WHAT IS THE PORTUGUESE GOLDEN RESIDENCE PERMIT PROGRAM (ARI)?
Residence permit issued for non-EU citizens operating an investment activity, after requirements have been complied with and verified.
Initially enacted by the Portuguese Republic’s Assembly through Act 23/2007, of July 4, approving the legal regime for the entry, permanence, exit and removal of foreigners from Portugal, as amended by Act 29/2012, of August 9, by Act 56/2015, of June 23, and by Act 63/2015, of June 30. And developed by Regulatory Decree No. 84/2007, of November 5, as amended by Regulatory Decree No. 2/2013 of March 18, by Decree-Law No. 31/2014 of February 27 and by Regulatory Decree No. 15-A/2015 of September 2.
WHAT DOES IT PROVIDE?
- Resident permits are granted for a one-year initial period
- They can be renewed for successive two-year periods
- Free access to the Schengen Area (28 countries)
- Access to a profession or to carry out a business in Portugal
- Same access to health and educational systems as Portuguese citizens
- Access to justice
- Possibility to apply for Portuguese permanent residence after holding the temporary permit for at least five years, or apply for citizenship after six years.
INVESTMENT ACTIVITY
Investment activity means carrying out one of the following activities in Portugal, either as an individual or as a company for a minimum of five years:
- Capital transfer (including acquiring or investing in companies) with a value of at least €1,000,000
- Creating at least 10 jobs
- Acquiring real estate with a value of at least €500,0001
- Acquiring real estate that was built at least 30 years earlier or located in an urban rehabilitation area and renovating it, for a global value of at least €350,0001
Investment activity means carrying out one of the following activities in Portugal, either as an individual or as a company for a minimum of five years:
- Capital transfer with a value of at least €350,0001, to be applied to research activities
- Capital transfer with a value of at least €250,0001, to be applied to investing in or supporting the artistic output recovery or maintenance of the Portuguese cultural heritage
- Capital transfer with a value of at least €500,000, used to acquire participation units in investment funds or in venture capital funds
OPTION A: CAPITAL TRANSFER WITH A VALUE OF AT LEAST €1 MILLION
Investing at least €1 million in any type of Portuguese company, listed or unlisted:
- Existing companies: including companies operating in Portugal and/or having investments in other countries
- Companies must be located in Portugal, but the investment may be carried out abroad
- Investment through a limited liability company with a sole quota holder, if the applicant is the sole quota holder
Investing at least €1 million in the Portuguese state’s public debt instruments, including treasury bonds, savings certificates and treasury certificates:
- Investment through a limited liability company with a sole quota holder, if the applicant is the sole quota holder
OPTION B: CREATING JOBS
Creating 101 jobs by incorporating a company or investing in companies already incorporated in Portugal. The jobs must be created after the ARI regulations were issued.
- Possibility of creating jobs individually, without incorporating a company
- Company quota holder is entitled to apply for the ARI, provided that the company is a limited liability company with a sole quota holder
OPTION C: ACQUIRING REAL ESTATE
Acquiring rural or urban real estate with a value of at least €500,000.001
Acquiring real estate that was built at least 30 years earlier or located in an urban rehabilitation area and renovating it, with a global value of at least €350,000.001
Real estate can be acquired:
- For leasing, commercial, agricultural and tourism purposes
- Through joint ownership, if the applicant is a joint owner and invests at least €500,000
- Through a purchase and sale commitment agreement, if the down payment is at least €500,000
- Through a limited liability company with a sole quota holder, if the applicant is the sole quota holder
Procedures for purchasing real estate in Portugal:
- Carry out due diligence on legal and tax matters
- Sign purchase commitment agreement to secure the property purchase and later a purchase contract, or directly enter into a purchase contract
- Pay the price or the down payment (in the case of purchase commitment agreement)
- Register property with the land registry and inform the tax authorities about the real estate purchase
REAL ESTATE TAXES
Purchase of real estate:
- Taxes on the purchase transaction: municipal tax on real estate transfer (between 0% and 6.5%) and stamp duty (0.8%)
- Annual taxes payable after completing the purchase:
- Municipal tax on real estate (between 0.3% and 0.8%, depending on the municipality’s annual rates), and
- Stamp tax on residential property with a fiscal value of at least €1 million (1%)
OPTION D: RESEARCH ACTIVITIES
Investing at least €350,0001 in research activities:
- Developed by public or private scientific research institutions that are part of the Portuguese scientific and technological system
- Investment through a limited liability company with a sole quota holder, if the applicant is the sole quota holder
OPTION E: ARTISTIC OUTPUT RECOVERY OR PORTUGUESE CULTURAL HERITAGE
Investing at least €250,000,1 to be applied to investing in or supporting the artistic output recovery or maintenance of the Portuguese cultural heritage:
- Through central and peripheral direct administration services, public institutes, entities forming part of the business public sector, public foundations, private foundations with a public utility statute, inter-municipal entities, entities forming part of the local business sector, municipal associative entities and cultural public associations pursuing attributions in the area of artistic production, recovery or maintenance of the Portuguese cultural heritage
- The investment may be carried out through a limited liability company with a sole quota holder, if the applicant is the sole quota holder
OPTION F: INVESTMENT IN INVESTMENT FUNDS OR IN VENTURE CAPITAL FUNDS
Investing at least €500,000 in acquiring participation units in investment funds or in venture capital funds:
- Focused on the capitalization of small- and medium-sized companies, provided that these companies:
- present the capitalization plan; and
- the plan proves to be viable
- Investment through a limited liability company with a sole quota holder, if the applicant is the sole quota holder
FAMILY REUNIFICATION
This general program allows those with the Portuguese residence permit or those who are applying to ARI to apply for the Portuguese residence permit for their family dependents
Dependents granted the residence permit under family reunification are allowed to work in Portugal:
- Spouse;
- children, adult sons/daughters with disabilities；
- single adult sons/daughters studying at a school or educational institute in Portugal or abroad, and dependent on their;
- minor sibling in investor’s custody, in accordance with a decision issued by the relevant authority in their country of origin and recognized in Portugal;
- Economically dependent parents of the investor and spouse.
PERMANENT RESIDENCE PERMIT
Requirements for obtaining permanent residence permit:
- must have held temporary residence permit for at least five years;
- must not have been sentenced to imprisonment over the last five years for periods that individually or cumulatively exceed one year;
- must have means of subsistence;
- must have accommodation;
- must show basic knowledge of the Portuguese language.
CITIZENSHIP
Requirements for obtaining Portuguese citizenship through naturalization:
- must be of legal age or emancipated according to Portuguese law;
- Must be legally resident in Portuguese territory for at least six years;
- Must learn the Portuguese language sufficiently;
- Must not have been convicted of a crime punishable with over three years imprisonment according to the Portuguese law.
Chamber of Commerce and Industry Portugal-Turkey
CCIPT makes the monitoring of the whole process.
In Portugal we are assisted by our partner Cuatrecasas, Gonçalves Pereira & Associados, a leading international law firm present in over ten countries.
In Turkey we are represented by our Vice President, Miss Funda Erdemir, which can provide all the information that is desired.
CCIPT Contacts
Portugal: +351 937 971 555 / Email : geral@ccipt.pt
Turkey: goldenvisaeurope2017@gmail.com
Useful Reading:
https://www.theguardian.com/world/2016/oct/29/lisbon-web-summit-sun-surf-cheap-rents-tech-capital
