don’t need to do that, since running your business in Portugal will be no different to running it at home. You only need to if you run a brick-and-mortar company.
Other Factors to Consider
There are other considerations you need to make before you can move to Portugal as well. One of the most important of these is accommodation. Where do you plan on staying? If you don’t have anything specific in mind, it’s good to do a little bit of online research prior to your application or reaching out to an agency. You should be able to negotiate a tenancy on an apartment or house online without ever actually visiting Portugal.
Take time to research geographic areas too. There are some parts of Portugal that are a lot more popular with expats than others. A lot of people who are moving there for the first time move to Lisbon, as Lisbon is Portugal’s liveliest city. Many people who move to Portugal under the golden visa scheme move to get away from people from their country, however. If this sounds about right, consider moving somewhere more rural. If you work online, make sure that wherever you move has strong internet access.
Portugal is a fantastic place to move to. If budget is no issue, why not move there under the nation’s golden visa scheme? An agency that handles people’s applications for them will be able to explain the program to you in more detail and help you to get a better understanding of whether it’s right for you or not.
