Recent data from the Portuguese Immigration and Borders Service(SEF) has indicated that 9,254 investors have obtained their residence permit in Portugal. The data includes the dates between October 2012 and October 2020. Furthermore, a total of 15,864 of their family members are also included in this program.
What makes Portugal so attractive then? Let’s look at the reasons behind this.
The Golden Visa Program offers a fast route to obtain residency
Portugal’s Golden Visa program is basically a residency by investment program. It’s stated as a fast route for residency because it may not be easy for a non-EU citizen to apply for residency in Portugal. At this point, Portugal Golden Visa can be quite useful. After the investment is complete, you need to wait for around six months to get your residency nowadays. To get a Golden Visa, you need to invest in one of the qualified investment options first. The most popular option is the purchase of a property though. Out of the total of 9,254 investors, 8,702 of them have obtained residency by the purchase of the real estate.
The program offers additional benefits as well. You can include your spouse and children in the program. Also, you can travel visa-free to the Schengen countries. Remember that it is initially a temporary residence permit. If you want to obtain permanent residency, you need to stay for a minimum of seven days each year in Portugal. After five years of successful residency, you can apply for permanent residency and even citizenship. Portuguese citizenship also means EU citizenship. So, in the case of citizenship, you can travel to 186 countries without any visa. Also, you can live, work, or study in any EU country as a normal EU citizen.
Another draw of this country is its incentive tax regulations. The Non-habitual Residency program is one of them. First of all, you need to reside in Portugal. And secondly, you must not be a tax resident of Portugal within the last five years. Through NHR, you become exempt from most of your foreign source income for a duration of ten years. NHR regime works well for retirees as well. Under this regime, they only need to pay a 10% tax on their pension income.
A safe country with a low cost of living
Portugal ranks the third most peaceful country in the world according to the 2020 Global Peace Index. It even ranks second in Europe. There were many factors regarded while forming the ranking list. Some of them include crime rates, political instability, and terrorism impact. It is indeed a serene and peaceful country with a slow lifestyle and hospitable people.
Along with these, the cost of living in Portugal is lower compared to other Western European countries. It is valid for the cost of food, accommodation, and social activities like eating in a restaurant and such others.
It is also good to mention that being a Mediterranean country, Portugal has a mild climate. There is sunshine most of the year. Speaking of sunshine, it also offers great landscapes and beaches for the summer holidays. Furthermore, it is the home for some of the surfing championships every year.
So, Portugal provides many benefits from various aspects. Not only does it offer great tax incentives, but it also grants you a quality lifestyle with its geography and the cost of living.