Portugal, one of the major Mediterranean economies is famous for its climate and scenic beauty and beaches. It is a major destination for High Net Worth individuals seeking to enjoy the sun and the sea in the Mediterranean. On the other hand, Portugal is also a member of the European Union and holders of Portugal Residency Permits have Visa Free Access to the entire Schengen zone countries.
Portugal provides two main options for obtaining a residence permit which are as follows:
- The Golden Residence Permit Program
Under this program, a resident permit may be obtained through three main modes:
- A transfer of capital of a minimum of Euro 1 Million into Portugal by acquisition of shares or capital in Portuguese companies. Or
- Purchase of real estate with a minimum value of 500,000 Euros.
- Creation of at least 10 Jobs in the local area as registered with the Social Security Department.
A golden residence permit holder is required to reside for a minimum period of seven days in the first year and for a total period of fourteen days in the next two years
The EU Blue Card Scheme was started in 2012 to attract talent from non-EU countries to work in Portugal. Under this scheme, the individual claiming an EU Blue card has to fulfil the following requirements:
- The applicant has to provide a contract or binding job offer which provides that the applicant has a gross salary which is at least 1.5 times (or 1.2 times in certain cases) the average gross annual salary.
- Health Insurance Coverage Certificate
- Social Security Registration evidence
- Documents validating the applicant’s professional qualifications or higher educational qualifications enabling him to join the profession.
Acquiring Permanent residency in Portugal would enable the applicant to ultimately claim citizenship rights at the end of the sixth year of residence. At Empire, our experts can identify your needs and guide you with your Portugal Permanent Residency application.
No designation has been made by the Texas Board of Legal Specialization for a Certificate of Special Competence in this area.