Portugal Golden Visa Guide: Evaluating the Pros and Cons in 2024

Do you want to become a resident of the EU or Portugal (and perhaps a citizen) without having to relocate there permanently?

It's likely that you are already aware of Portugal's Golden Visa initiative.

It's the ideal means of gaining unrestricted, long-term access to Europe for a lot of people.

However, the program has certain problems. We will examine every aspect of the program in this guide—the good, the terrible, and the ugly.

You and your family will ultimately determine whether the Portuguese Golden Visa is a suitable option for you.

The Good

Throughout Europe and the world, the Portuguese Golden Visa program is among the most well-liked. That's for a number of solid reasons:

1. In roughly five years, you will be able to apply for citizenship or permanent residency based on a variety of investment alternatives (but more on all of those dates below).
2. It's sufficient to spend an average of seven days in Portugal annually; you don't need to relocate there, become a tax resident, or apply for citizenship.
3. You will be granted visa-free entry to the Schengen area of the European Union while residing in Portugal as a Golden Visa holder.
4. The fourth-best passport in the world for global citizens and nomads is yours once you become a citizen, allowing you to live and work anywhere in the EU/EEA.
5. In contrast to numerous other Golden Visa programs, this one is not on the OECD's blacklist.

With the greatest climate in continental Europe, well-connected airports, decent healthcare and educational opportunities, and an excellent and inexpensive standard of living, Portugal is a safe and stable nation.

The Bad

Even though the things on this list aren't all that harmful, it's still vital to be aware of them.

1. Although Portugal offers attractive tax advantages to immigrants, long-term residents must pay higher taxes. But if obtaining citizenship is your aim, there's no reason to.
2. In order to renew your residency permit, you must travel to Portugal for 14 days every other year until you file for citizenship.
3. Learning a little bit of Portuguese is a requirement for obtaining citizenship or permanent residency. Fortunately, A2 level proficiency is all that is needed, which is less than other countries.
4. Despite efforts to streamline procedures, the application process remains very bureaucratic.
5. The program's investment alternatives have been limited recently, with investments in €500K funds remaining the most favorable choice for the majority.

Still, the Portuguese scheme is rather accessible in terms of residence by investment programs throughout Europe. For most people, these are the greatest options:

1. A venture capital or private equity fund investment of €500,000.
2. A contribution of €250,000, which, depending on the area, may be lowered to €200,000, to assist the arts or cultural heritage.

An entrepreneurial alternative is also available with no minimum investment required.

The ugly

The delays in processing new applications are without a doubt the worst aspect of the Portuguese Golden Visa program at the moment. Your application should be processed within a few months, as required by law. However, the waiting period has now grown to over two years.

A Golden Visa Timeline Database has been crowdsourced by the Pelican Migration community, and the information is accurate.

Regretfully, the majority of Golden Visa advisors and promoters conveniently ignore this.

That means you have to wait seven years to apply for citizenship and nearly two more years to receive your passport. Nine years in total to become a citizen.

In fairness, the majority of nations take a while to complete citizenship applications. The typical duration is one to three years. In Portugal, it used to take "only" a year until recently.

A ray of hope?

However, delays have not only impacted Golden Visa holders; other immigrant groups have also strongly protested. Because of this, the Parliament passed laws in the first half of 2024 that states citizenship will be awarded based on the date of application rather than the date of approval.
That might shorten the time it takes to become a citizen by a few years.

But hold off on popping the champers just yet. Although the Act has been given final approval and is scheduled to go into effect on April 1, 2024, it is unclear exactly when it will be put into effect.

You would think - that would mean the moment you submit your first online application.

One could counter that the clock would actually begin to run at the time of your in-person biometrics appointment. Although it's too soon to draw any firm conclusions, further information should become available in 2024 or possibly 2025.

The overall time to citizenship is reduced to merely 6–7 years if the interpretation turns out to be the initial online submission and payment of the application cost.

You would only cut the wait periods by approximately a year if the biometrics appointment is ultimately used to start the clock.

The decisive factor?

The Portuguese Golden Visa program will remain incredibly popular even with minimal improvements.

The program is exclusive to Europe, as you can see. It's the only scheme that still offers a direct route to citizenship without requiring full-time residency and tax payment in the country.

That is, if you ignore the Maltese program, which allows you to petition for naturalization after a period of 1-3 years. But in addition to purchasing or renting a home there, a gift of between €600K and €750K is needed.

Not precisely in the same league.

You can therefore spend those years living your life regularly anywhere you choose, regardless of whether it takes six or nine years. Your family doesn't have to move unless you want to.

Why Choose Pelican Migration for Your Portugal Golden Visa?

Embarking on the journey to obtain a Portugal Golden Visa can be complex and daunting. However, with Pelican Migration by your side, you can rest assured that you are in capable hands. Our team of expert migration consultants is committed to providing unparalleled support and guidance to ensure a seamless and successful visa application process.

Why Pelican Migration is the Best Choice:

1. Expertise: Our team consists of highly experienced migration consultants who specialize in Portugal Golden Visa applications. We have a deep understanding of the program requirements and intricacies, allowing us to provide expert guidance tailored to your specific needs.
2. Personalized Approach: At Pelican Migration, we recognize that every client is unique, with their own set of circumstances and goals. That's why we take a personalized approach to each case, ensuring that we understand your individual needs and provide customized solutions to meet them.
3. Comprehensive Services: From initial consultation to visa application submission and beyond, we offer a full range of services to support you at every step of the process. Whether you need assistance with documentation, investment options, or relocation planning, we are here to help.
4. Timely and Efficient: We understand the importance of time when it comes to visa applications. That's why we strive to ensure that your application is prepared and submitted in a timely and efficient manner, minimizing delays and maximizing your chances of success.
5. Transparent Communication: Throughout the process, we maintain transparent communication with our clients, keeping you informed and updated every step of the way. You can trust us to provide honest and reliable advice, allowing you to make informed decisions with confidence.