Want To Live In Portugal? Indians Can Apply For A Golden Visa But There's A Catch

Known for its beautiful coastline and rich history, Portugal has emerged as one of Europe's most attractive destinations for Indians seeking permanent residency (PR). With its unique culture and high quality of life, Portugal offers a Golden Visa that allows you to stay and live there. 

What Is Portugal's Golden Visa? 

The Portugal Golden Visa is a residency by investment program that allows you to live, work, and study in the country. It also gives visa-free access to the Schengen Area. It also opens up an oppotunity for Indian citizens a chance to secure residency in Portugal and eventually EU citizenship through qualifying investments.

Who Is Eligible? 

You can apply for a Portugal Golden Visa if you meet the following requirements: 

• Should be 18 years or older.
• Open to all non-EU/EEA/Swiss nationals, including Indians. 
• A clean criminal record from Indian or any other country where they have lived recently. 
• Someone who can either purchase a property, transfer capital, or invest in businesses or funds. 
• Applicant must stay in the country for 7-14 days per year to maintain residency. 

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The catch? You need to invest a hefty amount of funds to obtain Portugal's Golden Visa. There are different types of investments that you can do, including: 

• A fund subscription, which basically includes a minimum of €500,000 subscription in a qualifying Portuguese fund, such as Venture Capital funds and Private Equity. 
• Start a new business wherein you create 10 new full-time jobs in Portugal. 
• Invest a minimum of €500,000 in an existing Portuguese business and create five full-time jobs for at least 3 years. 
• Make a donation of €500,000 for a research and development activity in Portugal. 
• You can also invest €250,000 in preserving national heritage in Portugal.

Note: As per the latest update, the real estate investment is no longer an option after October 2023 for new applicants. 

Documents Required

• Completed the Golden Visa application form
• A valid passport issued within the last 10 years and with a validity of 3 months
• Passport-sized photographs
• Police clearance certificate
• Proof of investments
• Portuguese bank statement confirming the investment transfer
• A statement stating investment for 5 years 
• A valid health insurance covering at least €30,000 in the Schengen states
• Tax and social security clearance from Portugal, issued within 45 days
• Proof of fee payment for the application and processing

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How To Apply

Step 1: Get a Portugese Tax Number and a bank account for completing an investment. 
Step 2: Make the investment by transferring funds from outside Portugal and complete the qualifying investment. The investment must be maintained for at least 5 years. 
Step 3: All documents must be notarized, apostilled, and translated into Portuguese if necessary.
Step 4: Submit the application online, which is filed through Potugal's official immigration portal (AIMA or Agencia para a Integracao, Migracoes e Asilo).
Step 5: Once the application is approved, you must travel to Portugal to provide fingerprints and photos. 
Step 6: The initial residence permit is valid for 2 years, renewable for another 3 years, leading to permanent residency and citizenship after 5 years.

As per the latest update, the Portuguese government proposed some changes to the nationality law that may change Golden Visa rules. However, the proposal is currently under review. It is recommended to keep following the official website for the latest updates.