The final opportunity to obtain a Portugal Golden Visa and European Passport

In recent years, the Portugal Golden Visa program has gained popularity in the UAE and GCC countries in particular.

Antonio Costa, the prime minister of Portugal, has officially announced that the Portugal Golden Visa programme will be discontinued in the coming weeks. Although the precise end date of this popular Golden Visa programme has not been announced, a government statement issued on April 16 confirmed that all applications submitted prior to the program's conclusion will be processed. It is anticipated that the proposed legislation will become law within 45 days (mid-June), at which time the Portugal Golden Visa programme will terminate and no longer accept applications.

The much-lauded Portugal Golden Visa has offered residency permits and access to the EU's unfettered travel zone in exchange for investments in Portugal for the past decade. The Portugal Golden Visa programme is one of the quickest and simplest ways to obtain a European passport, which has increased its popularity in comparison to other available European Golden Visa programmes. Approximately 12,000 foreign investors have taken advantage of this programme to date, effectively buying themselves and their families entry into the European Union.

What exactly is the Portugal Golden Visa programme?

The Portugal Residency by Investment programme, also known as the Portugal Golden Visa scheme, enables foreign nationals to obtain Portuguese residency via a variety of investment alternatives. The most popular method, however, has been through the purchase of a real estate property, provided that the investor invests in properties worth at least €280,000 (approximately Dh1,130,000), which also satisfies our Golden Visa requirements. This freehold ownership of a property in Portugal has been viewed by many as an opportunity to purchase a second residence or an investment property that can be rented out for a profit. In addition to ownership of a property with the potential for high returns and capital gains, proprietors are granted the legal right to reside and work in Portugal. Individuals with a Portugal Golden Visa are also exempt from visa requirements in Europe and Schengen countries.

However, the most attractive aspect of the Portugal Golden Visa programme is that visa holders may apply for Portugal permanent residency and/or a European passport after meeting the minimum physical residency requirement of seven days per year on average over the five-year duration of the Golden Visa. A European passport entitles the holder to live and work freely in any European country, travel visa-free to more than 180 countries around the globe, and receive healthcare and social security.

Why do UAE nationals like to consider obtaining a Portugal Golden Visa?

In recent years, the Portugal Golden Visa programme has gained popularity in the UAE and GCC in particular. For the following reasons, many UAE citizens have coveted the Portugal residency by investment programme.

First, the majority of UAE citizens highly value the quality of life and employment opportunities provided by cities such as Dubai and Doha. Although they would like the chance to obtain a second citizenship or replace their existing passport with a more potent one, they are not willing to relocate permanently for this reason at this time. Therefore, the Portugal Golden Visa is the best option, as it only requires investors to spend a few days per year in the Mediterranean climate, even as a vacation destination, to maintain their Golden Visa status.

Second, the minimum investment amount of €280,000 is one of the lowest investment thresholds in Europe compared to other popular investment immigration programmes granting permanent residency, such as the current programmes available in Canada and the United States. entry point.

Thirdly, the Portugal residency by investment programme ultimately leads to a Portuguese passport after only five years of holding the Golden Visa, enabling limitless educational opportunities for UAE-based families who wish for their children to enrol in one of Europe's top universities. In addition to granting legal access to live and work throughout the European Union, a passport from the European Union also provides an abundance of social security and healthcare benefits.

Lastly, according to the Passport Ranking Index, the Portugal passport is presently ranked fifth in the world and provides visa-free access to 187 countries. A very high mobility score makes it one of the most desirable passports in the world.