As the first batch of golden visa holders completing their five years of residence in Portugal have started to trickle through, reports confirm that the investors are obtaining not only permanent residence (PR) permits but also citizenships after physically residing for just 35 days in the country.
A great deal of uncertainty has always surrounded the question of whether participants in Portugal’s golden visa program would in the end, after holding the temporary golden visa for 5 years, qualify for permanent residence status and citizenship.
The rules stipulate that to obtain permanent residence, an individual must have been legally resident in the country for five consecutive years. Until recently, only those who had held PR for at least a year could apply for citizenship, which meant an investor would have to wait until year six to apply.
This rule, however, changed in July as Portuguese lawmakers amended the country’s nationality law to permit anyone who had been legally resident for five years to apply for naturalization.
Tangible examples are now confirming that participants in Portugal’s golden visa program are not only receiving permanent residence permits and qualifying for citizenships, but they’re also doing so after having spent as little as 35 days in the country during the last five years.
Speaking to Investment Migration Insider, João Cunha Vaz, a Senior Partner at EDGE International Lawyers based in Lisbon, attests to the favourable development.
“The reality is that at this stage we already have several clients who have transitioned their temporary residencies into permanent residencies, having complied with the minimum stay requirements applicable to the Golden Visa,” Cunha Vaz explains.
“This is absolutely real and, with the recent change in the law enabling an applicant to request citizenship after five years of residency, we are now starting to have the first Golden Visa residents applying for citizenship,” he adds. Vaz is also careful to point out that basic proficiency in Portuguese remains an inflexible criterion for naturalization.
Once the initial five years of holding a golden visa are complete, applicants will also have the option to free themselves of physical residence requirements altogether.
“There is also a new category of permanent residency recently created that allows for an applicant to obtain permanent residency without then having to abide by any minimum stay requirements in Portugal. This is given to the applicant for five years (renewable every five years) and does not impose any minimum stay requirements,” notes Cunha Vaz. The investment migration industry could not have hoped for a better outcome of the long-pending suspense. Golden visa practitioners and applicants – present and prospective buyers – will be relieved that the uncertainty of a different interpretation of the law no longer looms.
About Portugal Homes
PortugalHomes.com specializes in selling Holiday Homes and Investment Properties. We help buyers find the right property overseas whether it be for Golden Visa, NHR, Investment or simply a place in the sun, our properties are selected with great thought in mind to give our clients the best opportunities, we offer the complete service from Introducing them to Legal Representatives, Currency Exchange, Mortgage Advisors, Property Management, Rental and Furniture Packages along with making sure all our staff are trained to fully understand the buying process and taxes for every scenario, we provide the complete service to anyone looking to buy a new or resale property overseas for holiday use or as a short or long-term investment.
To find out more, please contact us:
Portugal Homes has very experienced and knowledgeable professionals working with some of the most established and reputable developers Portugal has to offer. Our vast experience allows us to guide you through the best investment choices.
Whether you want a holiday home or an investment property, we select the best units for your profile and take care of all the process from start to finish. Even after the sale! Our After Sales services assume the responsibility of furnishing your property at your taste, taking care of the property in your absence, managing the rentals if you wish to rent your property when you’re not in Portugal and so much more!
To learn more about the Portuguese Non-Habitual Resident Program and our After Sales services, please fill the form below.
Thanks to Andreia Leite for the comprehensive and timely updates on the construction progress of the new development we purchased!Investor from the USA
Very helpful. Work with his heart. Mark is a very nice advisor.Investor from Morocco
Everything was perfect. I got all answers about my questions.Investor from Turkey
Ryan was an excellent real estate agent, he really steered me in the right direction based on what I said was important to me. Living in another country, I wasn't as familiar with the city as he is. Where I thought I wanted to live and what I truly wanted were not the same. He took the time to listen and figure out the best spot for me, and we are very happy with it - far more than we would have been elsewhere.Investor from the USA
The overall experience was great from follow up to After Sales. I would like to give special thanks to Mr. Simon, Ms. Francisca and Ms. Mariana.Investor from UAE
George Hobson is a pleasant young man, came across as knowledgeable, experienced, hardworking, honest & disciplined; I felt very comfortable in easily making my investment.Investor from UAE